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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 164, September 23rd, 2010
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EDITORIAL


Two years of crisis... And counting...

September 15, 2008 - the day of the LEHMAN BROTHERS bankruptcy officially marks the onset of what some analysts call the greatest economic crisis in history
September 15, 2010 - two years later, the effects of the largest financial downturn in history are still being felt, given that the global economy tries to find the road to economic recovery...

The "rollers" that followed the fall of the Wall Street colossus have also affected Romania, even if, in autumn of 2008 and spring of 2009, the optimism characterized both authorities and top analysts.

Crisis... It seemed too ugly a word for a reality so beautiful as the economy of Romania...
But it was the reality of a hard landing that has awaken all from dreaming. Romania's economy collapsed in 2009 with 7%, and this year's GDP will drop by another 2%.

The insurance market has also felt the full shock of a sudden braking, as the volume of underwritings has decreased significantly. Even more, looking at present figures, we notice how the economic contextual crisis overlaps - as in the national economy - the conceptual crisis in insurance.

When we say conceptual, we are referring to a structure dominated by the motor class, that shows us now the deficits of a system that seems shaped so that all shareholders bring money from home.

In the years of economic boom, the measures for structural change in the construction of the market have been delayed. Now, the reasons do not matter anymore. Currently, we only think what will be the effects... and, occasionally, about the solutions...

To end in an optimistic note, we recall the quoting of an illustrious analyst, a historically proven fact: "Economic crises have a common feature, which stops people from going crazy: they come and they go". Important are the lessons which remain after them...

by mihaela.circu@mxp.ro

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BCR Asigurari de Viata
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INTERVIEW


Interview with Liviu CHIRIC
President
UNIQA Asigurari de Viata

XPRIMM: You are the leader of the newest company on the life insurance segment in our country. What is the strategy of UNIQA Asigurari de Viata, the more so as it was founded in a time of crisis?
Liviu CHIRIC:
The crisis period found us somewhat prepared, in the idea that the shareholder UNIQA Asigurari de Viata had the intention to enter the market since 2008-2009 and only now we passed well and we completed all stages and administrative and technical procedures.
We consider the crisis as an opportunity, not just a challenge, in the idea that many successful businesses were launched and started during the crisis. On the other hand, we are not the only ones to start business in this period, from our knowledge there are two more companies that received approval at the same time with us.
But we can say we are unique, because we want to come up with an approach different from those the Romanian market was used to.

XPRIMM: What does this new approach consist of?
L. C.:
First of all, I should mention that our shareholding consists of UNIQA International Beteiligungs-Verwaltungs GmbH and UNIQA Asigurari S.A. - this shareholding is the market leader in Austria, being specialized on life insurance and on health insurance.
We want to take advantage of this experience and to transpose (the model used there in the Romanian market. As it is known, the Austrian healthcare system and all the Western ones represent a quality model that we want to transpose to Romania, as well.
We have the know-how and we want to bring it, in a relatively short time, to the Romanian market, so that our future customers will benefit as soon as possible of higher quality services.

XPRIMM: Regarding the products that you want to bring on the market at the moment, can you tell us if they fit into the existing range from our market or if you intend to come up with something new, as well?
L. C.:
Unfortunately, the Romanian insurance market, especially the life insurance market, has stayed, in recent years, within a classical "frame". What I could notice, coming back after a longer period in which I had not been on the insurance market, was primarily a lack of imagination to generate new products more adapted to the mentality and needs of Romanians.
Obviously, they must be adjusted to the crisis period we are in, and therefore we turned to traditional protection insurance, insurance that we have shaped into an easier-to-sell and simpler form, and avoid those products that are complicated for the customer.

