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XPRIMM News
XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 116, September 11th, 2008
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INSURANCE PROFILE
ICAR FORUM 2008
  EDITORIAL


The promptness beats the advertising

The best advertising for an insurance company is the promptness in paying the claims... We have heard many times before this sentence, but the meaning of this was ever as clear as this summer.

During this July, unprecedented rains fell in the North of Romania, affecting Botosani, Iasi, Bacau, Vaslui, Maramures and Neamt counties. In some sectors of the rivers from these areas, the maximum flow reaching enormous values, with probabilities of occurring once in 100 or 200 years, over the historic level.

In this context, the financial effort needed for the reconstruction of the affected areas will be of EUR 500 million, according to some preliminary forecasts.

The Romanian insurance companies will pay as a result of these catastrophic events, of over RON 15.7 million (EUR 4.5 million), less than 1% from the total claims.
The small amount of claims paid by the insurers is not surprise, this indicator being a refection of the small amount of the penetration degree, especially in the rural areas, the most affected by floods.

From the signals we have until now, the insurers rally in order to promptly instrument the claims files and compensating rapidly the people insured and affected by floods.

So, we deal, in the flooded areas, with two types of persons: the ones with insurance, who receive their money and can go on with their lives and those who are waiting for the State mercy, being in danger of spending the summer without a roof above the head...

An imagine that should be analyze by everybody and should convince those more than 90% from the uninsured owners to contact as soon as possible an insurance company, in order to buy a policy...

by mihaela.circu@mxp.ro

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BCR Asigurari de Viata
ASIBAN
ASIGEST

ASIGEST Agri

WILLIS
POLISH Re
Safety Credit
Safety Broker
ASIBAN
FADATA
KINGSPAN
EDITORIAL | INTERVIEW | TOP PRESS | CEE & CIS | FINANCIAL NEWS | EVENTS
 INTERVIEW

 

Interview with Mr. Peter BRAUMULLER
Director Insurance and Pension Supervision
FMA - Austrian Financial Market Authority

XPRIMM: Austria is, at the moment one of the most important investors on the Romanian market, and without any doubt the most significant player in the insurance industry. How can you explain this phenomenon?
Peter BRAUMULLER:
It is difficult for a supervisor to answer this question but I suppose they are looking for opportunities of development, especially in the insurance market, which has potential. Until few years ago, the Romanian market was outside the EU borders and has - since then - made serious efforts to satisfy the European requirements. Obviously, Romania is a very large market and there is still room for further development and growth
As a supervisory authority, we are monitoring the financial indicators, the economic figures and insurance data and we analyze whether the groups' strategies are in line with the legal frame and the economic environment.

XPRIMM: The Austrian insurance players are among the most significant investors in CEE markets. Do you think that this trend will continue or we are going to assist to a stabilization of the market?
P. B.:
This trend is obvious and I assume that a main reason for Austrian insurance companies' important position in Central, Eastern and South Eastern Europe is the fact that they were among the first who entered these markets and gradually worked on strengthening their position. Regarding the speed of these investments, this is depending on the actual investments opportunities. Generally speaking, I consider that the general trend will continue, but at the same time we will also see more consolidation and stabilization. VIG, UNIQA and GRAWE are major players on the Austrian market who have discovered new business opportunities and they will certainly continue their strategy.

XPRIMM: Do you consider that applying Solvency II will offer you the power to supervise these groups?
P. B.:
We have had group supervision in the EU since the entry into force of the Insurance Groups Directive. Solvency II will further strengthen group supervision and extend the regime to completely new areas like joint approval procedures for internal models and the group support regime. In this matter, the supervisory authorities periodically organize meetings of the coordination committees, and CEIOPS provides guidance on the functioning of those coordination committees. In addition, bilateral meetings are held between the group supervisor and the relevant solo supervisors in order to exchange views and opinions and to improve the mutual knowledge on insurance markets, legal frameworks and supervisory practices.

