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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 117, September 25th, 2008
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MENU: EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 
 
 
INSURANCE PROFILE
ICAR FORUM 2008
  EDITORIAL


AIG - the agony and the ecstasy of a giant

Just a few days after the Americans commemorated seven years since the 9/11 attacks, the world's greatest economic power was to be struck by a shock maybe even greater then the terrorist threats.

On the 15th of September, the third investment bank in the world, LEHMAN Brothers threw in the towel, invoking chapter 11, for bankruptcy protection. During the same day, the rival, MERRYL Lynch, announced a takeover by BANK of America, with the sole purpose to avoid the same outcome, while AIG, which was until that moment the largest insurance company in the world, was facing the most severe liquidity crisis in the its history.

Stock markets around the world reacted with slumps resembling the "black Thursday" in 1929... After 48 hours of agony, during which AIG was seeking USD 70 billion to ensure its survival, FED - The Federal Reserve Bank decided to grant them USD 85 billion through a two year loan.

As a result of the deal, FED received around 80% of AIG's stocks, a transaction that was interpreted as nationalization. The New York Times was naming it "the most radical economic intervention in history". Two days after the announcement a series of questions begin to rise, regarding the future of the company, as well as the means FED would save AIG.

First of all, we have to mention that the loan granted will have to be returned in maximum two years, with an interest rate higher then the market average (three month LIBOR + 8.5%). Secondly, the credit facility will allow AIG to sell a part of its assets, without causing major disturbance on the economy.

This is where a disagreement appears. In fact, the purpose of the loan is to buy time, so that AIG will not be forced to give up all of it's profitable divisions. At the same time, the high price AIG will pay for this loan will be the reason the new management, appointed by the FED, will sell some of the subsidiaries.

That is why a commission from the insurance supervisory authority in New York was formed to monitor the sell of the life and property divisions of AIG, unaffected by the crisis, and considered to be its most valuable assets. One thing is clear: the financial world will never be the same after September 15th. It is no surprise that this tsunami started from Wall Street, which is considered to be a more "dressed up" version of Las Vegas.

However, things are different in Europe: insurers have diversified their risks through more conservative methods and more stable investments. The result is that European companies have a more solid structure, managed in a better way for long term risks, and they are less likely to be affected by a liquidity crisis. The situation is the same in Romania, where AIG subsidiaries will continue to function, unaffected by turbulences in the United States.

According to the Insurance Supervisory Commission, "the solvency and liquidity indicators of the two Romanian companies which are a part of AIG Group, respectively AIG Life and AIG Romania, meet the current requirements". In fact, AIG Life and AIG Romania are self administrating companies, not listed on the stock market and cannot become anybody's backup plan.

Both of them ended the first semester with a profit. As a matter of fact, AIG Life was the most profitable insurance company in Romania, registering a EUR 6.54 million profit.
In conclusion, even if Romania is not isolated from the rest of the financial world, the situation in the U.S. affect us according to the distance from New York to Bucharest.
And we are far away...

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, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 INTERVIEW

 

Interview with Mr. Vladimir STIRBU
Insurance Department Manager
The National Commission of Financial Market from the Republic of Moldova

XPRIMM: How was NCFM established and what were the measures taken for market regulation?
Vladimir STIRBU.:
The need for a better market regulation to boost its efficiency and attractiveness, as well as the approximation to the European Union standards are some of the basic reasons for setting up the NCFM. The commission was established with the support of the IMF and the World Bank and its main objectives are: providing financial stability on the domestic market, fostering a single regulation policy, the market's complex development, as well as efficient protection for investments and market operators.
The measures adopted by NCFM were mainly twofold, focused on regulatory and authorization issues, on the one hand, and on monitoring and control, on the other hand.
Thus, the normative acts were amended for a better harmonization with the Insurance Law and the Law on MTPL, regulatory measures for the motor market (new tariffs based on the Methodology approved by the Government, automated integrated system etc.), as well as regulation of activities in brokerage and protection of consumers' rights.
Monitoring the compliance of solvency and financial stability norms, creation and investment of reserves, companies' liquidity were also achieved by applying regulatory sanctions or, if necessary, withdrawal of licenses. As a result, three fines and two warnings were issued in 2008, and we had four cases of operation license withdrawal.

XPRIMM: What is new and different in the latest insurance law?
V. S.:
The new insurance law was drafted in line with the provisions of EU Directives and the principles of international insurance supervision standards. The Law amends the regulatory principles for insurance and is based on prudence, solvency and financial stability norms of the insurers.
Unlike the old normative act, the current Law has no provisions or attributions for the supervisory authority, as they are included in the NCFM Law.
Law no. 407 has a special chapter on regulating the insurance brokers' activity, setting liabilities and sanctions, and contains express stipulations about actions for consumers' protection.