XPRIMM: Will you offer both traditional insurance and unit-linked policies?
L. C.:
In our study of feasibility, we also have unit-linked products, with the assumption that the Romanians appetite for risk continues to be high. According to the latest market developments, confirming the increase in life insurance, I believe that that appetite has not disappeared, even though many unit-linked products have been surrendered and the desire to "play" over a classic level in the risk zone remains high.
Much of the areas of risk investment - I am referring to stock exchanges and other areas in which it has been invested, with a pretty big risk - have "fallen" a lot, therefore I believe that the re-orientation of future customers will shift again to this area.
However, at present we have to prepare very carefully these high risk products, a matter of extreme importance being the strategy of approaching the problem and of launching them, under the circumstances in which the market has been, for many years, assaulted by such offers - basically, insurance mediaries have achieved peak efficiency by selling these hardly-marketable products.
But, perhaps in collaboration with insurance mediaries and considering other strategic partnerships, respectively in bancassurance, with RAIFFEISEN Bank, and seeking alternative channels, we will probably succeed, in late 2010 or early next year, to come up with something new and innovative on the market.

XPRIMM: What are your company's objectives by the end of the year? What can you tell us about your targets?
L. C.:
Firstly, I must point out that only on April 8th, 2010, we have obtained the effective functioning authorization. Therefore, we succeeded in a very short time to make our presence felt on the market, being accepted as full members of UNSAR on April 26th, and on July 1st we have already managed to issue our first policy.
In terms of gross premiums collected, that we forecast for the end of this year, it's pretty hard to create illusions that in six months we will be able to achieve our purpose - which, for the next period, respectively for next year, is to enter the Top 10 life insurance companies, but we are taking advantage of this "more relaxed" period to prepare the ground for what we are going to do in 2011 and in the following years.
We have to move on that path that will make us follow your business plan that we have proposed to the Insurance Supervisory Commission and to adapt as quickly as possible to a continuously moving market.

XPRIMM: What measures do you think the Romanian state should take at this moment in order to stimulate the life insurance segment? Could the much-discussed deductibility be a solution?
L. C.:
Deductibility is, by far, the easiest thing to do, from the state's point of view.
But the ground must be prepared, so that such an approach of the state to reach its initial goals and not be wasted in areas that, basically, lead to hinder or slowdown of the activity. Life insurance, as you know, is closely related to a major problem, that of medical services - health insurance. It is an area which, in my view, should be regarded with more interest, and that is exactly what we are doing now, by the products that we have promoted.
In this area, the state should really express an opinion, and start by increasing the deductibility of insurance costs, and especially for health insurance. I am referring here to a simple comparison: medical services market at the moment has reached a value of around EUR 60 million, compared with the health insurance market, which fell from EUR 6.5 million to EUR 4.5 million.
It's a fantastic difference, which insurers, along with private providers of medical services should recover and they should find a common point, for the clients' best interest, in particular, and hence for the benefit of insurers and healthcare services providers.

XPRIMM: What is, in your opinion, the most pressing problem that we are currently facing in the insurance market, in general, and in life insurance, in particular?
L. C.:
In my opinion, winning the trust of clients and finding new solutions that are not lacked of imagination and that are oriented strictly towards the clients, towards common people, as they are the ones insurance is addressed to. We clearly observed a loss of customer confidence, also caused by what is happening on the general insurance segment, but, overall, the existing declines are striclty the result of an existing lack of clients' confidence in life insurance products. It has been clearly proven that the existing surrenders have equally affected both insurers and insured, that those surrenders did not come on real basis, but were based on a lack of confidence in what was happening and in the guarantees offered by insurers, in conjunction with the existing situation of crisis.

XPRIMM: What is your message for the Romanian profile market?
L. C.:
It's hard for me to send a message, because I was away for a period, and when you are coming from outside the market things seem different and you think you can straighten them out or can help to straighten them out. Therefore, I will wait a while, to adjust, and only then will I be able to answer your question. In any case, as they say, "hope dies last", hence we must not lose hope that things will go in a better direction, starting from the premise that the "bottom of the ocean" (or the "maximum point of the crisis") has already been reached.