XPRIMM: Recently, VIG and ERSTE have surprised the market by announcing the transfer of the bank's insurance operations to VIG. How do you comment on the fact that banks give up their insurance business? Is this aspect related to the fact that Solvency II and Basel II are not well connected?
P. B.:
One of the issues CEIOPS is looking into is the consistency between Basel II and Solvency II in order to avoid regulatory arbitrage. It is a crucial concern of supervisors that that bad or risky assets are not shifted from a bank to an insurance company or vice versa, because capital charges are lower there. As a supervisor, I would not like to assess companies' business strategies. However, one should keep in mind that participations are not the only way by which banking and insurance activities might be linked together. In Austria, more the 50% of the life insurance products are distributed through banks. Therefore, it could be more attractive to sign agreements with banks, rather than to operate through own sales networks or other means. It can also be expected that insurance companies are trying to extend any successful acquisition policy to Central, Eastern and South Eastern Europe as well.

XPRIMM: Can you enumerate some particularities of the Austrian insurance market?
P. B.:
In Austria, there are at present more than 100 domestic insurance companies, more than half of which are small mutual associations. The overall number of insurance undertakings has been slightly decreasing over the last few years, whereas the number of participations of Austrian insurers in foreign insurance companies has significantly increased and the actual number of such foreign companies already exceeds the number of domestic insurers.
The life and non-life sector account for approximately the same share of total insurance business. The growth of life insurance has been very moderate over the last three years. However, unit-linked and index-linked business as well as state-sponsored retirement provision have grown quite strongly, whereas traditional life insurance is less dynamic, especially as concerns single premium contracts. The non-life sector has shown a steady growth in premiums over the last few years of about 4 to 5 percent p.a. In international terms, there still seems to be still some potential of expansion in life insurance. The occupational pension market which has been established in Austria around 18 years ago got new rules through the transposition of the EU IORP Directive some years ago. The investment rules are now based on the prudent person principle, combined with risk management requirements. Traditionally, pension companies are investing a higher proportion of their money in equities which leads to a higher volatility and dependency of their return on market fluctuations. Since the main part of the occupational pensions is defined contribution type schemes, bad investment income might easily result in pension cuts.
We have seen some convergence between the life insurance and pension sector in Austria over the last few years. On the one hand, a new type of insurance was created called "occupational group insurance" which is very similar to pension contracts but offered by insurance companies and both are subject to the same tax treatment. On the other hand, a limited change of beneficiaries within pension schemes was permitted, so that they may be allowed to change twice between different funds (investment and risk sharing groups), but only into those with less risky investment policies.

XPRIMM: Is there any penalty for switching the fund that you already choose?
P. B.:
No, the practical functioning of the system is depending on the agreement between the employer and the pension institution. In most cases, there will be no penalty and they will probably not charge them, because the aim is to foster the private pension system and to make the pension forecast more reliable the nearer the beneficiary comes to the retirement age. The future development of the pension sector is also depending on new profession groups entering the occupational pension system, e.g. public employees.
At present, there are around EUR 13 billion invested in the second Pillar and around EUR 70 billion of assets in life insurance.
Because of the convergence between occupational pension and insurance products the Austrian FMA believes that there should be a new Solvency regime for pensions as well, based on the principles of Solvency II but also taking into account the particularities of the pension sector. In CEIOPS there are different opinions depending on the respective systems, and there are really a lot of differences between the countries, it's a huge puzzle.

XPRIMM: The Romanian life insurance market is on early stage of development and the insurers and supervising authorities are trying to find some solutions in order to stimulate this sector. One of the solutions is some fiscal facilities insurance segment. Do you have in Austria some tax facilities?
P. B.:
In Austria, most people do not want to be obliged to keep money permanently in funds or to be penalized when they take it out at some stage, so products which allow free disposition over your money after 10 or 15 years are well received. In addition, tax incentives are stimulating demand for certain products. As a supervising authority, we should not influence the market development, because this is not our task and we are not better managers than others. I will only tell insurance managers or politicians about the possible risks of certain decisions or strategies. As supervisors, we never recommend what product should be created or promoted, we just form expert opinions on the risks that might occur and the possible impact on the financial situation or development of a company or the market.

