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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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.
This year, RECREX continues to focus on the development of its two main operational segments: fraud detection and claims buffering, Daniela BADALUTA, President of the company, explained in an interview for XPRIMM Publications.
"RECREX operates on one of the insurance market niches: we do not sell insurance, we are a loss adjuster. I believe loss adjusting is one of the most important aspects in this field, because managing claims is a key aspect for achieving success on the insurance market", Daniela BADALUTA, President, RECREX, explained in an interview for XPRIMM Publications.
After a stormy 2016, the Romanian MTPL market is prepared to sit on solid foundations in 2017, with sound operators and a more coherent structure, said yesterday Misu NEGRITOIU, the Romanian Financial Supervisory Authority head speaking at a market forecast meeting.
EUROINS Romania, part of Bulgarian EUROINS Insurance Group (EIG), has reached an agreement to acquire the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of PIRAEUS Bank - a leading banking institution in Greece. The deal was signed on January 19th, 2017. "The deal is subject to customary regulatory approvals", the EIG representative pointed out in a press release.
Bulgarian-based EUROINS Insurance Group (EIG) reported preliminary GWP
of EUR 268 million during 2016, 16% more y-o-y, according to a press
release published by its owner, the financial holding EUROHOLD.
The Romanian insurance market ended the first three quarters of 2016 with GWP amounting to EUR 1.53 billion, 10.6% up y-o-y, supported by the significant increase in the MTPL prices recorded in the first part of the year.
"Protection of consumers, investors and policyholders is the top priority for each European Supervisory Authority," pointed out Gabriel BERNARDINO, Chairman of EIOPA and of the Joint Committee of the three European Supervisory Authorities (EBA, ESMA, EIOPA- ESAs) on the occasion of the Steering Committee of the EU - U.S. Insurance Project hosted in Frankfurt on 19 October, a Public Forum to address the challenges of increased globalization of the insurance market and to define the areas of work for the coming year.
Original risk is the only real, genuine way to grow the global insurance
and reinsurance industry, according to Tom JOHANSMEYER, ARM AVP - PCS
Strategy and Development, Verisk Insurance Solutions.
Climate change and natural catastrophes were among the main aspects debated during the 13th edition of ICAR - The International CAtastrophic Risks Forum. The international event, which was organized on October 11, 2016, in Bucharest, Romania, gathered professionals from the United States, the United Kingdom, and Germany, as well as Romania, who talked about the management of Nat Cat risks in the current context.
The Romanian insurance market saw a 9.75% increase in GWP (10.93% in national currency), one of highest dynamics recorded in the last years. Yet, it is worth noting that the positive result is not as much as a result of the Romanian economic growth, but of the complex changes undergone by the MTPL segment.
The Romanian Insurance Association (UNSAR) has elected Adrian MARIN, CEO of GENERALI Romania as President for a three-year period, replacing Remi VRIGNAUD, the former general manager of ALLIANZ-TIRIAC who headed the insurers' professional body in the last four years.
ASF - The Financial Supervisory Authority in Romania has developed three indicators that allows it to determine, after analyzing the petitions registered at ASF, the compliance degree of the conduct of the supervised entities.