XPRIMM: Thank you!

by vlad.panciu@mxp.ro,
andreea.state@mxp.ro

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Liviu CHIRIC
Liviu CHIRIC
President
UNIQA Asigurari de Viata

MEDICOVER
 
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TOP PRESS

Countdown to Baden - Baden XPRIMM Reception has begun
As preparations continue for the second edition of Baden-Baden XPRIMM Reception, you should take this opportunity to join the already confirmed leaders and specialists in insurance, reinsurance and related areas, who attend the Meetings in Baden-Baden. Part of the campaign launched last year by the Romanian insurance industry in Baden - Baden, this event will take place on October 24th, 2010. Baden - Baden XPRIMM Reception is organized with the support of ASTRA Asigurari as Strategic Partner, of OLSA Re as Main Partner and of CERTASIG as Partner.
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by andreea.ionete@mxp.ro, 23.09.2010



Mandatory household insurance switch from future to present tense at the VIIth Edition of ICAR Forum
Mandatory household insurance in Romania, a project on which there has been done a lot of work in the last 5 years, has finally become a reality. The 2010 edition of ICAR - The International CAtastrophic Risks Forum thus marks a historical moment, the result of an over 8 years road, when it had been debated the first draft on mandatory household insurance.
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by andreea.ionete@mxp.ro, 23.09.2010



Apparent slowdown of the decline...
The first half of 2010 is still in the red for the Romanian insurance market. With a decrease of 3.88% in euro, the insurance market slightly exceeded EUR 1 billion in the analyzed period. Life insurance increased by 4.3%, while general insurance decreased by 5.6%.
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by alex.rosca@mxp.ro, 15.09.2010



PAID is aiming for 250.000 policies by January 15, 2011, and a medium pace of 4,000 policies a day; after two months, only 42,000 contracts were sold
After the introduction of the mandatory household insurance, two months ago, only 42,000 policies have been sold, of the 8.3 million homes in Romania, with an average daily rate of 900 policies. Until January 15, 2011, PAID is expecting to have concluded around 250,000 policies, a lot less than the initial estimates of the Pool regarding the penetration level.
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by andreea.ionete@mxp.ro, 17.09.2010



What happened on each insurance class in 1H/2010?
Underwritings related to general insurance fell in the first 6 months of the year by 5.6% in European currency, to the value of EUR 848 million, representing 81.3% of the total insurance market. Basically, insurers have underwritten on general insurance EUR 50 million less than the value of business registered in the same period of last year.
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by alex.rosca@mxp.ro, 20.09.2010



Life insurance increases its market share
Life insurance market amounted to a volume of gross written premiums of over EUR 195 million, over EUR 8 million more than the value recorded in the corresponding period of last year. The above-mentioned insurance line grew by 4.3% in European currency.
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by alex.rosca@mxp.ro, 23.09.2010



Insurance market drops by 4.5% in the first seven months
The months from January to July have witnessed a 4.5% drop in the Romanian insurance companies turnover, as opposed to the similar period of 2009. Therefore, the total underwritings volume rose to RON 5.076 billion, according to the data presented by ISC on September 16, 2010, in a seminary organized by Ziarul Financiar.
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by andreea.ionete@mxp.ro, 17.09.2010



PAID reinsurance program fully placed; first payment will be made one month after the first quarter of mandatory policies issuing
On the 15th of July, when the mandatory household insurance policies started being issued, the contract of reinsurance was in force and fully placed on the reinsurance market. The conditions are competitive and have been discussed, benefiting PAID, holding into account the particular characteristics of the Romanian catastrophic insurance programs. Therefore, the first payment will be done in one month from the closing of the first quarter of mandatory insurance policies issuing and it is less than other rates, according to Karina ROSU, CEO, AON Romania.
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by andreea.ionete@mxp.ro, 17.09.2010



ISC has favorably solved 59% of the first semester complaints
During the first semester of this year, Insurance Supervisory Commission has registered a total of 5,028 complaints and intimations from clients belonging to the insurance agencies, out of which 2,960 were favorably resolved. This represents approximately 59% of the total. The number of complaints registered in the first semester of 2010 by the supervisory authority has more that doubled in comparison with the similar time interval of 2009, the evolution reaching a staggering 121.7% increase, as announced by ISC.
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by andreea.ionete@mxp.ro, 23.09.2010