XPRIMM: Can you give us some advice in order improve the savings especially in insurance and private pension system in Romania?
P. B.:
Let me again take Solvency II as an example. It is crucial that managers identify, assess and manage risks. In Solvency II, higher risks automatically lead to higher capital charges. If tax laws or other means are used to promote specific forms of private investment it is important for decision makers to fully understand all elements of that decision and in particular the risks involved so that the capital charge is appropriate to the risks. For those who steer market developments by creating incentives to the customers or the companies it is important to understand all possible effects of such a measure. Consequently, the supervisor should be involved in the legislative processes which might impact the insurance market. By the way, this is also foreseen in the international standards on insurance supervision.

XPRIMM: What is the Austrian Supervisory authority opinion regarding the Solvency II project? What about the insurance market opinion?
P. B.:
We have had some discussions with the representatives of the Austrian Insurance Association and industry representatives about Solvency II. In general, they are satisfied, of course, since the new framework will provide more opportunities to the industry. From our point of view, I think it is absolutely the right direction. The possible problem for supervisors is the fact that for some companies it is difficult to understand and implement complex systems. And also for the supervisor, the new system poses a set of challenges. So mainly, we are very positive, and we are working a lot together with the industry, we are organizing many seminars and workshops on that subject. There are still many problems to be debated, but we are optimistic. And we are already adapting our internal structure and processes to the new regime.

XPRIMM: What is your message to the Romanian insurance market?
P. B.:
I can not send any messages about how people should run their business. I am a supervisor, I am not a manager. I do believe that strengthening the market means also strengthening the supervisory authority. Considering that the Solvency II project is crucial for the insurance market and insurance supervision in all our countries, it is extremely important to have an efficient dialogue between the industry and the supervisory authority. One key message of Solvency II is that we need strong supervisors because there are a lot of advantages for the whole market and no market participant should be in a position to gain unfair advantages through violating the rules. An effective supervisor is a prerequisite for good market developments.

XPRIMM: Thank you!

by mihaela.circu@mxp.ro,
oleg.doronceanu@mxp.ro

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Peter BRAUMULLER
Mr. Peter BRAUMULLER
Director Insurance and Pension Supervision
FMA - Austrian Financial Market Authority

MEDICOVER
YALTA 2008
EDITORIAL | INTERVIEW | TOP PRESS | CEE & CIS | FINANCIAL NEWS | EVENTS
 TOP PRESS


The insurance market remains on loss in the first half
The Romanian insurance market concluded the first half of the year with a negative financial result of approximately RON 15.66 million, compared to net loss of RON 83.56 million registered in the similar period of 2007, according to data submitted by the Insurance Supervisory Commission.
Click here to read more!
by andreea.ionete@mxp.ro, 3.09.2008


Romania's mandatory pension brokers earned over EUR 100 million
ROMANIA. The mandatory pension brokers' total incomes during and after the 4 month signup period officially exceeded 100 EUR mln., sources from CSSPP, the country's private pensions regulator, told www.privatepensions.ro
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by mihai.bobocea@mxp.ro, 9.09.2008


BREAKING NEWS: Romanian pensions regulator fines 22 pension brokers
ROMANIA. CSSPP, Romania's private pensions regulator, announced today the biggest collective sanction in its history: 22 pension and insurance brokers were fined, 5 were warned in writing and one was left without its license, CSSPP announced today.
Click here to read more!
by mihai.bobocea@mxp.ro, 8.09.2008


Over EUR 11 million from agricultural insurance in the first half
Agricultural insurance market is estimated at RON 41.40 million, namely to EUR 11.3 million, after the first half of the year in progress, according to data provided by companies for the Insurance PROFILE Review magazine, while gross written premiums of agricultural insurance in the whole year of 2007 were amounted to RON 54.76 million (EUR 16.41 million).
Click here to read more!
by andreea.ionete@mxp.ro, 3.09.2008


RON 88 million for agricultural insurance in the crop year 2007-2008
Insurance companies posted underwritings for agricultural insurance exceeding RON 88 million in the crop year 2007-2008, with over RON 34 million more than in 2006-2007 period, according to data provided by UNSAR - National Association of Insurance and Reinsurance Companies from Romania. The amount represents cover for autumn crops and for the spring crops between the 1st of September 2007 and the 31st of July 2008.
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by andreea.ionete@mxp.ro, 2.09.2008