XPRIMM: Is the number of insurance companies going to be lower as a result of the new requirements for share capital increase?
V. S.:
Market consolidation is a primary objective for NCFM. The new provisions include the increase of the minimum share capital for the insurers up to 920 thousands euros for non-life insurers, 1.36 million euros for life insurers and 1.82 million euros for reinsurers, by 2012. After the first year, four companies did not comply, and many companies increased their capital from own reserves, in a first stage, planning to subsequently attract foreign investments in case the profit is insufficient. I believe the number of players will go down, as the market is already quite concentrated, with five companies covering a 70% market share, and tends to consolidate.

XPRIMM: How does the new law encourage the presence of foreign investors on the market?
V. S.:
The current law and the secondary normative acts set clear conditions for companies, which is an essential incentive for attracting investments.
Thus, the upper limit for liability on an insured risk cannot exceed 25% of the equity and technical reserves, namely major risks can only be undertaken by strong companies, including companies with foreign capital.
Monetary and FX policies in the Republic of Moldova offer the banking system a possibility to become stable, and the interest rates are more favorable than abroad, and this applies in a situation of macroeconomic stability and evaluation of FX risks.
The Republic of Moldova has a governmental strategy to attract investments and promote exports, with a series of legislative acts drafted with a focus on creating a favorable investment environment and boost entrepreneurship activities (for instance, the profit tax for entrepreneurial activities is zero percent).

XPRIMM: How would you describe the performance of the insurance market from the Republic of Moldova in 2006 - 2007?
V. S.:
The period you mentioned represented a new stage for the insurance segment in the Republic of Moldova, as it underwent a process of becoming more mature, a process described by amendments in the legislative framework and institutional framework reform. Thus, two normative acts essential for the financial sector came into force, namely the Insurance Law and the Law on mandatory MTPL, the licensing procedure for insurance brokers was regulated and the National Insurance Guarantee Fund was established. The Actuaries Association was also set up, as well as a new entity in charge with the supervision of the non-banking financial market, the National Commission for Financial Markets (NCFM).
I think that these measures had a positive impact on the relevant market, as well as on attracting foreign investments; therefore ten local companies currently have foreign participation from 11 states in their share capital. The participation share reaches approximately 27%, with countries like Austria, Great Britain, the Netherlands, Switzerland, Romania.
At the same time, the insurance penetration rate in the GDP is growing every year, reaching 1.6% in 2007 (1.27% in 2006). 2006-2007 was also a profitable time for the local relevant market, thus the companies' profit amounted to EUR 5.4 million, or 10% of the total gross written premium volume, 41% higher compared to 2006. The net assets also went up by 23% (34.7 million euros) and the insurance reserves by 26% (32.5 million euros).
The number of licensed insurance companies was 29 in 2007, the total number of operating companies being 33. In 2007, they wrote gross premiums worth of 43.5 million euros, up by 29% compared to the previous year.
Overall, I think the market performed well, with a regulatory framework in the making and growing quantitative and qualitative indexes, backed by the emergence of major players on the market.

XPRIMM: What were, in your opinion, the incentives for market growth?
V. S.:
The insurance market development fits into and follows the social and economic development of the Republic of Moldova. Thus, the upward trend of the insurance segment is triggered by higher sales for certain basic insurance products, especially on the motor segment, which remains the market's growth engine. This segment sums up 60% of the total underwriting volume and 70% of the total paid claims. Thus, boosting the leasing services resulted in Motor Hull insurance higher by 54%, while Green Card insurance increased by 27%. At the same time, MTPL insurance increased by only 11%, accompanied by a lower coverage of approximately 50%. Property insurance classes for individuals undergo a slow development, although they sustained a 37% increase, while life insurance grew by 55% compared to 2006 (due to the only operator specialized on this insurance class - GRAWE Life Insurance).
The market's development depends greatly on the players' ability to promote new customized and competitive products, as well as on the entry of new players with a wide experience in this business.

XPRIMM: What are the main market trends?
V. S.:
The market's growth and consolidation trends are more than obvious, as demonstrated by the double digit annual growth rates and by the higher weight of insurance products in the GDP. We are also witnessing a re-launch of life insurance (growing by 45% in the first semester, compared to 2007) and an increase in the share of property insurance in the portfolio of the relevant companies. Insurance brokers also start to gain an ever more important role, with 12 brokerage companies already licensed.
Overall, we see companies shifting focus from quantitative to qualitative indicators, as well as a stronger presence of this sector in the media (media companies, specialized publications, web pages etc.).

