Southeastern Europe, bordering the Black Sea, between Bulgaria and UkraineClimate:
temperate; cold, cloudy winters with frequent snow and fog; sunny summers with frequent showers and thunderstorms
earthquakes, most severe in south and southwest; geologic structure and climate promote landslidesCurrency: Leu (RON)
Currency conversions were calculed for an average exchange rate of:
RON 4.4908/EUR - in 2016
RON 4.4450/EUR - in 2015
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 2010Sources:Insurance PROFILERomanian Financial Supervisory Authority (FSA)Romanian National BankNational Association of the Insurance and Reinsurance Companies (UNSAR)
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Romanian insurance market totaled RON 2.56 billion (EUR 567 million) at the end of March 2017, up by 8.2% y-o-y, according to the quarterly market data published by the ASF.
Romanian insurer EUROINS, part of Bulgarian-based EUROINS Insurance Group (EIG), will acquire the non-life insurance portfolio of ATE Insurance Romania, a PIRAEUS Bank unit, after Romania's ASF approved the transfer on July 4th 2017.
Romania's financial regulator ASF said on Tuesday that it has received notification from Romanian life insurer NN Asigurari de Viata, formerly ING Asigurari de Viata, that it plans to enter the Bulgarian insurance market.
Bulgaria's Starcom Holding said on Thursday its subsidiary Euroins
Romania has acquired a total of 1,423 Starcom bonds at a price of 1,000
levs (511,300 euro) each. Euroins Romania acquired three Starcom bonds
on June 22 and a further 1,420 on June 27, Starcom Holding said in a
Anna GRZELONSKA, currently COO of Nationale-Nederlanden in Poland, has been appointed as CEO of NN Life Insurance Romania. She succeeds Marius POPESCU, who was appointed as CEO of NN Hayat ve Emeklilik.
"After a trial period, the Romanian insurance market is reaching its maturity, in my opinion. I believe in this market. As proof of my belief, I took on my shoulders to lead the insurance-reinsurance sector in ASF - The Financial Supervisory Authority during the most difficult moment in the insurance market's history in the past years", Cornel COCA-CONSTANTINESCU, First Vice President, ASF - The Financial Supervisory Authority, during the Brokers' Conference at FIAR 2017.
The specialists who participated at the Brokers' Conference at FIAR 2017 pointed out that the revision of insurance legislation plays an important role for companies, but its main objective is regaining the consumers' trust.
"We see a lot of technology developments coming up: robots, AI, telematics - all are coming into our [insurance] market as well. We see more and more often a customer centric approach, the customer is placed in the front of this process", Cees WERFF, President, Claims Corporation Network, pointed out during the Motor Insurance Conference at FIAR 2017.
"There is a wide variety of pricing parameters used on the motor insurance market today - in many cases it is doubtful if their validity is statistically proven. For fleets, there is a 'disconnection' between needed and available information", Michael THEILMEIER, Senior Vicepresident, GEN Re, explained during the Motor Insurance Conference at FIAR 2017.
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.