MARSH Romania wants EUR 50 million in 2008
MARSH, one of the leading insurance brokers in Romania, aims to reach mediated premiums of EUR 50 million for the whole year 2008, this meaning to repeat, in the second half of the year, the performance achieved in the first semester.
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by andreea.ionete@mxp.ro, 8.09.2008


FATA Asigurari extends throughout Romania
FATA Asigurari, the Romanian subsidiary of FATA Assicurazioni has set as main objective for the year 2008 a strong territorial network development, in order to cover all districts of the country.
Click here to read more!
by mihai.cracea@mxp.ro, 3.09.2008


D&O and E&O, the New Stars on the Market
Lately, in Romania, the services sector has known a more and more dynamic rhythm of growth, especially in the financial and property markets. This background, along with the awareness of the need to cover damage caused by managers of companies operating in these areas, or the imposition of concluding such a policy by third parties, is shaping the biggest potential for the insurance market: professional liability.
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by andreea.ionete@mxp.ro, 1.09.2008


EUR 44 million for BT Asigurari in the first half
BT Asigurari, the newly-consolidated GROUPAMA subsidiary in Romania posted a 16.9% business growth for the first half of the year up to EUR 44 million, according to results published by the French group. Also, the insurer ended this period with a EUR 5,7 million loss but the profitability will improve significantly starting 2009, following the rationalization plan launched by GROUPAMA in Romania.
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by andreea.ionete@mxp.ro, 29.08.2008


Romania's pension funds outperformed mutual funds in the first 4 months of operation
ROMANIA. Private pension funds managed to outperform the majority of mutual funds in Romania, during the first four months of operation (20th May - 31th August), a survey done exclusively by www.privatepensions.ro shows. Half of the mandatory pensions funds (7 of 14) and 37% of the voluntary pension funds (3 of 8) managed to return positive results during those four months, ranging from +0.4% to +7%. The lowest negative return by a pension fund was -5.9%.
Click here to read more!
by mihai.bobocea@mxp.ro, 9.09.2008


Romania's market leader in mandatory pensions officially has a new CEO
Emilia BUNEA was today confirmed by CSSPP (Romania's private pensions regulator) as the new CEO of ING Pension Fund, Romania's market leader in mandatory private pensions (2nd pillar), market sources told www.privatepensions.ro.
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by mihai.bobocea@mxp.ro, 28.08.2008


UNITA sale will be completed this autumn
Austrian UNIQA's deal of taking over 100% of the share capital of the Romanian company UNITA from VIENNA Insurance Group, fixed at the end of June, is expected to close in autumn after all necessary regulatory approvals. Because the conditions for a majority takeover of ASTRA-UNIQA were not fulfilled, there are no more legal obligations in this regard so the shareholding in the Romanian insurance company ASTRA remains at 27%, the group representatives said.
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by andreea.ionete@mxp.ro, 5.09.2008


INTERAMERICAN Romania's business, up 21% in the first half
INTERAMERICAN Romania ended the first half of the year with a total volume of gross written premiums of RON 44.29 million, growing 21% as compared with same period of 2007. Also, the company posted a gross negative financial result of RON 5 million, but the loss was slightly lower than that of the first half of 2007 of RON 5.23 million.
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by andreea.ionete@mxp.ro, 9.09.2008


Insurance Solutions for Real Estates and Construction Developments from C&A and KINGSPAN
Romanian CAPITAL & ALLIANCE (C&A) Insurance Broker and KINGSPAN, member of global leader in design and manufacture of high quality Firesafe Insulated Roof & Wall Systems for the construction industry, KINGSPAN Group, started working together in September to create a better insurance product for real estate/construction industry.
Click here to read more!
by andreea.ionete@mxp.ro, 5.09.2008