XPRIMM: How would you assess the insurance market's profitability in the Republic of Moldova?
V. S.:
As previously mentioned, the companies' profit amounted to 5.4 million euros in 2007, up by 41% compared to 2006. However, the problem is that profitability is largely due to the tariff and not to the investment activity. The calculation methodology for the MTPL premium, as approved by the Government, limits the profitability margin in MTPL insurance, but the motor class remains the market's pillar. Considering that this impacts greatly on the increase of the claim rate and the decrease of profitability, insurers must quickly apply solutions to lower the claim rate and diversify the portfolio.

XPRIMM: What are the forecasts for 2008? Can you estimate a value for written premiums at the end of 2008?
V. S.:
For 2008, we estimate a volume of gross written premiums of 66.9 million euros, up by 30% compared to 2007, and a GDP penetration rate of 1.6%, the latter to reach a value of 2.5% within 3 to 5 years.

XPRIMM: How would you rate the activity of the Romanian companies - IBP DELTA Insurance and GRAWE - on the market from the Republic of Moldova?
V. S.:
These companies proved to be dynamic and professional players on the market, with remarkable results year after year. The takeover of CARAT by GRAWE ranked the latter third among the relevant local companies, with an 8.7% market share. I think the success of this company is mainly due to its policies of promoting the products and the fact that it established the operation conditions for the sales network, compared to insurance brokers.
At the same time, IPB DELTA Insurance demonstrates good dynamics, based on a modern management, introduces competitive products and has a strong promotion, while extending its sales network.

XPRIMM: In your opinion, are there any synergies between the insurance markets from Romania and the Republic of Moldova?
V. S.:
The Romanian market had a similar evolution to the one followed by the market in the Republic of Moldova. We can take a close look at the development of the Romanian market to avoid some situations that impeded the growth process ten years ago, and Romania's affiliation to the European community can bring us the opportunity to approximate the best practices to the realities in our country.

XPRIMM: Thank you!
by oleg.doronceanu@mxp.ro

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Vladimir STIRBU
Mr. Vladimir STIRBU
Insurance Department Manager
The National Commission of Financial Market from the Republic of Moldova

MEDICOVER
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 TOP PRESS


Modifying The 381/2002 Law - a Priority of MARD, at ICAR 2008
The Ministry of Agriculture and Rural Development (MARD) intends to modify the No. 381/2002 Law, regarding compensation/indemnity in the event of natural calamities in agriculture, so that the state no longer fully bears the claims for disaster areas, in case of the insured crops.
Click here to read more!
by oana.necula@mxp.ro, 24.09.2008


FIRST FUND MERGER on Romanian 2nd pillar: BCR (ERSTE) buys OMNIASIG (VIG)
ROMANIA, EXCLUSIVE: BCR Administrare Fond de Pensii (part of ERSTE BANK GROUP) will today announce the merger of its fund with the one managed by OMNIASIG Pensii (part of VIENNA INSURANCE GROUP), sources close to the transaction told exclusively www.privatepensions.ro.
Click here to read more!
by mihai.bobocea@mxp.ro, 25.09.2008


ALLIANZ-TIRIAC among the most important insurers in CEE
The leader of the Romanian insurance market, ALLIANZ-TIRIAC, takes the 19th place in the top of the largest insurance companies in Central and Eastern Europe, according to a study made by DELOITTE, based on gross written premiums.
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by andreea.ionete@mxp.ro, 12.09.2008


AIG Life and AIG Romania, unaffected by the crisis
AIG Life and AIG Romania are not influenced by the severe crisis of the international giant, AIG.
According to a press release from the Insurance Supervisory Commission, "the solvency and liquidity indicators of the two Romanian companies which have AIG Group members as significant shareholders match the criteria required by the local authorities, according to the technical and financial status published by the companies for the first semester.
Click here to read more!
by andreea.ionete@mxp.ro, 16.09.2008


The unit-linked offer increases with the launch of ACORD - BCR Life
BCR Life Insurance has recently entered the market of investement funds related- life insurance, by launching three unit-linked products, under the name of ACORD - BCR Asigurari de Viata. Through these products, the insurer offers its clients three investment programmes as a solution for supplementing the income at the retirement age, the products being adapted and diversified to meet each person's attitude towards risk.
Click here to read more!
by andreea.ionete@mxp.ro, 16.09.2008


