1 NOEM 2015, 457

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English Supplement

ISSN: 1105-9516

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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

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16.
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( - 17.
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58.190.025,49
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3) 1.238.896.306,03
-9,5%

2011,
2015 . 89,7 .

.
(255,3 . )
( 106,5


.) 2012.

4) ,
(NOEMB 2015) 41

()

.
1
:
. , .


1/10 . ,
( 172
.) 17,2 .,

.
101 . 255 . .
 10.
,
:
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,
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2014.
2)
2015
48,7 .
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2011,

. ( 56,7 .)
2014.

2014 - 2015


.
2 3.
2011,
100, 2014
2015.

1 . : Company Valuation under IFRS, N. Antill, K. Lee, 2008, Great Britain

2 -

3 -

5
42 (NOEMBPIO 2015)

()

CORIS 1991
- .

April International 2008. , April/Coris
4
35 , 22 13 .
44 (NOEM 2015)

 . Edward Moore, CEO.

. Libanio Forte, Director.

&
April/Coris

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International

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,
1997 3.800
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5
.

H , Claims Manager, .. Edward Moore Libanio Forte..

()

.. Gaylen Harms, Todd Bramson,

Larry Altman, Jeff Jarnes,
Doug Weisenberger, Ted Smith.

Management
&
International Life
North Star Resource Group. , 13
, ,

Financial Services, , .

170

System
Agency

International Life

, .. Phil
Richards, Chairman & CEO North
Star Resource Group, Ed
Deutschlander, CEO Elect North
Star Resource Group,
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Advisors North Star,
management .
Director Agency
System & Training, . , :
,
46 (NOEM 2015)

.
,
Director Agency
System &
Training
International
Life.

,

.

: , . Phil
Richards,
,
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Life, 10 ,


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-

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managers
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advisors North Star - , social media ,


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, : H .. Phil Richards Ed
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, ,

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,

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,
management ,
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,
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,

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.
, ,
Ethnodigos
, ,

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,
,
.
, ,
,
, ,
online
48 (NOEM 2015)

... .
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Ethnodigos
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O
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(NOEMBPIO 2015) 51

()

Generali Trophy 2015,

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. , ,

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,
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,
130

.
, Generali

52 (NOEM 2015)

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()

Spetses Mini Marathon

NN Running Team, Corporate Running Team.

, Spetses Mini Marathon, 5 NN Hellas, 9 11

2015, . , 5, 10 25 ., -
3 5 ., 150 .,
500 1.000 .

7.000
,
5 . .
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NN Running Team, . ,
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,
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Hellas 56 (NOEM 2015)

Officer Hellas,

:

.
NN Hellas

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, ,
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.
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ellas Hellas

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,
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NN
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,
.

, ,
, , , , 3 .
, Chief Sales Officer NN
Hellas, Christian Bohlke, Chief Marketing
Officer NN Hellas, , , , .
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Christian Bohlke, Chief Marketing Officer NN Hellas,

, .

5
( 2015) 57

()

Interasco .... .

, , !
, , Habana Vieja, , .

58 (NOEM 2015)

,
,

Varadero,

,
Cayo Blanco. ,
, .
,
Che Guevara Trinidad,
!

Interasco, . /
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. / ,
, / , .
.
Interasco

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| |

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.
, ,


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2015, ,

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Agency .

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Agency.
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| |

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www.ydrogios.gr) (w

.

,

,

,
PCs
tablets.
,

60 (NOEM 2015)

, ,
Force,
Agency.

,


.
.


, Limra 201 5-2016,
Full,
60

managers,
,

/


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. .
.

, .
, , , , .
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,

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, , Facebook
(www.facebook.com/ydrogiosi
nsurance) Youtube
(www.youtube.com/ydrogiosin
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social media

marketing ,

Netwise.

| HELLENIC FINANCIAL
PLANNERS ASSOCIATION |

17 Financial
Planners


EFICERT,

.

HFPA, KPMG.

Financial
Planners
Eficert ( ): , , , , , ,
,
, , , , , ,
,
,

,
.

Financial
Planne rs
EFICERT
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KPMG,
Eficert.
Financial
Planner , ,


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N 2015 ( ,

Financial Planners : www.hfpa.gr
info@hfpa.gr).

| | 1 -

, 7 ,
.
Best Global Brands
: 48 , 5
, 1
, 4
14%
,
$9,254 .
,
..
AXA ,
: , smartphones
,

!