F.P.V.S. paid claims have tripled in comparison with last year
The amount of claims paid by the Street Victims Protection Fund (F.P.V.S.) after the first eight months of 2010 has reached the value of RON 4.55 million, almost triple that of same period last year, when EUR 1.61 million had been paid.
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by mihai.cracea@mxp.ro, 22.09.2010



AXA Group operates the first infusion of capital in its Romanian subsidiary
The French group AXA made its first infusion of capital in its company situated on the Romanian profile market, AXA Life Insurance (former OMNIASIG Life), with a value of RON 15 million. Thus, the capital of the newest company on the local life insurance market grew from RON 36 million to RON 51 million, according to the data published in the Official Gazette.
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by andreea.ionete@mxp.ro, 21.09.2010



ARDAF Asigurari is an ICAR 2010 Partner
With 2,700 sold so far policies of mandatory household insurance against natural disasters, both type A and type B, ARDAF Asigurari is one of the leading actors of this system that finds itself at the beginning of the road in Romania. In this context, ARDAF will attend the 2010 edition of ICAR - The International Catastrophic Risks Forum, as Partner of the event.
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by dora.alecu@mxp.ro, 23.09.2010



EUREKO is selling EUROCLINIC; UMC estimates a doubling in turnover within 2 to 3 years from the purchase
Financial group EUREKO sold EUROCLINIC Hospital shares to UMC - Unirea Medical Center, medical services provider, according to an announcement made by the company at the end of last week. The transaction's value has yet to be revealed, but sources from the market, quoted by Mediafax, estimate it at around EUR 30 million.
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by andreea.ionete@mxp.ro, 21.09.2010



Eugen VOICU buys back the majority stake of AVIVA Investors, sold in 2008
The transaction through which Eugen VOICU, CEO, AVIVA Investors, will buy back from the British group AVIVA the majority stake of the assets administration company, was authorized on the 15th of September 2010 by the National Securities Commission. The sale-purchase transactions, which will be achieved through a management buyout process, will be finished by November 1st, 2010.
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by andreea.ionete@mxp.ro, 16.09.2010

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MONTE CARLO Journal



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VIDEO: Rendez-Vous de Septembre - starting point for the autumn negotiations
Rendez-Vous de Septembre started in 1957, at the initiative of the company ASSURANCES Generales de France, and it reunited, in the first years, hundreds of people. Now, the event constantly draws over 2.000 specialists from the insurance, reinsurance and brokerage markets. AGF is no longer in charge with organizing matters since ALLIANZ took over, the preparation of the event being now under the care of an Organizing Committee.
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by mihai.cracea@mxp.ro, 15.09.2010



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VIDEO: Monte Carlo- the reinsurer's battlefield
Existing capacity excess in the international reinsurance market and the implications of this on prices charged by big players in the field represents one of the most important topics discussed at the annual reinsurers meeting in Monte Carlo. In this context, the question is "How will the renewal rates evolve in 2010?", especially in the event that this excess capacity could have been impacted by the natural disasters produced in 2010.
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by oleg.doronceanu@mxp.ro, 14.09.2010



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VIDEO: MUNICH Re - still first in the reinsurance market
International reinsurance business reached EUR 132 billion in 2009, representing 4.6% of the total global insurance market underwritings (EUR 2.900 billion). The figures were published on the 14th of September 2010, at Monte Carlo, by Jean-Philippe THIERRY, President of the Annual Reinsurers Meeting Organizing Committee.
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by oleg.doronceanu@mxp.ro, 15.09.2010



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VIDEO: MUNICH Re targets energy giants
The German reinsurer MUNICH Re brakes away from the tradition established during the annual reinsurers meeting at Monte Carlo and announces the launch of a new insurance product, specifically designed for oil companies.
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by alexandru.ciuncan@mxp.ro, oleg.doronceanu@mxp.ro, 13.09.2010



