1 2014, 441,

' , 6 , www.aagora.gr
,

English Supplement

1 2014
. & ..




. 1062
 : a 6  A
: a 55  :
a 150  : a 180
: 126, 151 24
...: 082314452

3.
4.

16.

20.

22.

26.

30.

36.

40.

46.

48.

ASFALISTIKI AGORA
onthly Economic
& Insurance Review
Editor A. ROUCHOTA
126 DIONISSOU Str., 151 24
Maroussi, Athens Greece
Annual Subscription: a180
.: 2106196879 2106196942
Fax: 2106196943,
email: aagora@aagora.gr

fA

www.aagora.gr

Editorial

:
.
60
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90. New Markets in new
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Romanian Insurance
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. 43, , .: 210 61.27.502, Fax: 210 61.27.719

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( 2014) 19

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28 ( 2014)

()

T 2009-2012,
23,2 2009 17,7 2012.
12,8% 2010
2009, 2,0% 2011 2010 12,6% 2012
2011. ,
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2010 2012 11,4%.
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2010 12,6% 2012
2011.
2011 -

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2012 2011 (. 1).

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., 23,7%.
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(534,2 .), 2012

1 :
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(HF.1.2) (2)
(1)+(2)
(3)+
+(4)
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(HF.2.3) (4)
(HF.2.4 HF.3) (5)
(HF) (1) (5)

2009
9 10/09%
6.270,9 -11,5%
9.835,5 -13,6%
16.106,4 -12,8%
7.0
027,1
1
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433,8 23,7%
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52,6
6 39,,2%
23.1
186
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0,5
5%

201
10
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14.047,0
6.632,7
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536,6
6.096,1
73,2
20.7
752,9
9

11/1
10%
2,2%
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-2,0%
-4,4%
-0,4%
-4,7%
-28,4%
-2,9%

2011 12/11%
5.672,7 -10,5%
8.088,7 -14,0%
13.761,4 -12,6%
6.34
42,9 -11,4%
534,2
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5.808,7 -12,3%
52,4
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56,7 -12,1%

( . ) : , ()

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30 ( 2014)

, . H



urostat,

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Eurostat.

2012
5.076,6
6.956,8
12.033,4
5.621,6
525,7
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53,5
17.708,5

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69,5% 2009 68,0%
2012. H
2009 1,9%.
2010
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3,0%. 1

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2011 534,2 . (-0,4%
2010) 2012 525,7 .(-1,6%
2011).
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2009 358,5 ., 2010

443,5 ., 2011 441,5 .

2012 435,7 .
, ..
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., 2011 92,7 . 2012
90,0 .
,
,

1: (%)

2:
2009 10/09%
2010 11/10%
23.1
186,0
0 -10,5
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52,,9
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7.880,8 -13,4% 6.825,0
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2.177,6 -11,5% 1.927,5
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6.047,8 -12,5% 5.294,5
-9,6%
6.270,9 -11,5% 5.548,1
2,2%
5.502,4 -12,4% 4.820,4
4,2%
594,3
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580,4 -12,8%
174,2 -15,4%
147,3
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35,5 -13,,6% 8.49
98,,9
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2.378,5 -15,7% 2.004,6
3,1%
1.583,3 -14,9% 1.347,1
2,4%
5.873,7 -12,4% 5.147,2
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7.0
027
7,2
2
-5,,6% 6.63
32,,7
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1.477,1
8,1% 1.597,1
6,2%
3.968,6 -14,5% 3.392,3 -11,5%
1.581,4
3,9% 1.643,3
0,1%
433,8
8
23,7
7%
536,,6
-0,4%
310,7 22,4%
380,3
-0,2%
43,0 28,8%
55,4
-3,8%
80,1 25,9%
100,9
0,4%
6.5
593
3,3
-7,5
5% 6.096
6,1
-4,7%
1.166,4
4,3% 1.216,8
8,2%
3.925,6 -15,0% 3.336,9 -11,6%
1.501,3
2,7% 1.542,4
0,1%
52
2,6
0,4
4
73,2 -28,4%
( . ) : , ()