AXA, 30 ,
50 .


AXA,
, Vronique Weill, /
.
Interbrand,

. 2015

,

,
Best Global Brands.
,
11
Interbrand
30%.
,
.
, 103
130.000 .
,
,
,
42%
,

Facebook LinkedIn

,

MyAXA, mobile
game Google, Ingress (5.000.000
), AXA Drive
(700.000 ).
,
BlaBlaCar, -

MEGA BROKERS A.E.

mega

(carpooling)
Endeavor, .
,
,

.
AXA,

,
,

, .
Frdric Tardy, / Marketing .
. , / , :
, 1
.
,
, ,
,

.

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. 122,
117 41 ,
. 210 9225825,
F. 210 9220967
. 55,
. ,
. 210 5696202
megabroker.gr
ihagi@megabroker.gr

,
(NOEM 2015) 61

(NE A )

Technology evolution: the game changer in insurance business

| | 300

Hydra Meeting
, 24 26
2015.
17

.
. (.),
, 17th
Hydra Meeting,


. ,
5,4 .
2009 4 . 2014,


3 .
.

:


.

.
.

.



.

. ,

,




.
, , .
25 2015
.
.. -

, , TNS ICAP,
, , , Alexandre Knight, Head of
Digital Business & Multi Access
Mediterranean Sea & Latin America, AXA
MedLA, Jean - Franois Gasc,
Managing Director, Accenture. . ,
& CEO, AXA
Insurance S.A.



:
,
, ,

.
17th Hydra Meeting
: AON Benfield,
Carpenter Turner, Eurolife ERB Insurance
Group Matrix Brokers S.A.
, : , Carglass Darag.

| - MINETTA |

, ,
- ,


, -

62 (NOEM 2015)

.
,
pay.minetta.gr,
, ,

12
.

,

.

, , ,
.

| AIG & ecoDA |

, European Confederation of
Directors Associations (ecoDa) American
International Group, Inc. (NYSE: AIG).



.

(Directors and Officers
Liabilities). H

.


, .

,
. .



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H
.

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, .

. ,
.
. Mike Pryce, Head of Management
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. ,
,

, .

| INTERAMERICAN & DAS

HELLAS |
1 Interamerican DAS
Hellas,
,
.
,
DAS Hellas
, . ,

DAS Hellas.

,




-

, , -

. , . / Interamerican,
, /
D.A.S. Hellas.

,
, .
Interamerican
DAS Hellas ,
,
.

(NOEM 2015) 63

(NE A )

2)
1) .. . , . , . , .
. 2) .. A. Walid, . , . , . , . , . . 3) .. . , . , . . 4) .. . , . , .
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4)
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(o ..
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,

| |
Glassdrive
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.
, ....
64 (NOEM 2015)

, , .
, ,
, o &
,
! (


).

, ,
Glassdrive, 45 Glassdrive, 15 ,
90
,
.
Glassdrive
,
,
-

,
,

.
: Carpenter
Turner . Matrix
Brokers S.A. . AIG, AXA
, , Interasco, Inter
Partner Assistance - .
ERGO, HDI-Gerling - .
Benfield - Atradius .

, ..

1964

,
,
,

,
.

| |

, ,
Greece Race for the
Cure,

.
146 , ,
,
,
.

27 , ,

,
5 .,
2 .
, 20.000 ,

.
, , ,

,
,
.

site .... www.europaikipisti.gr.
site
,

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: -

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down, tablets .
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, ,
. ,

,
,
.

@ PRIME Insurance .
, / Marketing, . ,

.

| GLOBALNET |


Globalnet, marketing
facebook.
Insurance is to
have Globalnet ability, Globalnet
. ,
, ,

,

retail ,
Genius Products
back office
.
(retail)
, Globalnet
liabilities,
cor porate business &
( : , , ),
,
. ,
.
have
Globalnet ability , 24,

, (pc, laptop,
tablet, smartphone).
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& (Round
Table Workshops, Webinars), & affinity ,

,
,
(e-mail, skype, team viewer).

Globalnet
have Globalnet ability!

(NOEM 2015) 65

(NE A )

| UROLIFE
ERB |

Eurolife ERB ,
, ,

,
.
, , ,
;, Eurolife ERB

:
 T



.
 T
, ,
.

,
.

, ,
 2%
,

.
, , :
Eurolife ERB

,

.
Eurolife ERB

.

66 (NOEM 2015)

| |

, . elearning


.