The Lions' castling
Tudor MOLDOVAN has accepted a new professional challenge from GENERAL PPF Holding, while Marie KOVAROVA has been nominated to take over the position of CEO and Chairman of the Board of Directors at Romanian GENERALI Asigurari. Tudor MOLDOVAN, the insurers' presently CEO and Chairman of the Board, has accepted the offer received from GENERALI PPF Holding - that of being directly involved in all business projects in the Central and Eastern Europe region.
Click here to read more!
by mihaela.circu@mxp.ro, 01.09.2008


Unit-linked insurance from GENERALI Asigurari and BNP Paribas
Insurer GENERALI Asigurari and the Romanian branch of one of the largest financial group from France, BNP Paribas, have together launched a new unit-linked life insurance product, with investments in Euro, named EURO Garant 15.
Click here to read more!
by mihaela.circu@mxp.ro, 11.09.2008


ALLIANZ-TIRIAC is raising the target for EuroMax to EUR 5 million
Romanian leading insure ALLIANZ-TIRIAC will supplement the issue for EuroMax policies, following the success this unit-linked life insurance product with maturity guaranteed investment had since its launch in May 2008.
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by andreea.ionete@mxp.ro, 11.09.2008


Romania: Which mandatory pension funds won the battle for Bucharest
ROMANIA. ING, AIG, BCR and BRD are the mandatory pension funds (2nd pillar pensions) that gathered clients better in Bucharet (Romania's capital) than at national level, talking market share, research by www.privatepensions.ro shows.
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by mihai.bobocea@mxp.ro, 29.08.2008


THE INSURER tells Romania's private pensions "success story"
The prestigious insurance and pensions magazine THE INSURER, edited by The Russian POLIS (company similar to Media XPRIMM in Romania) publishes a large analysis about the Romanian "success story" in the private pension reform.
Click here to read more!
by mihai.bobocea@mxp.ro, 2.09.2008


Number of empty accounts drops below 15% in the mandatory pensions system
ROMANIA. The number of accounts left empty (without any pension contributions) in the Romanian mandatory private pensions system (2nd pillar) dropped below 15% of the total number of participants for the first time, analysis by www.privatepensions.ro shows.
Click here to read more!
by mihai.bobocea@mxp.ro, 2.09.2008


OTP Garancia, warned by the Romanian pensions regulator
ROMANIA. Voluntary private pensions (3rd pillar) company OTP Garancia, part of GROUPAMA group, received a written warning by CSSPP, Romania's private pensions regulator, for various reporting / marketing errors that came out after a control action by CSSPP at Garancia's headquarters in Bucharest.
Click here to read more!
by mihai.bobocea@mxp.ro, 1.09.2008

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EDITORIAL | INTERVIEW | TOP PRESS | CEE & CIS | FINANCIAL NEWS | EVENTS
 CEE & CIS


ROSSGOSTRAKH made a strategic investment in Republic of Moldavia

"The purchasing of Moldavian-based MOLDASIG is a strategic expansion on a new perspective market", Danil HACYATUROV, President of ROSGOSSTRAKH has declared at the recent press conference. He pointed that "this acquisition was made according to the company's strategy and aim not only to maintain the leading position in the insurance market in Russia, but also obtain similar results in CIS countries and Eastern Europe". At the same time, Vitalie BODEA, General Director of MOLDASIG, believes that attracting new investment will allow strengthening its positions
on the Moldavian market and will provide the opportunity of applying new
technologies, active development of regional networks and the agents, as well as launching of several common selling programs through banks, leasing companies etc.
ROSGOSSTRAKH has purchased 80% in the authorized capital of the MOLDASIG, the main player on the Moldavian insurance market through Cyprus-based LINEKERS. Transaction has been made through acquisition of the additional issue of shares totalized 3 mil. EUR, following the decision of MOLDASIG shareholders to increase authorized capital five times, from EUR 750 thousand to EUR 3.7 million, MOLDASIG stated for XPRIMM on May 7. In 2007 the company wrote EUR 13.4 in premiums and paid EUR 2.9 million in claims.
by oleg.doronceanu@mxp.ro, 10.09.2008


