Location: Southeastern Europe, bordering the Black Sea, between Bulgaria and Ukraine
Climate: temperate; cold, cloudy winters with frequent snow and fog; sunny summers with frequent showers and thunderstorms
Natural hazards: earthquakes, most severe in south and southwest; geologic structure and climate promote landslides
Currency: Leu (RON) Currency conversions were calculed for an average exchange rate of: RON 4.4446/EUR - in 2014 RON 4.4190/EUR - in 2013 RON 4.4560/EUR - in 2012 RON 4.2379/EUR - in 2011 RON 4.2099/EUR - in 2010
In the context of digitalization and its role in improving the claims assessments processes, Richard NATHSCHLAEGER, Region Manager Austria & Italy, Vice Chairman CEE Advisory Board, AUDATEX, presented, during the Motor Insurance Conference at FIAR 2017, a solution for digital claims self-assessment launched by Audatex.
"I think that stability is essential for insurance and reinsurance companies alike and, in order to be active in the market, we need a transparent and stable legislative framework, otherwise the rules are not clear and it is hard to plan business activities in the market with too many uncertainties", Evgeny POTOKOV, Senior Underwriter SEE, SCOR, explained during the Motor Insurance Conference taking place at FIAR 2017, presenting the company's perspective, as reinsurer, on the MTPL market in Romania.
"I wish all of you good luck in the following months, because the next period will not be easy for the Romanian insurance market", Florin GOLOVATIC, Director, ASF - The Financial Supervisory Authority, declared during the Motor Insurance Conference at FIAR 2017, speaking to the professionals present at the event.
BAAR - the Romanian Motor Insurance Bureau has paid, in total, claims of nearly RON 200 million lei for more than 10.000 claim files of the bankrupt companies ASTRA Asigurari and CARPATICA Asig, stated Madalin ROSU, BAAR's President, at FIAR 2017.
The most recent report published by the European Commission, "The ageing of the EU - implications for pensions", has a bleak conclusion: Europe's population is ageing and, as far as pension costs are concerned, their share in GDP will reach 11.2% in 2060, compared with 11.3% in 2013, Falco VALKENBURG, Chairperson Pensions Committee, Actuarial Association of Europe, OPSG Member EIOPA, declared during the Private Pensions Workshop at FIAR 2017.
"2016 was a difficult year for the Romanian insurance market. It was an year marked by the implementation of Solvency II - that brought strict demands regarding the solvability capital, regulation and quality; an year marked by the ASTRA and CARPATICA bankruptcies, two companies with more than 50% of the MTPL market and over 15% market share; an year with transporters' protests that put pressure on the MTPL pricings - resulting in the capping of the MTPL prices and, since May 2017, a new law which includes reference tariffs for MTPL policies, that, I hope, will not lead to a new form of capping", stated Adrian MARIN, UNSAR President, at FIAR 2017.
"Although the first quantitative impacts of the rate caps introduced last year will be only known later with the release of claims statistics for the current year, based on international experience one can expect an adverse impact of this legislative measure on the technical results for the MTPL line of business as a class, reduced overall profitability of the sector and the erosion of companies' capital base", Eugene GURENKO, Lead Insurance Specialist, World Bank explained during the "Insurance Market Trends" conference at FIAR 2017.
The Romanian insurance market stagnated at the EUR 2 billion threshold, but its growth potentials remains an important one, including on the non-motor insurance classes, according to Mihai TECAU, President of the Directorate, OMNIASIG VIG.