18

(e-llearn
ning)..

,
(e-learning),

,
.
, :

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 .

:
1.
2.
3.
4. forum ,
48 .

, .
, :



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,
,


.

,

,
24 .
,

( )
,
18 .

, .:210 3608760.

@ INTERAMERICAN CityMobil2 .
. , .
@ INTERAMERICAN
,
,
, . , ,
, . Interamerican, ,

, ,
.

| | .

, ,
, .
,
,

GRI, GRI G4,

CO2, 2014 16,6%.
2014 , ,

,
, ,

,
.
, .
, , , , .
,
2014
https://www.europaikipisti.gr/gr/CSR.

, / Interamerican,
HR .

| INTERAMERICAN |

Interamerican
HR Awards 2015,

Boussias
Communications: silver
Performance
Management Strategy .
silver
Pe rformance
M a na g e m e n t
Tools/Prac tices
. honorable distinction
Talent Development
Programme .
online
.

,



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,
,
.


H Interamerican

, . ,
,
( ),
,
,
, , , , .
,
,
,
..

(...)
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Interamerican
,
1% 10%
, , .
4,25% , . ... Interamerican,
2010
14
,
1.100 .

@ INTERAMERICAN 60
Greece Race for the Cure,
, 27 .

( 2015) 67

(NE A )

| AIG |

Private Client Group AIG

, ,

, , .
Alia Al Senussi,
Tate Young Patrons Tate,
: ,
.
, . Chris Dercon,
Tate Modern Gallery,
.

,
Private Client Group, AIG . Private Client Group
, , ,
.
, Personal Property
Manager, South Zone EMEA, AIG, : AIG
.


,

Private Client Group .

@ NP Insurance - ,
, 9

,
45/21-11-2014
.

NP Insurance,

2016,
,
.

68 (NOEM 2015)

| |

,

.
,

( ,
. , , , , ,
, )
,

, :
.

.
.

, .
.


.

www.asfalistikosgoneas.gr.

INTERAMERICAN.

| INTERAMERICAN | 2411.2
200

,

. ,
Interamerican 2119.495 21.7055 .

, ,
,

0,3%,
30
2014
. .
26,11



, -

, , .
,
. ,


,


.

.

.

| | Crisis Management
& -
, , ,
Visible. H Visible
,
Skillsoft, elearning & blended learning .
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, 11 .
. , & .
/ Visible .
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!


, . ,

, .

| INTERNATIONAL LIFE |

&
International Life ,
Aquila Atlantis. , 7 ,

,



.
.
Group CEO
.
International Life, .
,
Deputy CEO, .
, .. , Director General Agents
& Brokers, ,
Regional Manager & ,
80
.
. .

. . ,
,

, .

.

International Life
,

, ,
.
, . .
,
,
be (be happy, be smart, be open,
be4business) ,

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.

2016,

.
. . , ,

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. , ,
,
,
,
,

.



,
.
International Life ,

.
. . : & Cross Selling ..
( 2015) 69

(NE A )

| | , -

, 5
,
.

, Dow
Jones
2014 .

, .


.
, , Driving Academy,
, . ,
80
, 20 ,

, 20

70 ( 2015)

,
.

: ,
Alpha Bank,
.
,
,
Driving Academy,

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,

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,
.

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:
,

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, , /
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.

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20.000
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Driving Academy , , ,
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,
:
 ( 18, . 210
9212333): .
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 (. 10, .
22510 26437):
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 ( 51, . 2621032881): / . .

.


www.axa.gr.

. ,

3 , 6
12 .

,

19 30
2015.


,

10% .

/ .

Medi Extra,
Medi Classic, Medi Care.

, ,
.
HR
, / Awards 2015 ,
:
HR Professional Boussias
,
Communications,
,
,

,


.
,


.

,
, . ,
, ,

: Excellence in
International Coach
P e r f o r m a n c e Federation, Management Strategy

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.

Most Effective Total
Reward Strategy,
,
,
. , ,
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.
,

, online
, .
, /
, -
,

. ,

, HR Compensation and
.
, Benefits/HR Business Partner,


.
.. ,
,
HR Business Partner, Professor Richard Boyatzis,
, HR Compensation and Benefits/HR
, Business Partner. ,
/
.
.
-

( 2015) 71

(NE A )

| MEGA BROKERS S.A. |

25 &
2014 MEGA
Brokers S.A.,
.
6 ,
,
,
,
.