1. (2+3+4)
2. (2+2)
, . (HP.1, HP.2)
(HP.3)
(HP.4 HP.9)
2A. ( ) (HF.1.1)
, . (HP.1, HP.2)
(HP.3)
(HP.4 HP.9)
2. (HF.1.2)
, . (HP.1, HP.2)
(HP.3)
(HP.4 HP.9)
3. (3+3)
, . (HP.1, HP.2)
(HP.3)
(HP.4 HP.9)
3. (HF.2.2)
, . (HP.1, HP.2)
(HP.3)
(HP.4 HP.9)
3. (HF.2.3)
, . (HP.1, HP.2)
(HP.3)
(HP.4 HP.9)
4. (HF.2.4 HF.3)

2011 12/11%
2012
20..156,7 -12,1% 17.708,5
13.761,4 -12,6% 12.033,3
7.087,6
-0,5% 7.051,3
1.885,2 -23,4% 1.443,8
4.788,6 -26,1% 3.538,3
5.672,7 -10,5% 5.076,6
5.021,0 -10,3% 4.504,9
506,3
-3,7%
487,8
145,4 -42,3%
83,9
8.088,7 -14,0% 6.956,8
2.066,6
23,2% 2.546,4
1.378,9 -30,7%
956,0
4.643,2 -25,6% 3.454,4
6.342,9 -11,4% 5.621,5
1.696,4
4,0% 1.764,8
3.001,8 -28,8% 2.138,2
1.644,7
4,5% 1.718,5
534,2
-1,6%
525,7
379,6
-0,6%
377,2
53,3
-4,6%
50,8
101,3
-3,7%
97,6
5.808,7 -12,3% 5.095,9
1.316,8
5,4% 1.387,6
2.948,5 -29,2% 2.087,4
1.543,4
5,0% 1.620,9
52,4
2,4%
53,7

( 2014) 31

()

. ,
2009 6,6 ,
2010 6,09 , 2011 5,8
2012 5,09 .
, 1,16
2009 1,38
2012 , 4
2009 2,1 2012.

-

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, .
5

3:
2009 10/09%
2010 11/10%
1. (2+3+4) (HFF.1
1.1-HF..3.0
0)
:
23.186,1 -10,5% 20.752,9
-2,9%
, / (HC.1,HC.2,HC.3) 14.150,6 -10,6% 12.652,3
-0,1%
(HC.4) 1.098,1 -18,7%
893,1
-1,1%
/ (HC.5) 7.120,5 -9,5% 6.442,7
-8,0%
, .. (HC.6-HC.9)
817,0 -6,4%
764,8
-7,2%
2. (2+2)
(HF.1.1,HF.1.2)
16.106,4 -12,8% 14.046,9
-2,0%
, / (HC.1,HC.2,HC.3)
9.123,6 -12,0% 8.024,8
2,4%
(HC.4),
664,1 -23,2%
510,4
6,6%
/ (HC.5) 5.619,2 -12,8% 4.900,3 -10,5%
, .. (HC.6-HC.9)
699,5 -12,6%
611,4
0,3%
2A.
(HF.1.1)
6.2
270
0,9 -11,5%
% 5.548,,1
2,2%
, / (HC.1,HC.2,HC.3)
5.842,7 -11,8% 5.153,4
2,9%
(HC.4)
49,6 -6,9%
46,2
-1,2%
/ (HC.5)
22,1 -7,6%
20,4 -11,6%
, .. (HC.6-HC.9)
356,5 -8,0%
328,1
-6,1%
2B. (HF.1.2)
9.835,5 -13,6% 8.498,9
-4,8%
, / (HC.1,HC.2,HC.3)
3.280,9 -12,5% 2.871,5
1,6%
(HC.4)
614,5 -24,5%
464,2
7,4%
/ (HC.5) 5.597,1 -12,8% 4.879,9 -10,5%
, .. (HC.6-HC.9)
343,0 -17,4%
283,3
7,7%
3. (3+3) (HF.2.2,HF..2.3)
7.02
27,1 -5,6%
% 6.63
32,,6
-4,4%
, / (HC.1,HC.2,HC.3)
5.016,5 -8,0% 4.614,5
-5,3%
(HC.4)
434,0 -11,8%
382,7 -11,5%
/ (HC.5) 1.501,3
2,7% 1.542,4
0,1%
, .. (HC.6-HC.9)
75,3 23,6%
93,0
-0,4%
3.