Debates on life insurance in Poland
The IV annual international conference on life insurance "World views for life insurance in Central and Eastern Europe, Russia and Asia - 2008" will take place November 13-14, 2008, Sheraton Warsaw Hotel & Towers, Warsaw, Poland.
The conference is officially supported by KNF - Financial Supervisory Commission of Poland and PIU - Polish Insurance Chamber.
The aim of the conference is to summarize world and regional life insurance experience, discuss development prospects of the life insurance industry in Russia, Eastern Europe and other countries, to consider modern channels of sales, development of informational technologies and marketing strategies.
In the course of three years, the conference organizers - RUSSIAN Polis Information Group (published of The Insurer magazine) managed to create in Moscow one of Europe's best conferences on life insurance. In 2007, the congress gathered the ex-head of AIG Maurice GREENBERG, Vice-president of the National Association of Insurance Commissioners of US Walter BELL, chairman of Insurance Regulatory and Development Authority of India C. S. RAO, top managers of leading European (re)insurance companies.
Among the speakers of the conference are: Ilya LOMAKIN-ROUMIANTSEV (Russia), Head of Federal Service for Insurance Supervision; Stanislaw KLUZA (Poland), Chairperson of Polish Financial Supervision Authority, Carlos MONTALYO REBUELTA (Germany), Secretary general of CEIOPS, Dan CONSTANTINESCU (Romania), Member of the Council, Insurance Supervisory Commission (CSA) and many other prominent experts. Major sessions of the conference are: World's regulation of life insurance, Life insurance in Russia, World views for life insurance; Life insurance developments in CEE and other related topics.
Click here for details!
by oleg.doronceanu@mxp.ro, 11.09.2008


Joining Forces to Raise Your Game in Prague on 25th-26th of September
The end of September will mark out the needed coordinates for building-up a successful business and learning the best practices in order to improve performance in bancassurance, wth the occasion of "Joining Forces to raise Your Game - The future of Bancassurance, Assurbanking & the Affinity Business" Conference, organized by UNIGLOBAL Research on 25th-26th of September in Prague, Czech Republic.
The concept of bancassurance created a tide change within the financial sector and is now well established in the insurance industry.
So what lies ahead? Are insurance and capital markets heading for convergence or collision course? Will insurers sell banking products as bankers sell insurance products? Who else should be involved to increase the sales potential? Based on the knowledge of the banking and insurance sector this event, supported by XPRIMM - Insurance&Pensions as Media Partner will answer these questions and will review the strategic trends in product differentiation, which are a key within a sector of fast evolving customer needs, and where customers face an abundance of offerings.
Thus the attendance will learn from leaders in Assurbanking & Bancassurance what cross selling and effective segmentation consists in, which products and product combinations have the greatest potential and will understand how effective HR can leverage the distribution strength or the crucial role of processes and IT in driving profits.
Click here for details!
Click here to register!
by andreea.ionete@mxp.ro, 26.08.2008


FAIRFAX makes USD72 million bid for POLISH Re
FAIRFAX Financial Holdings (TSX:FFH) announced recently that it has made a USD 72 million bid for Polish reinsurer POLISH Re, valued at approximately USD 66 cents per share.
FARFAX has received commitments to tender the offer from shareholders holding about 47 per cent of PTR's shares. The offer is expected to close in the first quarter of 2009.
"We are positive about future prospects for the Central and Eastern European economies in which POLISH Re is active", said FAIRFAX Chairman and CEO Prem WATSA. This investment will increase FAIRFAX's exposure to the region and will provide a long-term platform for expansion."
In turn, Cherski MAREK, CEO of POLISH Re believes that "this transaction will enable us to get a strong strategic investor, as well as lead to greater leadership positions reinsurer in the market and improve the CEE ratings company".
FAIRFAX is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
POLISH Re began operations in June 1996, and currently provides reinsurance services for 180 companies from 40 countries, most of which are in the CEE region.
by oleg.doronceanu@mxp.ro, 09.09.2008


