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 4.4908/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 2010
"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.
PAID Romania's achievements in 2016 included a 10% portfolio growth, as estimated, the transition to SII and the strengthening of its capital, a higher level of reinsurance protection, the inception of the Mass claims plan, as well as the optimization of IT system and processes, Nicoleta RADU-NEACSU, General Manager, PAID Romania - The Insurance Pool against Natural Disasters, explained during the Nat Cat&Reinsurance Conference taking place at FIAR 2017.
When natural catastrophes strike, it is highly important that the claims are settled fast, so that the companies are able to restart their activities as soon as possible. Dott. Ing. Carlo Tozzi SPADONI, Co-Founder, Insurance Engineering Services, talked, during the NatCat&Reinsurance Conference at FIAR 2017, about the importance of fast claims settling, analyzing a case study from Milan.
The global protection gap continues to be significant, according to recent data published by Swiss Re. Andrea FUCHS, Head Market Underwriting CEE, Swiss Re Europe, talked, during the NatCat & Reinsurance Conference at FIAR 2017 about possible solutions for reducing this deficit.
In Romania, the number of insured homes is still reduced, but there are steps taken for the improvement of the situation. James GRINDLEY, CEO, CertAsig, spoke about the situation on the Romanian household insurance market at FIAR 2017.
"Insurance and reinsurance are based on trust: we sell something they cannot taste and they cannot see", Sinisa LOVRINCEVIC, Branch General Manager, TRUST Re, explained during the NatCat & Reinsurance Conference at FIAR 2017.
"Because of Solvency II, many clients are now seeking alternative structures: not only traditional reinsurance, but also tailor made products which they need, and I think that this trend of complexity will also go on in the near future", Evgeny POTOKOV, Senior Underwriter SEE, SCOR, declared at FIAR 2017, speaking about the current risk landscape.
In the last years, the competition on the reinsurance market grew more acute and, given this context, the reinsurance companies must focus more on their competitive strategies, Valandis ELPIDOROU, Managing Director, Alternative Solutions, ARCH Re Europe, Switzerland, pointed out during the NatCat&Reinsurance Conference at FIAR 2017.
The Insurance Distribution Directive (IDD) is, as we speak, maybe one of
the most sensitive subjects, so the insurance brokers, and not only
them, are certain that the IDD implementation will have both positive and
negative aspects, stated Juan Ramon PLA - Managing Director,
Corporacion de Mediadores de Seguros, Spain Secretary General BIPAR,
Member of IRSG EIOPA -, stated, during the Brokers' Conference, at FIAR
"In the last 2-3 years, the health insurance market in Romania reported a significant development, but it started from a small base and that is why we shouldn't be impressed by the growth percentage. But the buying intention is developing", stated Virgil SONCUTEAN, CEO, ALLIANZ-TIRIAC Asigurari, during the Health & Life Insurance Conference taking place at FIAR 2017.
"Personally, I believe that the public health system is a partner, not a competitor, but it mainly offers only social assistance", Sorin MITITELU, President, BCR Asigurari de Viata VIG, declared during the Health & Life Insurance Conference at FIAR 2017.
11-12 April 2018 Hilton Hotel, Moscow, Russia Organizer: The Reinsurance Committee of All-Russian Insurance Association and DELOVOY Format Group as Co-organizer Media Partner: XPRIMM Publications For details: arc.ins-df.com
16-17 April 2018 Intercontinental Hotel, Almaty, Kazakhstan Organizer: InterConsult Info with the support of the Kazakhstan Association of Insurers Official Publication: XPRIMM Publications Contact person: Marina SHIPOVALOVA For details:www.allinsurance.kz