In the following period, new changes regarding the European insurance legislation are expected. "Regarding IDD - Insurance Distribution Directive, in Germany we have made progress as far as the implementation process is concerned and we expect the IDD specific legislation to be enforced by this summer, taking into account the fact that we have elections coming up this autumn", Lenka de MAURO, Deputy Head of Office GDV - German Insurance Association - European Office, explained during the Insurance Market Trends Conference at FIAR 2017.
"In relation to other European markets the CEE markets are relatively small and diversified. Having said this in my opinion the principle of proportionality has to play an even more important role than in other markets. Being small often means that your voice is not heard in an adequate way which could result in a high risk of unintended consequences. Meaning that on EU level issues might have a neglectable size but have huge consequences on a small market. This brings me automatically to the question of the influence of the CEE region on the EU legislative process", said Michael BRANDSTETTER, EU & International Affairs, VVO - Austrian Insurance Association.
Entered into force on 23 February 2016 (with implementation period starting on February 23, 2018), the IDD "repeals the IMD and is also a minimum harmonisation Directive, hence allowing to take into consideration each market specificities. The IDD seeks to improve regulation in the retail insurance market and to create more opportunities for cross-border business, to establish the conditions necessary for fair competition between distributors of insurance products, and to strengthen consumer protection", said Juan - Ramon PLA, Secretary General, BIPAR, Managing Director, Corporation de Mediadores de Seguros, Spain, Member of IRSG, EIOPA, at FIAR 2017.
"In the last years, there's no recording of a significant growth of premiums on the CEE market and the penetration rates have dropped. From where we stand, this move is tied to the modern insurance market's challenges", stated Jure KIMOVEC, FIG Analyst, Standard & Poor's, at FIAR 2017.
Calin RANGU, Director, ASF - Financial Supervisory Authority spoke, during the "Insurance Market Trends" conference at FIAR 2017 about financial innovation and ASF's proposals regarding this aspects.
The Chamber of Deputies (the lower house in Romania's bicameral Parliament) adopted on Tuesday, 16 May 2017, the New MTPL Law, which brings important changes to the local motor insurance industry.
Re/Insurance professionals from all over the world, representatives of
European authorities and national insurance organizations, specialists
representing brokerage companies, lawyer firms, and many more companies
from related domains gathered at Poiana Brasov in
Romania at the 20th edition of FIAR - The International
Taking place between May 21 and May 25, in a new location - Poiana Brasov in Romania - the 20th edition of the International Insurance-Reinsurance Forum - FIAR gathers well-known specialists representing over 125 international companies and offers its participants the chance to join specialized conferences and workshops analyzing the latest trends in the insurance, reinsurance and brokerage fields, as well to participate at networking events and bilateral meetings which will enable them to discover new business opportunities and to gather valuable insights and experience.
French insurer AXA exited the Romanian market after the sale of its Life & Savings insurance operations to Austrian-based VIENNA Insurance Group. The transaction was closed on 28 April 2017.
FIAR's Nat Cat Conference will bring this year a comprehensive analysis
of the property insurance market in Romania, starting from the mandatory
segment of this specific market.
Insurance company CertAsig registered the top insurance policies in a civil liability for a Romanian utility aviation company, for a technical insurance of a logistics company from Romania and an insurance policy for a infrastructure construction company from Romania, all of them amounting to EUR 77.8 million in the first quarter of 2017.
A team of exquisite speakers will enrich FIAR - The International Insurance-Reinsurance Forum 20th edition's content, sharing their views on the most important topics in the insurance field today.
Romanian insurer OMNIASIG Vienna Insurance Group (VIG) recorded a positive development in 2016 on most of the activity segments, which generated a consolidated business growth of almost 11%, the company announced.
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.