Ruf-FIEDLER to step down as CEO of ING Life Russia
ING Life Russia, a subsidiary of ING Group, announced in August that Olga RUF-FIEDLER, CEO of ING Life Russia, has decided to step down. With a departure on August 1, 2008, she had served at the company for two years. RUF-FIEDLER will pursue career opportunities outside the company.
Janos VERES, CFO of ING Life Russia, has been named temporary general manager.
According to some media sources, Jetse De VRIES, senior vice president of ING Canada in the Western region, will occupy the position of CEO at ING Life Russia
De VRIES began working at ING in 1986. From 1989 to 1991 he was the manager of claims adjusters in Holland. He also held the position of sales and marketing manager in Belgium from 1993 to 1997. De VRIES was CEO of Romania-based life insurer Nederlanden Asigurari de Viata from 1997 to 2000. He was also country manager of ING Group Spain and general manager and CEO of ING Nationale-Nederlanden Life, ING Nationale-Nederlanden Non Life, and ING Employee Benefits.
ING has been operating in the CIS markets since 1994. In Russia the group is represented by ING Wholesale Banking, ING Non-State Pension Fund, ING Lease (Eurasia), and ING Life.
By RP Newsline, 08.09.2008


TRIGLAV shares to be listed on local bourse
Slovenia's largest insurer Zavarovalnica TRIGLAV is officially listed on the Ljubljana stock exchange as of Tuesday, the Ljubljana bourse said. "We expect that TRIGLAV's stocks will be one of the most traded on the bourse, bearing in mind the large number of shareholders", said Marko SIMONETI, the head of Slovenia's stock exchange.
SIMONETI said that the insurer's listing 'is an important event for over 30,000 small shareholders, since they could expect a more transparent trading with the company's stocks,' adding that Slovenia's financial market will become more representative.
"We expect the listing of TRIGLAV's stock on the market will have mostly positive effects", said Andrej KOCIC, CEO of TRIGLAV.
A total of 22.7 million ordinary TRIGLAV shares will be listed on market with the code ZVTG.
TRIGLAV reported a EUR 37.9 million pre-tax profit in the first half, rising by 1% over the respective period last year. The insurer's premiums grew by an annual 5% to EUR 414.1 million in the first six months, while payouts rose by 1% to EUR 170.5 million in the period.
TRIGLAV held a 43.9% stake in the Slovenian market in the first half of the year. The biggest shareholders of the company are state-owned funds, Pension and Disability Insurance Institute (ZPIZ), which hold 34.5% and 28.4% respectively.
by oleg.doronceanu@mxp.ro, 08.09.2008

 

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EDITORIAL | INTERVIEW | TOP PRESS | CEE & CIS | FINANCIAL NEWS | EVENTS
 FINANCIAL NEWS

Romania's GDP, an 8.8% growth in H1/2008
The Gross Domestic Product estimated for the first half of 2008 was RON 195,764.1 million, 8.8% more compared to H1/2007, according to the data offered by the National Statistics Institute. In QII 2008, the GDP amounted to RON 109,019.1 million, current prices, a 9.3% growth (in real terms) compared to the same period of 2007.
During the previous week, Varujan VOSGANIAN, Minister of Economy and Finance, said that Romania's GDP grew by 8.9% in the second quarter of this year, the advance of the first half of the year being 8.6%.
According to the analysts of RAIFFEISEN Bank, "not even in the second half of the year will a reduction of the economic advance take place, which will maintain high as a result of the contribution of agriculture, with an activity much better than that of last year".
by mihaela.circu@mxp.ro, 2.09.2008


Labor productivity up 9.3 percent in industry
Industry labor productivity increased 9.3 percent year-on-year in the first seven months of 2008, due to significant advance in the processing industry, according to the National Institute of Statistics (INS) yesterday. In the processing industry, productivity growth rate was 10.1 percent, while labor productivity in the energy, gas and water sectors went up to 9.5 percent.
The growth rate is the same as the one registered in the first six months of the year. However, in H1, the advance was lower compared to the 9.9 percent growth registered in the first half of 2007.
In the first seven months, productivity growth rate was significantly below the 25.8 percent annual increase of the average salary.
by standard.ro, 11.09.2008