(HF.2.2)
433,8 23,7%
536,6
-0,4%
, / (HC.1,HC.2,HC.3)
358,5 23,7%
443,5
-0,5%
, .. (HC.6-HC.9)
75,3 23,6%
93,0
-0,4%
3.
6.593
3,3
-7,5%
% 6.096,,1
-4,7%
(HF.2.3)
, / (HC.1,HC.2,HC.3)
4.658,0 -10,5% 4.171,0
-5,9%
(HC.4)
434,0 -11,8%
382,7 -11,5%
/ (HC.5) 1.501,3
2,7% 1.542,4
0,1%
4. (HF.2
2.4HF.3.0)
52,6 39,,3%
%
73,3 -28,4%
, / (HC.1,HC.2,HC.3)
10,4 24,5%
13,0 275,7%
, .. (HC.6-HC.9)
42,2 43,0%
60,3 -93,9%
( . ) : , ()

32 ( 2014)

2011 12/11%

2012

20.156,7
12.634,0
882,9
5.930,0
709,8

-12,1% 17.708,5
-8,8% 11.517,0
-7,8%
814,0
-18,8% 4.815,3
-20,8%
562,3

13.761,4
8.217,3
544,2
4.386,6
613,4

-12,6% 12.033,4
-4,3% 7.864,0
-7,6%
502,8
-27,2% 3.194,4
-23,0%
472,3

5.672,7
7
5.300,9
45,6
18,1
308,1
8.088,7
2.916,4
498,5
4.368,5
305,3
6.342,9
9
4.368,0
338,7
1.543,5
92,7

-10,5%
-9,5%
-17,9%
-43,1%
-24,5%
-14,0%
5,2%
-6,7%
-27,1%
-21,5%
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-17,6%
-8,1%
5,0%
-2,9%

5.076,6
4.796,3
37,5
10,3
232,6
6.956,8
3.067,7
465,3
3.184,1
239,7
5.621,5
3.599,4
311,2
1.620,9
90,0

534,2
441,5
92,7

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-1,3%
-2,9%

525,7
435,7
90,0

5.8
808,7
7
3.926,5
338,7
1.543,5

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-19,4%
-8,1%
5,0%

5.095,9
3.163,8
311,2
1.620,9

52,4
2,2%
48,7
10,0%
3,7 -100,0%

53,6
53,6
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2013
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140
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202
159
121
41
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119
145
163
109
140
114
84
66
61
113

( )
20 1 0
2012
2013
77
70
65
105
82
82
77
71
63
46
30
32
45
44
41
59
65
61
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35
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67
63
61
69
55
42
51
47
48
28
30
28
30
29
29
62
56
52

2010 - 2013
2011 - 2012 2012 - 2013
-15%
-11%
-7%
-22%
-8%
0%
-19%
-4%
-12%
-30%
-24%
8%
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3%
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19%
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-28%
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1%
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2%
-15%
36%
3%
32%
-20%
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50%
-48%
100%
6%
3%
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2%
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-15%
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-23%
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-9%
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1%
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3%
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2) 2013 .
5
( 2014) 35

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( 2014) 37

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415
211.307.888
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: -

( 2014) 41

()

2.

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2,
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4
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-
20% , 21%.

3:

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9,5%

77,3%
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54,1%

20,0%
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25,8%
43,6%
21,3%

4,
( )
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, 2,7% -

0,5%
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1,0%
15,0%

1,0%
0,1%
0,1%
0,1%
0,1%

100%
100%
100%
100%
100%

, 5,1% -.

4: ()

42 ( 2014)

24.342
450.000

475.000
800.000

123.100
530.000

13.179
534.000

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3.000

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800.000

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2.162.217 83,0%

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.

-
59 17,6%
12.723.343 23,3%
570.860 17,8%
130.149 21,4%
440.711 16,9%

-
.
6,
( )
9,6 .,

1 0,3%
10.000 0,0%
3.000 0,1%
200 0,0%
2.800 0,1%

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100%
100%

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136.627 44,3%
316.973 15,6%

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( 2014) 43

()

8,
( )
40 . ,
--

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.

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130.000

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100%
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100%
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10: ()--


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534.000
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450.000
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.
: (.. 28100),
(.. 28200),
.

11,
(51,1%)
(34,7%), (12,3%), (1,9%).

44 ( 2014)

 11:

40,0%
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(60,7%).