MEGA Brokers S.A.,


, .

/ , .

, :
MEGA BROKERS
. 2014,
,
,
,
.
,
:
,
.


.

72 ( 2015)

| INTERLIFE | Interlife
, 14 , Larissa Imperial.
,
, . . , Interlife, ,


, .
25
, ,
, 90 , , Interlife
, ,

Premiums & Bonus.

Interlife
Product Manager , . .
,
,
.
Interlife (
), , ,
, , -

,
.
/ , , ,

Interlife

.
, .
,
.


,
60 , ,
, .

, , ,
Interlife
.
,
www.interlife.gr e-pay,


12 .
, , Interlife,
, ,
,

.

| ERGO |

, ,


.
CEO ERGO, . ,
,


, . , , ,


, .

ERGO ,


. ,
, , ,
CEO , . , . . /, .
, /
, . , / , . ,
/ , .
, ,
ERGO.
. ,

,
.

, ERGO
,
,

.

.

.

,
,
, ,
.
capital
controls,
ERGO ,
,

.

,

,

2015 ,
.
. . /, . , :

 ERGO Portal


.
/ , .
,
,

,

Global link,
92%

ERGO.
CEO
, / ERGO,
, . .
,

/ , . ,
,
.

@GLASSDRIVE 10,
, / .
,
GLASSDRIVE .

( 2015) 73

(NE A )

| |

, .
Greek
Flying Doctors, - , 20 .

,
,
,
,
( ), .
,

,
,
, , .

,
,
, .
, -

| INTERAMERICAN |
,
. ,
(
) Interamerican 61
.,
,

2014. ,
8% Agency
(
9%).
, Interamerican

,

74 (NOE 2015)

,
24
24 365 ,
. 210.62.88077 ( )
801.11.41051 ( ) ,
.
, . . Kr umbholz: Greek Flying

Doctors

,
-
.
,
,
, .

Medifirst ,
.
,
,


.
Interamerican

, . , . / & (.).

()

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, ,

.

, , portal .

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, - :
 , 1.500
.
 check-up
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 (
).
 .

,
5 ( ).
 , 10 (, , ).
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( ).
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 ,
50%.
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, . . Krumbholz: ,
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,

76 (NOEM 2015)

. ,

,
, .
,
Marketing, . . , :
Portal , , ,
,
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, . , , 6 .
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.
 10% .
 12% .
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.
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20% ,
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25% , .
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(NOEM 2015) 77

(MDRT VIEWS)

.
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5

(ENGLISH SUPPLEMENT)

Our reliability at stake

Mr Iraklis Daskalopoulos, Assistant General Manager at Ethniki Insurance,
offers his conclusions and sends a message regarding
the official insurance market data
Mr Iraklis Daskalopoulos, Assistant General Manager at Ethniki Insurance has reached some
critical conclusions following the comparison of premium income figures for years 2010-2014.
First among which is the fact that he considers the 36.8% decline in motor premium volume,
approx. 16 percent more that the GDP decline (-20.8% in 2014 compared to 2010), to be a
tragic and potentially dangerous development. He attributes this drop mainly to bad
competition between insurance companies, which has forced premiums to a, seemingly
endless, constant downward spiral.
Mr Daskalopoulos is linking this situation directly with the insurance markets reliability, which
is uniform and concerns all activities of all insurance undertakings; consequently, when the
measure of sound competition is lost, insurance as a product is downgraded as a whole, as in
the case of motor insurance.
Of course, Mr Daskalopoulos does not only comment on motor insurance. On the other end
of the scale, he is making a strikingly optimistic forecast for high growth rates in Life and
Health insurance, once capital controls are lifted.
Here are Mr Daskalopouloss views as presented to A.A.:

he official figures for years

2010 to 2014 published by
the Bank of Greeces Private
Insurance Supervision Directorate
(PISD), reveal the strong and
extremely painful impact that the
financial crisis has had on the
insurance market. But these
figures came as no surprise to
anyone involved with private
insurance in Greece, since they
would know very well that
insurance is directly linked with
the overall economic activity in the
country, and, consequently, could
not possible remain unaffected
from such a strong and lasting
recession.
According to official data of the
Hellenic Statistical Authority,
Greeces Gross Domestic Product
dropped from 226 bn in 2010 to
179 bn in 2014, i.e. registering a
20.8% decline. During the same
period and according to PISD data,
total insurance premiums in
General Insurance Branches
dropped by 936 mn or 30.19%.
The conclusion that seems to
emerge is that the crisis had a
disproportionately high impact on
General Insurance Branches. Or
did it?
88 ( 2015)