AON Benfield: Decreasing underwritings for mature insurance markets in 2011
Non-life insurance market in several countries with tradition in this field will be recording a further decline of underwritings in 2011, according to AON Benfield experts, quoted by Insurance Day. This is an unprecedented trend, which manifests itself for the third consecutive year already, believe the AON analysts. "Estimates target the profile markets in Japan, France, Germany, Great Britain and the USA", stated, for the above-mentioned publication, Bryon ERHART, Manager of the Investments and Banking Industry Department, AON Benfield.
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by oleg.doronceanu@mxp.ro, 16.09.2010



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VIDEO: The demand for reinsurance will rise by the end of 2010
"The crisis has had a stronger impact in 2008, when all the incomes from investments were gone, translating into losses for most reinsurers. In 2009, the results were various, but most companies recovered their losses", declared Anders NORSKOV, CHAUCER Underwriting.
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by mihai.cracea@mxp.ro, 17.09.2010



PARTNER Re: Price increase is not the answer for the time being
"The non-life market dropped constantly in the last three years. Prices decreased with each renewal season and now they are below the normal level. The economical perspectives and the reinsurance demand aren't too encouraging either, at least in the West, so a price increase is not the best solution now, even though it is absolutely necessary in certain segments", explained Costas MIRANTHIS, Chief Operating Officer, PARTNER Re.
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by mihai.cracea@mxp.ro, 15.09.2010



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VIDEO: "A-" for POLISH Re from AM Best
AM Best agency ranked POLISH Re with "A-", which represented the first A level rank in the company's history. "It is very important, from the company's image towards clients point of view, and it helps us in those markets where we did not have an easy access. In those countries, they are bound by law to work only with "A" or "A-" ranking level reinsurers", explained, for XPRIMM TV, Marek CZERSKI, the President of POLISH Re.
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by mihai.cracea@mxp.ro, 14.09.2010



COOPER GAY- extending to South America
The CEO of COOPER GAY, Tobby ESSER, declared, only a few months away from the SWETT&CRAWFORD fusion, that he is taking into consideration the countries within the South America region. "In terms of acquisitions, we are still an active company and when opportunity presents itself, we will extend", stressed Tobby ESSER.
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by mihai.cracea@mxp.ro, 16.09.2010

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CEE, RUSSIA&CIS

XV International AVUS Congress and the 50 years anniversary of AVUS, today, at Hofburg, Vienna
The XVth edition of the International AVUS Congress takes place for two days starting today, September 23, at Hofburg Congress center in Vienna. The event also celebrates 50 years of AVUS Group. AVUS Group has been contributing to the development of international cross-boarder claims settlement for more than 50 years in the 60-year history of the Green Card system.
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by andreea.ionete@mxp.ro, 23.09.2010



Stagnation for Ukrainian insurers in the first half
Insurance companies in Ukraine registered in the first half underwritings worth EUR 954 million, up only 1.3% compared with 1H/2009. Meanwhile, "the volume of net premiums underwritten by Ukrainian insurers fell by 11.5%", said the representative of the insurance supervisory authority of Ukraine at the conference of the International Yalta Forum.
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by vlad.panciu@mxp.ro, oleg.doronceanu@mxp.ro, 22.09.2010



Foreign investors - reluctant to the Ukrainian insurance market
The weak results registered by the Ukrainian insurers amid the economical crisis determined the foreign investors to postpone their initiatives for the near future. "The arrival of new investors in Ukraine will not happen for at least 2 years", declared Alexandr ZALETOV, Vice President of the Insurers League of Ukraine, at the opening of the International Yalta Forum. The event takes place between the 20th and the 24th of September, with the support of PRIMM Insurance & Pensions Magazine as traditional Media Partner.
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by oleg.doronceanu@mxp.ro, 21.09.2010