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,

, -

15,8%
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(67%),
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25,0%
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* -

1.
2.
3.
4.
5.
6.
7.
8.

..
....

.....
.....
....
....
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9. ....

10.
11.
12.
13.
14.
15.
16.

.....
....
AIG EUROPE LTD
ALLIANZ ...
AXA ...
CNP
CREDIT AGRICOLE INSURANCE
....
17. ERGO ...
18. EUROLIFE ERB ....

29,6%
70,4%
0,0%
0,0%
100%

24,0%
66,9%
9,1%
0,1%
100%

19. GENERALI HELLAS A.A.E.

20. GROUPAMA ....
21. HDI-GERLING INDUSTRIE
VERSICH. A.G.
22. INTERASCO ....
23. INTERLIFE .....
24. INTERNATIONAL LIFE ....
25. PERSONAL INSURANCE ....
26. PRIME INSURANCE COMPANY
LTD

( 2014) 45

()

15,5%

15,5%
2014, , 2013.
6,4%
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( )

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2013 ,
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(
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2014,


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2
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III.
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()

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207.415.421,96
34.160.503,95
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,
. -

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6.748.993,11
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39.416.727,16
2.206,70
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36.976.037,61
178.139.720,99
133.227,39
950.887,20
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(ENGLISH SUPPLEMENT)

Earthquake at Kefalonia

Insurance companies
will pay 6,2 million
Following the survey conducted by Hellenic Association of Insurance Companies between
insurance enterprises - members on the damages caused by the seismic sequence centered
at Kefalonia during the period from 26th January to 3rd February 2014, 415 declared losses
were found worth 7.8 million .

fter exemptions, it is estimated

that payments will reach 6.2
million . The sum insured of
the buildings funds which were hit by
the earthquake added at 211 million .
The total insured sum in CRESTA zone
GRC 28 are about 1 billion .
It should be noted that the data of this
study result from the initial estimate
of losses reported to insurance
companies - members and might
change upon future update.
The average loss (before exemptions)
is estimated at 18.9 thousand while
the proportion of losses (before
exemptions) to the affected insured
sum is 3.7%.
The most frequent cover for which

claims were declared was that of the

building (321cases) and that of
building-content (83 cases) with
corresponding losses (before
exemptions) 4.2 million and 2.0
million . The average loss (before
exemption) is estimated at 13.2
thousand and 24.3 thousand
respectively.
When losses of houses are studied, it
is found that out of 335 losses
declared, 275 cases had to do with the
building cover and 59 cases with the
building-content cover. Losses (before
exemptions) are estimated at 2.6
million for buildings and 571
thousand for the covers of buildingcontent.

Out of the 58 insured firms that have

been affected, 32 had the insurance
cover of the building and 21 the cover
of building-content. The
corresponding losses (before
exemptions) were 454 thousand and
928 thousand .
Of the 15 insured hotels and tourist
apartments that have been affected,
14 had the insurance cover of building
(loss before exemption of 1.1 million
) and one had the cover of buildingcontent (450 thousand loss before
exemptions).
The survey was expanded in the
geographic distribution of losses. The
distribution of claims is shown in the
following table.

Table 1
Argostoli
Liksouri
Rest of Kefalonia
Outside Kefalonia
Total

88 ( 2014)

Number of claims
34.7%
51.1%
12.3%
1.9%
100%

Loss (before exemptions)

25.7%
60.7%
13.4%
0.2%
100%

(NEW MARKETS IN NEW EUROPE)

ROMANIAN INSURANCE MARKET

The call for clarification steps

By Daniela Ghetu, Editorial Director PRIMM Publications Insurance & Pensions (Romania)

Looking at the 2013 figures, it seems that stagnation is the most appropriate term
for defining the Romanian markets evolution during the last year. However,
beyond the numbers, 2013 was not quite a quiet year.

ll in all, gross written

premium in 2013
amounted to EUR 1.9
billion, 0.34% less y-o-y. In
absolute terms, the 2013
volume lacked about EUR 600
million to match the 2012
results.
The insurance density
indicator reached its lowest
value during the past 5 years,
of EUR 89.17/capita, which is
about EUR 9 less than the
insurance density recorded in
2009. The same goes for the
insurance penetration degree,
as GDP recorded an ascendant
trend while the insurance
market continued to slightly
decrease. Thus, by the end of
2013, penetration degree
stood at about 1.34% of GDP,
from the 1.8% level recorded in 2009.