Table 1
( mn)
General Insurance Branches except motor
Motor
Total general insurance branches

2010
1,126
1,975
3,101

2014
912
1,252
2,165

Change
-214
- 722
- 936

Change %
-18.99%
-36.58%
-30.19%

f we were to isolate motor insurance,

we would find that the picture is
completely different and that
conclusions differ. Indeed, were we to
isolate motor insurance branches (Land
Vehicles and Land Vehicles Civil
Liability), total premiums from other
General Insurance Branches declined by
19% between 2010 and 2014, i.e.
slightly less than the GDP. If one was to
review how policies and the average
premium evolved in the same period,
one would find that fewer policies were
taken out, mostly at lower premiums. In
some branches, there was greater drop
in premiums and lower drop in the
number of policies, and in others the
opposite, but, in any case, within a
framework that follows the general drop
in economic activity.
In motor insurance, however, the drop in
premiums volume (table 1) was 36.58%
(!), i.e. approx. 16 percent more than the
GDP drop. This tragic and potentially
dangerous development comes not as a
direct effect of the financial crisis, but
most likely as the result of conscious
and deliberate market choices.
It is true that during the financial crisis,
motor losses declined, but not so much
as to justify the considerable drop in
premiums, which now persists, despite
the apparent reversal of the trend on the
losses side. Bad competition has led
premiums down a seemingly endless
downward spiral, which creates losses
for companies, mediators and, at the
end of the day, possibly the insured as
well.

n Life insurance, the total drop in

premiums volume between 2010 and
2014 was 439 mn or approx. 19%. All in
all, it seemed that this would be the
branch to recover first, since the
greatest losses appeared in 2011
2012, while 2014 marked significant
growth in most business classes. Unitlinked policies in particular experienced
a tremendous boom amidst the crisis,
primarily because they offered
consumers an alternative form of
placing their available funds or savings,
with dispersal of risk. This trend

continued throughout the first half of

the current year, but unfortunately we
are expecting a collapse in premium
income in the second half, as a result of
capital controls.
In my opinion, Life and Health insurance
will return to high growth rates, as soon
as capital controls are lifted. This will
occur because the basic needs that
Savings-Pensions plans and Health
Insurance plans cover are under
constant pressure, since the respective
social benefits are now being restricted.
Indeed, pensions paid by social
insurance organisations will continue to
drop both in terms of the actual
amounts paid and in terms of the
percentage of individual pre-pension
earnings (lower replacement rate), thus
forcing ever greater segments of the
population to seek additional income
through private insurance plans.
Meanwhile, demand for health
insurance policies is on the rise, as a
result of the obvious problems in the
public health system, while health
policies become more affordable.

n any event, reliability has always

been and still is the main factor
contributing to market growth. Only a
reliable insurance market can grow
faster that the GDP, so as to quickly
return to pre-crisis levels. Only a
reliable insurance market will manage
to claim a share of the economic
activity that it has, for a long time,
deemed it is deserving. But reliability,
in the eyes of our insured, and, all the
more so, in the eyes of those who are
not insured, is one and the same and
regards all our activities. And as in all
markets, we come under daily
scrutiny. We are viewed positively
when we successfully deal with the
economic crisis and continue to pay
considerable indemnities, and not
carry our losses from the Greek
government bond haircut over to our
insured. But we are also viewed
negatively when we overstep the
bounds of sound competition, in
essence downgrading our very
product, as in the case of motor
insurance
.
5

( 2015) 89

(NEW MARKETS IN NEW EUROPE)

ROMANIAN INSURANCE MARKET 1 2015

Returning of the positive trend?

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

The first half of 2015 appears to have brought again the Romanian insurance market on an
uptrend, with gross written premiums increasing by 8.7% y-o-y, to RON 4.3 billion (EUR 971
million). The MTPL insurance line reported the best performance in terms of GWP growth,
but still remained the theatre of the highest concerns and turmoil.

ife insurance saw an overall

increase of the gross written
premiums volume of 7.5%, to RON
838 million (EUR 188 million), mostly
driven by the double digit growth
achieved for the unit-linked products
(+14.8% y-o-y). Still, it is for year end
to confirm this re-launch of the UL
insurance segment, as during the last
two years this business line saw an
almost continuous decrease in volume.
Thus, the first half of 2013 was the last
period ending with a positive increase
in premium, of 2.8%, but by the end
2013 the market already saw 11.3%
decrease in GWP for the UL products

class. The first half of 2014 brought a

further reduction in premiums, by over
25%, while by the end of the year it
seems that the falling trend has finally
ceased, making place for the modest
increase seen in the first six months of
the current year.