Athens, 2011: XPRIMM joins MDRT Europe ClassIQ regional meeting as Media Partners
MDRT Europe ClassIQ regional meeting, a forum designed for the world's best insurance agents and financial services advisers, is organized by MDRT Europe and will take place on February 2-4 in Athens Greece. XPRIMM Insurance&Pensions support the event as Media Partners. The idea this concept is based on is learning how to be successful in every aspect of your life, because to be professionally successful is not always the same with a successful life.
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by dora.alecu@mxp.ro, 23.09.2010

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FINANCIAL NEWS


EIU: Romania's economy will increase in 2011
Romania's economy will drop by 1.2% this year but it will register an increase in 2011- Economist Intelligence Unit estimations conclude, quoted by the Romanian news agency Mediafax. In a report in July, EIU indicated for Romania a 0.6% drop this year and a 0.8% GDP increase in 2011.
Romania confronts with tough austerity measures, but the economy will drop by 1.2% this year, the report reads. If the government will not cut spending, political instability might follow.
For the Balkans, a region formed by Bulgaria, Croatia, Romania and Serbia, EIU estimates a 0.2% decrease for 2010 and a 3.1% advance in 2011. In the Eastern and Central European region, in countries like the Czech Republic, Hungary, Poland, Slovakia and Slovenia, a 1.6% economic increase will be registered this year, after in 2009 it dropped by 2.4%.
by hotnews.ro, 17.09.2010


BASESCU: Romania needs new IMF loan, long term financing
President told Parliament, in his first speech of his second term before MPs, that Romania will sign a new deal with the International Monetary Fund in 2011. No more loans for consumptions, he warned.
"We need consistency in reform, no matter which Government will rule the country. You have the option of populism and the option of continued reform. Any responsible Government will promote an austerity policy. Structural reforms are not left-wing or right-wing. Under these circumstances, my call for responsibility is addressed to everyone", he stated. The head of state claims that, in order to correct the vulnerable spots uncovered by the economic and financial crisis, a time of austerity is needed, in which everyone has to make "some" sacrifices.
"One cannot govern at a time of recession thinking of the following elections", BASESCU argued, adding that political differences should not hinder Romania's progress. He further stated that more trust comes with a more coherent Government and its ability to better account for its policies.
The president underlined that the Romanian state cannot afford to pay wages to incompetent civil servants and those suffering from imaginary illnesses, nor social security to those who are fit, but reluctant, to work. He argued that, in 2004, 6.4 million people in Romania were socially assisted, and that, by 2008, during the TARICEANU Government, their number reached 13.9 million. One should note that President refers to pensioners as "socially assisted", too.
BASESCU therefore thinks the social security system has to be re-thought from scratch. The head of state added that Romania could no longer take loans for consumption and that it needed investments, offering as a justification for the public sector pay and staff cuts the overburdened state apparatus and the need for a well-paid civil servants' elite corps. "46 percent of the state budget revenue is going to the social security budget, while another 30 percent is going to paying the public sector wages. What is left for investments, for material expenses in education, healthcare, defence etc.? There's not as much poverty as there are abuses and sloth within the system", he stated.
"There are, as yet, too many types of income exempt from taxes and too many entrepreneurs who dodge the payment of taxes", the President further argued.
by nineoclock, 22.09.2010


IMF accord, passport to an a-level country rating
The President also announced that Romania would sign, next year, a new agreement with the IMF, adding that the country badly needs long term external financing. He admits that currently the government faces huge difficulties in getting long term loans, as no one would grant them, owing to its structural deficit. He said that Romania was facing "difficulties in contracting loans on a three-year term". BASESCU explained that we would need to borrow approximately EUR 5.7 billion in 2011 to cover the budget deficit alone. According to the head of state, the agreement with the IMF is crucial so as to boost the country's credibility on financial markets and to acquire an A-level country rating, as we look towards 2012.
As objectives for the next ten years, Traian BASESCU mentioned that the number of Romanians living under the poverty threshold should be curbed by 25 pc until 2020. Also, by the same year, research should receive an allowance of 2 pc of the GDP. According to the President, Romania is slowly leaving the recession behind, as it already moved past the peak of the economic crisis, but not that of the social crisis. "For 2011, forecasts show we can return on the growth by 2 pc, on condition structural reforms are made. During 2012-2013, the growth rate might reach 3-4 pc. This is however insufficient to secure the economic development; we need 5 pc at least".
by nineoclock, 22.09.2010