2.500

2.000

NON-LIFE

1.934
1.722
1.605
1.464

1.500

1.508

1.000

Life insurance loses ground

on BCRs Life hand
Life insurance lines made the difference
in 2013. Unfortunately, it was a negative
difference, mostly born by the
repositioning of BCR Asigurari de Viata VIG which meant a decline of over EUR
42 million for the company or 46% y-o-y.
The VIG annual report for 2014 shows:
As a result of investigations into the
employment benefit product in the area
of group life insurance and in view of the
change of auditor, VIG decided to work
together with the auditor to have the
accounting policies for the life insurance
portfolio, and internal organization,
administration and IT security reviewed.
The final report was submitted to VIG at
the beginning of 2014 and contained
serious findings in the area of term life
insurance and changes needed in the
accounting of premium receivables for
private customer insurance products. As
a result, VIG decided to extensively
restructure the company and replace its
management. VIG also found it
90 (MA 2014)

LIFE

502
500

377

386

401

398

2008

2009

2010

2011

2012

necessary to adjust the 2012 financial

statements in accordance with the
requirements of IAS 8.41. Thus,
considering VIGs restated results for
2012 on the life insurance segment are
with about EUR 36 million lower than
previously documented in the
Romanians market statistics, it is fair to
say that in fact the life market remained
quasi unchanged at the end of 2013 as
compared with 2012. In fact, with very
few exceptions, almost all the life
insurance companies recorded at least a
modest growth in GWP.

Non-life in need
of clarification steps
On the non-life side GWP recorded a
slight increase of about 1.4%, to EUR 1.5
billion, mostly as a result of the positive
results seen on MTPL and the fire
insurance lines.
Motor insurance GWP increased by
4.2%, to EUR 970 million. MTPL
underwritings increased by 14% y-o-y, to
EUR 554.3 million while its share in the
market portfolio is nearing the 30%
threshold. The concentration on the

MTPL remains at high

levels, as more than
50% of the GWP volume
came from the top 3
companies in the
market. However,
despite the positive
evolution in the
1.528
premiums amount,
MTPL remains a
challenging business
line for the Romanian
insurance market and
the main source of
problems. For example,
371
the first two companies
in the MTPL ranking
based on GWP, Euroins
and Carpatica Asig,
2013
reported a cumulated
increase of more than
EUR 50 million in
premiums volume. Yet, the matter of
concern is their premium structure,
overwhelmed by MTPL: more than 91%
for Euroins respectively 86% for
Carpatica Asig.
On the other side, the huge scandal
which exploded in last months in point
of the Astra case has much to do with
the MTPL price war and its consequences
in terms of services quality, paid claims,
market credibility. Finally, the markets
development as such may be threaten by
the MTPL markets harsh competition, as
some of the foreign groups, as well as
some of the relevant reinsurers, are
already carefully reanalysing their
Romanian business and start seeing it
as a weak point of their international
expansion. It is relevant in this context
the VIGs statement on the occasion of
their annual report for 2013 release:
Financial year 2013 was not a pleasant
year for Vienna Insurance Group in the
Romanian market. The ongoing irrational
price competition in the motor business,
which was extensively cut back by the
Group companies, led to a decrease in
premiums to EUR 361.8 million (-11.5 %).

Due to the difficult situation in the

Romanian insurance market, far
reaching restructuring measures were
implemented and precautions were
booked. These steps were taken in
order to create a good foundation for
the future development of the Group
companies. At the same time, they led
to a negative result (before taxes) of
EUR 98.7 million, which had a
substantial effect on the combined
ratio, moving it far above the 100
percent mark.
On the other side, the Motor Hull line
recorded another year of decline and
went below 22% share of the total
amount of GWP. With an ever ageing
national fleet of cars and a far from
regaining momentum car sales market,
Motor Hull insurance seems to follow a

descending trend in the long run.