MTPL on the rise,

but not profitable
On the non-life insurance side, GWP
went up by 9.02%, to RON 3.48 billion
(EUR 783 million), the highest
contribution, in absolute terms, to this
growth being provided by the MTPL
insurance class.

A 10% increase in the number of new

passenger cars sales, as well as the
23.5% growth of the commercial
vehicle sales supported the GWP
growth for the MTPL business. In fact,
by the end of 1H2015, the total number
of active MTPL contracts was with
about 200 thousand unit higher y-o-y.
Another driving factor was the about
5% increase of the MTPL tariffs.
However, the combined ratio for the
MTPL class stood - according to the
latest data provided by the market
watchdog -, at 127.83%, a somehow
improved value as compared with the
133.09% from 1H2014, but still

Market portfolio as of June 30th, 2015

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
SOURCE: FSA - Financial
Supervision Authority

90 ( 2015)

GROSS WRITTEN PREMIUMS

1H2015
1H2014
Change
EUR m
EUR m
%
971.51
890.08
9.15
188.41
174.53
7.95
120.34
114.50
5.10
57.45
49.83
15.29
10.62
10.20
4.15
783.10
715.55
9.44
10.28
7.42
38.56
6.00
4.14
45.09
128.92
123.70
4.22
109.14
103.54
5.41
19.78
20.16
-1.87
560.93
502.80
11.56
185.50
190.71
-2.73
375.43
312.08
20.30
32.60
38.28
-14.84
0.85
2.76
-69.12
18.34
15.35
19.48
8.57
7.71
11.19
16.60
13.39
23.99

PAID CLAIMS
1H2015
1H2014
EUR m
EUR m
536.48
554.69
82.78
82.45
40.03
42.96
38.91
36.72
3.84
2.77
453.70
472.24
NA
2.85
NA
1.31
NA
26.84
23.07
21.83
NA
5.01
394.57
398.38
143.43
166.73
251.14
231.65
NA
26.83
NA
4.11
NA
2.10
NA
2.05
NA
7.77

Change
%
-3.28
0.40
-6.82
5.95
38.70
-3.93
0.00
0.00
0.00
5.68
0.00
-0.96
-13.97
8.41
0.00
0.00
0.00
0.00
0.00

Weight in all GWP

1H2015 1H2014
%
%
100.00 100.00
19.39
19.61
12.39
12.86
5.91
5.60
1.09
1.15
80.61
80.39
1.06
0.83
0.62
0.46
13.27
13.90
11.23
11.63
2.04
2.26
57.74
56.49
19.09
21.43
38.64
35.06
3.36
4.30
0.09
0.31
1.89
1.72
0.88
0.87
1.71
1.50

Currency: Leu (RON)

Currency conversions were calculated for an average exchange rate of:
RON 4.4474/EUR - in 1H2015
RON 4.4645/EUR - in 1H2014