Romania ranks first in EU on retail segment growth
Romania ranked first in the European Union in July as far as the retail growth is concerned, with sales up by 18.4 percent compared to July 2007. Romania also ranked first in June.
According to local analysts, the local retail is advancing due to clothing and food sales. "The first engine for retail is the increase of purchasing power, while the second is that people are giving away traditional markets and go to hypermarkets and malls, which also impacts on the GDP", says financial analyst Emil STOICA.
The President of Romanian Businesspeople Association, Florin POGONARU, said other segments, such as services, should also increase. "We need an increase on the services segment, to bring Romania closer to normality", said Florin POGORANU.
by standard.ro, 9.09.2008


Romanian leasing market up 36 percent in H1
The leasing companies finances goods acquisitions worth a total EUR 2.94 billion in the first six months of 2008, up 36 percent year-on-year, according to Romania's Financial Companies Association (ALB). In H1 2007, the local leasing market totaled EUR 2.17 billion, 46 percent higher on 2006. Players on the market were expecting a slower growth rate for this year, due to higher interest rate, which led to more expensive financing, and a pollution tax for car registration, as of July 1, which leads to clients focusing on cheaper second-had cars, not purchased in leasing.
by mihaela.circu@mxp.ro, 28.08.2008

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EDITORIAL | INTERVIEW | TOP PRESS | CEE & CIS | FINANCIAL NEWS | EVENTS
 EVENTS


5th ICAR - The International CAtastrophic Risks Forum
October 14th, 2008
Bucharest, Romania
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.icarforum.ro


8th Yalta International Forum
September 15th-19th, 2008
Yalta, Ukraine
Organizer: The League of Insurance Organizations of Ukraine
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.cbs.org.ua


Life Insurance Securitisation Conference
September 17th-18th, 2008
London, Great Britain
Organizer: JACOB FLEMING Conferences
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.jacobfleming.com


10th Insurance & Reinsurance Conference
September 18th-20th, 2008
Spetses, Greece
Organizer: The Hellenic Association of Insurance Companies
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.eaee.gr


"Joining Forces to Raise Your Game" - The Future of Bancassurance, Assurbanking & the Affinity Business
September 25th-26th, 2008
Prague, Czech Republic
Organizer: UNIGLOBAL Research
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.uniglobalresearch.eu


IV International Conference "Development of Insurance Brokerage Markets in Eastern Europe and CIS"
October 6th-7th, 2008
Imperial Park Hotel & Spa*****, Moscow Region
Organizer: RUSSIAN Polis
Media Partner: Revista PRIMM - Asigurari&Pensii
Details: www.in-sure.ru


The Russian and CIS Reinsurance Forum
October 8th-10th, 2008
Zurich, switzerland
Organizer: C5
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.c5-online.com


IV International Congress "World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia"
November 13th-14th, 2008
Sheraton Hotel, Varsovia, Polonia
Organizer: RUSSIAN Polis
Media Partner: Revista PRIMM - Asigurari&Pensii
Details: www.in-sure.ru


Global Pension Funds & Alternative Investments
November 13th-14th 2008
Vienna, Austria
Organizer: UNIGLOBAL Research
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.uniglobalresearch.eu


November Business Meetings of Reinsurers
November 27th-28th, 2008
Hotel President, Moscova
Organizer: ARIA - Asociatia Reasiguratorilor din Rusia
Media Partner: Revista PRIMM - Asigurari&Pensii
Details: www.nbm-moscow.ru

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ICAR FORUM 2008

Development of Insurance Brokerage Markets in Eastern Europe and CIS

World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia
November Business Meetings of Reinsurers

XPRIMM Newsletters

THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Scientific Advisor: Daniela GHETU
International Column Coordinator: Andreea IONETE
Private Pensions Coordinator: Mihai BOBOCEA
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Vlad BOLDIJAR, Oana NECULA, Mihai CRACEA, Andreea STATE
Web Responsible: Costi BORODA

General Secretary: Lidia POP

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE

Edition Responsible: Costi BORODA
e-mail:  xprimm@primm.ro

PUBLISHED BY: Media XPRIMM


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2008 MEDIA XPRIMM

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