Property insurance recorded a positive
evolution in 2013, GWP growing by 9.2%
y-o-y. In fact, the growth rate recorded
on the fire and allied perils line was
even higher, of over 12%, to EUR 277.5
million, pushed ahead in a significant
proportion by the amendments adopted
to the mandatory household insurance
law allowing the mandatory policies
distribution by a larger number of
insurers and finally clarifying the
underwriting procedures. Thus, all
voluntary household insurance policies
have to bear a franchise corres724.000
by the end of December 2013, ponding
to the sum insured by the mandatory
policy. As a result, the cat risks pools
underwritings went up significantly and
the number of mandatory policies grew

GDP, current prices

(2013 data are IMF estimates)
GDP per capita, current prices
(2013 data are IMF estimates)
Unemployment rate (2013 data are IMF estimates)
Population (2013 data are IMF estimates)
RON/EUR exchange rate
%(2)
Gross written premiums
(except mandatory health insurance)
Insurance penetration degree
Insurance density

Business line

TOTAL MARKET
TOTAL LIFE
Annuities and supplementary ins.
Unit-linked
Other life insurance
TOTAL NON-LIFE
Accidents and illness
Health
Overall property insurance
Fire and allied perils
Damages to property
Overall motor insurance
Motor Hull
MTPL
GTPL
Credit
Warranties
Travel
Other non-life insurance

RON billion(1)
EUR billion(4)
RON(1)
EUR(4)
% of total labor force(1)
Millions(1)
annual average(2)
Inflation rate
RON million(3)
EUR million(4)
% in GDP(4)
EUR/capita(4)

GROSS WRITTEN
PREMIUMS
2013
2012
Change
EURm
EURm
%
1,898.87
1,905.32
-0.34
370.80
397.79
-6.79
242.69
255.36
-4.96
125.70
141.76
-11.33
2.40
0.68
255.49
1.36
1,528.06
1,507.52
30.36
61.12
-50.33
17.66
18.06
-2.20
9.23
314.19
287.65
277.49
246.99
12.35
36.71
40.66
-9.73
970.82
931.45
4.23
416.51
446.34
-6.68
554.31
485.11
14.26
79.61
97.58
-18.41
12.03
26.56
-54.69
44.94
34.42
30.58
17.51
13.90
25.98
40.94
36.80
11.24

from about 330.000 in January 2013 to

over 724.000 by the end of December
2013. As a result, by the end of the year,
the total number of valid mandatory
policies went up to about 1 million.
Finally, it is worth mentioning among
the most important trends in 2013, the
negative impact that continued delays
in launching new health law has had on
the health insurance line. As at the
moment we are writing the structure of
the basic medical services package is
still uncertain and the role played by the
private health insurance in the future
reformed health system is still under
debate, the specialty insurers saw once
again their business plans affected. All
in all, both accident and illness line
and health insurance line recorded a
negative change in GWP.
2012
587.50
131.84
27,535
6,179
7.04
21.34
4.4560
3.33%
8,490
1,905
1.45%
89.30

PAID CLAIMS*
2013
2012 Change
EURm
EUR m
%
1,117.94 1,163.23 - 3.89
163.75
167.90
2.53
89.91
91.26 - 1.48
73.49
68.44
7.38
4.50
4.04 11.26
950.05 999.49 - 4.95
3.00
3.17 - 5.39
2.96
2.37 24.81
68.02
67.07
1.42
46.72
49.04 - 4.73
21.30
18.03
18.17
834.50 854.99 - 2.40
398.75 436.97 - 8.75
435.75 418.02
4.24
8.25
13.09 - 36.97
13.96
34.04 - 58.99
4.33
1.88 130.97
4.51
4.63 - 2.52
10.52
18.26 - 42.40

2013
626.20
141.71
29,405
6,654
7.13
21.30
4.4190
3.98%
8,391
1,899
1.34%
89.17
Weight
in all GWP
2013
2012
%
%
100.00
100.00
19.53
20.88
12.78
13.40
6.62
7.44
0.13
0.04
79.12
80.47
1.60
3.21
0.93
0.95
16.55
15.10
14.61
12.96
1.93
2.13
51.13
48.89
21.93
23.43
29.19
25.46
4.19
5.12
0.63
1.39
2.37
1.81
0.92
0.73
2.16
1.93

* according to FSA
Source: INSURANCE PROFILE Review, FSA- Financial Supervision Authority
Currency: Leu(RON): Currency conversions were calculated for an average exchange rate of: RON4.4190/EUR-in 2013,
RON4.4560/EUR-in 2012
( 2014) 91

(O )

, (email: thkuts@otenet.gr)

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