as a significant number of customers

indicating a market imbalance and
5%. Still, with a combined ratio of
are choosing to buy only the
possible further increases of the
62%, the fire insurance line remains
mandatory policy, many of them not
tariffs.
one of the most profitable.
The total number of valid mandator y
understanding that this way they are
Yet, although increasing premiums is
definitely a good sign, the MTPL
household policies (PAD) issued by
not covered for other risks like theft,
market remains burdened both by
fire etc.
PAID the Romanian Pool for
technical problems and a significant
The average premium for a voluntary
Catastrophe Insurance amounted by
image deficit caused by the recent
household insurance policy in
the end of 1H2015 to 1,506,117 units,
financial scandals. On the technical
Romania is of approximately EUR 21
while GWP totalled RON 57.13 million
per year, this product being
(EUR 12.8 million). In 1H2015 PAID paid
side, the indemnities paid for bodily
much cheaper than a MTPL
claims of RON 2.4 million (EUR 0.5
injuries are still representing a
policy, Remi Vrignaud, President of
million).
challenging issue in search for a
Overall the number of insured
reasonable solution. In 1H2015, the
UNSAR, recently pointed out.
households (mandatory and voluntary
bodily injuries and death claims held a
He also underlined that the
insurance policies together)
penetration degree of the voluntary
2.6% share of the total number of
amounted, by the end of 1H2015, to
household insurance is rather low, of
MTPL claims, while the compensations
3.29 million, 5.4% less y-o-y. It is
only about 20%. Such a low figure
paid for this chapter made 21.12% of
worth mentioning that starting July
shows the need to further develop the
the total MTPL claims paid by the
27th, all the voluntary proper ty
mandatory system and to better
Romanian insurers. Their value
insurance policies have to be issued
promote the voluntary insurance. In
amounted to RON 225.21 million (~EUR
with a PAD deductible, i.e. for the
50 million), while the average value of
fact, PAID has already taken several
three cat risks covered by the PAD
the claims paid for bodily injuries
steps in order to be allowed to directly
policy, the sum insured under the
amounted to about EUR 12,500, 14%
sale its policies. According to the
voluntary policy is diminished by the
less y-o-y. For comparison, the average
insurance professionals, as well as to
PAD coverage. Basically, for the named
value of the claims paid for material
the World Banks representatives, this
risks, the two policies are
losses on the MTPL contracts stood at
decision would allow PAID also to sale
complementary. According to the
an about 10 timer lower sum, of EUR
the PAD policy online, which would
market professionals the new rule
1,250. The steps taken so far by the
lead to lower acquisition costs,
already led to a visible downsize of the
insurers association didnt result for
enabling the Pool to further invest for
voluntary property insurance market,
the time being in a legislative project,
developing its claims management
both in number of contracts and GWP,
thus insurers have to deal with
capabilities.
unpredictability on this ground.
On the other hand, the Astra
bankruptcy together with the legal
Life insurance GWP - 1H2015
gaps which put a lot of the companys
No. Company
GROSS WRITTEN PREMIUM
Market share (%)
clients in the impossibility of being
1H2015 1H2014 Change 1H2015 1H2014
indemnified for their losses in a
EUR m.
EUR m.
%
%
%
reasonable period of time, as well as
1 NN Asigurari de Viata
69,40
66,16
4,91
36,84
37,91
the difficulties and the suspicions
2 METROPOLITAN Life
25,83
28,84 -10,44
13,71
16,52
about the solvency of other two other
3 BCR Asigurari de Viata VIG
23,70
16,43
44,29
12,58
9,41
major MTPL insurers have significantly
4 ALLIANZ-TIRIAC
12,18
11,13
9,40
6,46
6,38
contributed to the industrys loss of
5 ASIROM VIG
10,31
11,11
-7,22
5,47
6,37
credibility.
TOP 5
141,42
133,67
5,80
75,06
76,59
Despite the increased cars sales, the
TOP 10
174,97
162,19
7,88
92,87
92,93
Motor Hull insurance GWP volume
TOTAL
188,41
174,53
7,95 100,00 100,00
continued to decrease (-3% y-o-y GWP,
Source: xprimm.com; FSA
RON 825 million). The combined ratio
for this class, of 115%, although still
Non-Life insurance GWP - 1H2015
exceeding 100%, is however better
No.Company
GROSS WRITTEN PREMIUM
Market share (%)
than the MTPL one, in part favoured by
1H2015 1H2014 Change 1H2015 1H2014
the 14% decrease of the claims
EUR m.
EUR m.
%
%
%
expenses.
1 ALLIANZ-TIRIAC
106,33
98,93
7,48
13,58
13,83
2 OMNIASIG VIG
102,91
85,88
19,82
13,14
12,00
Property insurance
3 ASTRA Asigurari
97,97
89,06
10,00
12,51
12,45
a changing landscape
4 GROUPAMA Asigurari
81,23
50,23
61,72
10,37
7,02
The property insurance segment saw
5 EUROINS Romania
80,80
68,12
18,61
10,32
9,52
mixed results, with GWP increasing by
TOP 5
469,23
392,23
19,63
59,92
54,82
5% on the fire insurance line, and
TOP 10
713,51
645,40
10,55
91,11
90,20
falling by 2.25% on the damages to
TOTAL
783,10
715,55
9,44 100,00 100,00
property class. Claims paid for the
Source: xprimm.com; FSA
5
fire insurance class also increased by
( 2015) 91

(O )

IDD
, (email: thkuts@otenet.gr)

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e-mail: info@nb.org
( 2015) 93

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