VIENNA INSURANCE Group closes transaction with ERSTE Group
Following approval by the relevant competition and local regulatory authorities in Austria, Croatia, the Czech Republic, Slovakia and Hungary, the Vienna Insurance Group has successfully completed the acquisition of the insurance operations of ERSTE Group Bank AG in Austria and in Central and Eastern Europe according to plan.
Click here to read more!
by andreea.ionete@mxp.ro, 17.09.2008


OTP Garancia is officially a part of GROUPAMA
GROUPAMAThe Hungarian bank OTP has announced that the transaction regarding the sale of its insurance division, OTP Garancia, to the French insurer GROUPAMA was finalized. "The Hungarian part of the Garancia transaction was closed on September, 17," according to an OTP statement.
Click here to read more!
by andreea.ionete@mxp.ro, 19.09.2008


Commissions in the Parliament approve household insurance law project
The law project regarding compulsory household insurance entered the debate in the Deputy's Chamber, after it got passed by the Commission for Economy, Privatization and Reform last week.
Click here to read more!
by mihaela.circu@mxp.ro, 22.09.2008


Is there anything left in Romania for PZU?
"If there was anything left for sale on the Romanian insurance market we would be very interested. But everything that was for sale has already been bought, and the groups that own these companies do not seem to be interested in giving up the new acquisitions, in the next period", Andrzej KLESYK, CEO of PZU Group, said, exclusively for XPRIMM Newsletters, at the "VIIIth Yalta Forum of Insurance Market Participants", organized by the Insurers League of Ukraine.
Click here to read more!
by vlad.panciu@mxp.ro,
oleg.doronceanu@mxp.ro, 8.09.2008


Agriculture and Catastrophic Risks - a Challenge for the Insurers
For many Romanian counties, the potential represented by the agricultural insurance is important, but unexploited, the main reasons being, in order: lack of money, lack of specialists and a very low education of the buyers.
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by oana.necula@mxp.ro, 24.09.2008


Romania's voluntary pension funds: more and more prudent with their investments
ROMANIA. Romania's voluntary private pension funds (3rd pillar pensions) became more and more prudent with their investments - in August, stock market exposure dropped to a 6 month low, to 6.9% (as against 7.9% in July).
Click here to read more!
by mihai.bobocea@mxp.ro, 15.09.2008


Romania's mandatory pension funds reduced exposure on shares to 4.2% in August
ROMANIA. The country's 14 mandatory private pension funds (2nd pillar pensions) dramatically reduced their exposure on listed shares during August, reaching only 4.2% invested on the stock markets, data provided by CSSPP exclusively for www.privatepensions.ro portal shows.
Click here to read more!
by mihai.bobocea@mxp.ro, 15.09.2008


HILD launches equity release product on the Romanian market
ROMANIA. The US financial company HILD Management launches its equity release product (life annuities versus real estate properties of current pensioners) on the Romanian market, founder and member of the board John WIRTH told www.privatepensions.ro in an exclusive interview.
Click here to read more!
by mihai.bobocea@mxp.ro, 15.09.2008


What listed shares are preferred by Romania's voluntary pension funds
ROMANIA. Bucharest Stock Exchange's most liquid and the growth stars of previous years are the listed shares of choice for Romania's voluntary pension funds (3rd pillar pensions), according to a survey conducted by www.privatepensions.ro, based on company data.
Click here to read more!
by mihai.bobocea@mxp.ro, 12.09.2008


ASTRA-UNIQA counts on a territorial expansion
The insurance company ASTRA-UNIQA intends to expand its network. The insurer plans to open six new agencies and branches in Craiova, Galati, Falticeni, Popesti Leordeni si Targu Jiu.
Click here to read more!
by mihaela.circu@mxp.ro, 16.09.2008


2008, a Good Year for GRAS Savoye
GRAS Savoye is re-establishing its objectives regarding the 2008 turnover. The company's representatives believe that the estimated growth presented at the beginning of the year will be surpassed, as GRAS Savoye has great chances to increase by more than 20% compared to 2007.
Click here to read more!
by oana.necula@mxp.ro, 18.09.2008

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


Ukraine gaining ground in Europe

"The Ukrainian insurance market occupies, in the present, the 24th place (out of 35 countries), with underwritings higher than in the previous year in countries such as Romania, Slovenia, Slovakia, Croatia and Bulgaria", Alexander FILONIUK, President of the Insurers League of Ukraine, said in the opening of the "VIIIth Yalta Forum of Insurance Market Participants".
Click here to read more!
by vlad.panciu@mxp.ro,
oleg.doronceanu@mxp.ro, 19.09.2008