Romania, Azerbaijan, Georgia and Hungary to own equal shares in AGRI project
Romania, Azerbaijan and Georgia will own 33 percent each of the company which is to set up the AGRI project, Agerpres reports. These countries will be, shortly, joined by Hungary and the four parties will own 25 percent each out of the company's shares, according to a release by the Ministry of Economy, Commerce and the Business Environment (MECMA). The joint venture which will be set up in Romania will include the companies ROMGAZ, GEORGIAN Oil and Gas Corporation (GOGC) and STATE OIL Company of Azerbaijan Republic (SOCAR). According to MECMA, the AGRI LNG Project Company will be registered, in the near future, at the Registry of Trade, as a Romanian company, based in Bucharest, and will operate in agreement with the Romanian laws. The main object of this company will be drawing up the feasibility study for the AGRI project. After the said study is completed, if its conclusions are favourable, the next stage will be drawing foreign investors in order to implement the project.
by nineoclock, 20.09.2010


E.ON develops three wind farms worth EUR 200 million
Germany's power and gas company E.ON, with a Romanian operations turnover in excess of EUR 1 billion, is developing three wind farms in Vaslui County, an investment of up to EUR 200 million if the company decides to purchase new equipment, Ziarul Financiar reports. According to data supplied by Romanian national power transporter TRANSELECTRICA, the farms concerned will yield 30 MW, 46 MW and 36 MW power respectively and have already obtained national grid plug-in authorizations, one of the first required towards such investment. Despite being of average size, the farms would be able to supply electricity to more than 110,000 homes at an average yearly rate of 200 KWh. The German company showed an interest in wind farm investments as early as last year, with the three Vaslui projects the first concrete steps in this respect.
by nineoclock, 23.09.2010

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EVENTS


International Istanbul Insurance Conference
September 30th - October 1st, 2010
Istanbul, Turkey
Organizer: Istanbul Underwriting Center
Media Partner: PRIMM Magazine - Insurance & Pensions


ICAR - International CAtastrophic Risks Forum
October 12th, 2010
Parliament Palace, Bucharest
Organizers: MAI - the Ministry of Administration and Interior, ISC - Insurance Supervisory Commission, the Prefect Institution of Bucharest and Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: www.icarforum.ro


National Insurance Conference - Republic of Moldova
October 19th, 2010
Chisinau, Republic of Moldova
Organizer: Media XPRIMM
With the official support of: The National Commission of Financial Markets
Official web-page: www.xprimm.ro


Baden-Baden XPRIMM Symposium
October 24th, 2010
Holland Hotel Sophienpark
Baden-Baden
Organizer: PRIMM Magazine - Insurance & Pensions
Official web-page: www.xprimm.ro


31st Baden-Baden Meeting 2010
October 24th-28th, 2010
Baden-Baden, Germany
Official web-page: www.badendirectory.com


Euro Finance Week
November 15th-19th, 2010
Frankfurt, Germany
Organizer: MALEKI Group
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: www.malekigroup.com


MDRT Europe ClassIQ regional meeting
February 2nd-4th, 2011
Athens, Greece
Organizer: MDRT Europe
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: mdrteuropeclassiq.com

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THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Scientific Advisor: Daniela GHETU
International Column Coordinator: Andreea IONETE
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Vlad BOLDIJAR, Oana RADU, Mihai CRACEA, Andreea STATE
Junior Editor: Dora ALECU
General Secretary: Lidia POP

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

e-mail: xprimm@primm.ro

PUBLISHED BY: Media XPRIMM


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

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