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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Given the ongoing "regulatory storm" throughout the last years, insurers are still keeping an eye on forthcoming changes to the regulatory framework within which they must operate. And they are not just a few mild corrections, but significant changes which may seriously challenge insurers' capacity to adapt and simultaneously evolve.
Andre Van VARENBERG, Chairman, Brokers' Committee, BIPAR and Juan - Ramon PLA, Secretary General of BIPAR and Member of the EIOPA IRSG will address FIAR Conferences, presenting the latest developments in the IDD implementing process.
The Romanian unit of French credit insurance agency Coface said on Wednesday it will open an IT development centre in Bucharest in early April.
The Romanian insurance market continued its sustained growth trend in
2016 as well, reaching a GWP volume of RON 9.38 billion (or EUR 2.1
billion), 10% more y-o-y. The non-life insurance segment recorded an
increase of 11% compared with 2015, while life insurance went up by 6%.
The maximum growth rate over the previous year was recorded in health
insurance, with approximately 95%.
This year FIAR - The International Insurance-Reinsurance Forum will see its 20th anniversary edition, celebrating not only a remarkable longevity, but also the long standing business relations - many of them established during the last two decades on its grounds. Besides a new location, situated in the most elegant Romanian mountain resort, the Forum will line up several conferences and an exquisite team of speakers.
Until 2021, EximBank will continue to issue insurance policies on behalf of the Romanian state for Romanian companies faced with the private insurers' impossibility to cover commercial and political risks for the exports on the European Union market and the OECD countries, reads a press release of the bank sent on Thursday.
PAID Romania - the national pool for disaster insurance -, is prepared to successfully assist the mandatory household policy owners in case a major earthquake will hit the country. Currently the PAID portfolio numbers 1.7 million mandatory household insurance policies PAD, covering about 20% of the Romanian housing stock.
The Irish Euro Insurance DAC (commercial name LeasePlan Insurance) has received the Romanian Financial Supervisory Authority's positive answer for providing MTPL insurance in Romania, based on the EU FOS rights.
The Romania's Financial Supervisory Authority - ASF announced, based on the FOS agreement, it has authorised Bulgarian insurer DallBogg to provide MTPL policies on the Romanian market. It is worth to mention that DallBogg becomes the second Bulgarian insurer operating on the Romanian MTPL market, after EUROINS - the market leader.
The Romanian MTPL insurance market has continued its ascending trend in the last quarter of the last year, reaching GWP of RON 4.03 billion for the full year of 2016. The number of MTPL contracts went up to 4.98 million, in annual units, 5% more y-o-y, according to the Romanian FSA data.
Misu NEGRITOIU, President of the Romanian Financial Supervisory Authority (ASF), met last week in Vienna representatives of the Insurers' Association of Austria (VVO), the meeting focusing on the latest developments on the insurance markets in the two countries, as well as specific aspects related to the MTPL business line or Austria's experience in managing the high-risk insured persons.
Corporate insurer CertAsig, which has over a decade of experience in insuring corporate clients in a wide range of diverse fields, in Romania and several other CEE countries, identifies 3 types of specialised insurance products that companies in Romania will discover in 2017.
The European Commission pointed out in the most recent Country Report that the Romanian Government decision regarding the maximum tariffs for the mandatory car insurance premiums (MTPL) is not in line with the EU legislation, including the provisions of the Solvency II Directive.