Russia is the largest non-life market in CEE and former USSR
According to the 2007 financial totals, Russia has the largest non-life insurance market in Central and Eastern Europe (CEE) and the former USSR. The list of the ten largest markets within the region also includes Turkey, Poland, the Czech Republic, Ukraine, Greece, Romania, Hungary, Slovenia, and Kazakhstan, according to the analytical report "TOP-Insurer. Insurance Markets and Insurance Groups in CEE and Former USSR" published by Russian Polis Information Group in September.
Click here to read more!
by RP Newsline, 22.09.2008


The least concentrated markets of 2007: Ukraine, Russia and Turkey
In 2007, both immature and relatively developed non-life insurance markets - such as Poland, Croatia, the Czech Republic and the Baltic states - showed a high concentration, as set out in analytical report "TOP-Insurer. Insurance Markets and Insurance Groups in CEE and Former USSR", published by Russian Polis Information Group in September.
Click here to read more!
by RP Newsline, 22.09.2008


Bulgaria: Brokers generate 32.6% of insurance premiums in H1 2008
Bulgaria's insurance brokers accounted for 32.6 per cent of the market's premium income for the first half of 2008, data from Bulgaria's Financial Supervision Commission has showed. Brokers generated 278.6 million leva in premium revenue, the bulk of it from general insurance, an increase of 40 over the figure for the same period of 2007.
Click here to read more!
by dnevnik.bg, 15.09.2008

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

Romanian banks less vulnerable to the international crisis
The local banking system is less vulnerable to international financial turmoil, because it has solid capitalization and is only exposed to the domestic market, according to Romania's National Bank (BNR) Governor Mugur ISARESCU yesterday.
However, Mugur ISARESCU told bankers to be cautious and consider tempered economic growth in future.
"I ask my fellow bankers to stop confusing clients, to stop filling their mailboxes with all sorts of promotions; they must bear in mind that market economy registers growth as well as decline," Mugur ISARESCU added.
Although "it has come forth safe from the current crisis," the local banking system must cope with a responsible evaluation of banking operation risks and proper labor force training, according to Mugur ISARESCU.
He estimated 8-9 percent economic growth this year, given that gross domestic product (GDP) increased 8.8 percent in the first half of 2008. Furthermore, the inflation rate is declining and could reach 6 percent by the end of the year. In August, inflation was 8.1 percent, double the EU average, according to the European Union's EUROSTAT statistics office.
by standard.ro, 25.09.2008


Taxes to be suspended on BVB in 2009
Profits on the Romanian capital market will not be taxed for the duration of 2009, both long and short-term investments, the Minister of Economy and Finance, Varujan VOSGANIAN, announced.
The decision was made following discussions with Bucharest Stock Exchange (BVB) representatives concerning ways in which to encourage investments on the Romanian stock exchange. "As there are only a few thousand investors on the market, the budgetary effort will not be major," said Varujan VOSGANIAN.
The state currently taxes stock exchange income at 16 and 1 percent respectively for short (less than 12 months) and long-term investments (over 12 months).
by standard.ro, 25.09.2008


GDP prognosis for 2008 up to EUR 138 billion
The prognosis for Romania's gross domestic product (GDP) will be revised up to RON 505 billion (EUR 137.9 billion), compared to the initial RON 475 billion (EUR 129.7 billion) estimate by the National Prognosis Commission (CNP), according to Finance Minister Varujan VOSGANIAN on Wednesday.
This is the second increase in GDP prognosis for this year. CNP's original estimate was RON 440 billion (EUR 120.2 billion), calculated for 6.5 percent economic growth and 5.7 percent inflation rate.
by NewsIn, 17.09.2008


Investments worth EUR 35 billion during 2004-2008
Romania attracted investments totaling EUR 35 billion in the past four years, double compared to 1991-2004, according to Prime Minister Calin POPESCU TARICEANU yesterday. He was presenting a 600-page governing report that underlines the Cabinet's main achievements, two months ahead of the general elections.
Calin POPESCU TARICEANU said that EU integration, economic growth and welfare are three main goals already achieved by the government. Romania has the highest GDP growth ration in Europe - 8.8 percent in the first half of 2008. Furthermore, the PM said that 95 percent of the total commitments made by the current government were fulfilled.
The official also underlined pensions increase as of October 1 and a 9 percent salary rise for personnel in the education field.
by standard.ro, 15.09.2008

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EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&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


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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