Newspaper Insurer Press Issue no 11 (10 - 24 June 2009) with an accent put on the highlights, hot topics and comments

Newspaper Insurer Press Issue no 11 (10 - 24 June 2009) with an accent put on the highlights, hot topics and comments

Newspaper Insurer Press Issue n^o 11

(10 – 24 June2009) with an accent put on the highlights, hot topics and comments

 

Dear readers, in the overview of the newspaper «Insurer Press» we put an accent on the highlights and hot topics news and events. We make you acquainted with the analyses and thoughts expressed by the leading insurers and also keep you informed about all that happened within the period between the last two issues of the newspaper.

 

 „Insurance Press"- your compass in the field of insurance is celebrating! .

We carry our running holiday commentary on pages 5, 10 and 12.

The celebration of the jubilee joined the insurance guild and many other guests at a gorgeous party on 28 May at the Central Military Club in Sofia. Among the guests were the new members of the Financial Supervision Commission who were recently elected by the Parliament – the Chairman Pear Chobanov, Emil Atanasov, Deputy Chair & Head of the Insurance Supervision Directorate, Prof. Dr.Econ.Sc. Neno Pavlov, Deputy Chair & Head of  Social Insurance Directorate and Ralitsa Againe, who will be in charge of the investments. 

On the first page we carry the letter of congratulations from the Prime Minister Sergey Stanishev.  There were many  congratulatory addresses sent by other ministers and high institutions in the country. Honorable prizes were awarded to several distinguished insurers – managers of leading companies and and other friends, who have been helping for long years and without reserve the newspaper – for their contribution to its development and winning of recognition.

The statements of the prize winners are carried on page14.

          On page 12-13 and 16 we publish the congratulations on the celebration.

The welcoming speech, delivered by Petar Andassarov, Director of the newspaper, is published on page 10. „Our newspaper is unique, because there is not any other in its image and likeness”, emphasized Mr. Andassarov.

On page 11 you can enter the “kitchen” of the newspaper „Insurance press”. What is the complicated path of creation, which must be walked – from its planning to the readers? Yoanna Stephanova is with you, behind the scene.

On page 2  we publish the last news from the Financial Supervision Commission.

There is information about:

• Eighth National Conference “Insurance and Social Security Issues”;
• Insurance Company Lev Ins AD is strictly fulfilling its commitment in relation with the grave road accident at Bakadjika county, near Yambol.
• Allianz Bank Bulgaria launched a new, special promotion which will last till 31 August – an interest of 7,5% in BGN and 6,5% in EUR per annum on three-months standard deposits.

 

 

On page 3 Nedialko Chandarov, Chair of the Board and CEO, insurance companies DZI AD and DZI – General Insurance AD, is announcing that even in this unstable and complicated economic environment, DZI offers insurance products with saving element and guaranteed payments.

On page 4 Reader Doctor Diana Ivanova is reveling in her publication of the same name “How did it change the insurance culture phenomenon in Bulgaria?”.

The insurance culture is a part of both economic culture and the attainments of the people in each country. Examined as general category, it is directly linked with the insurance market, since it participates in every market element. They are bound; they interact to achieve the targets, and form complex and dynamic system. Meanwhile this system does not function isolated from the economy in the country. It is a part of a bigger system- the macroeconomic environment of the country. The factors which determine this environment are different and have on the insurance market. Some of them have direct influence, and other enter in secondary correlation through the direct factors, creating in such way the environment, the climate the insurance companies are operating therewithin.  

The insurance culture is compound category, which is affecting the insurance market and is under the stimulus of many external factors. It is not easy for it to take shame during the time, since it is very dynamic and its development promotes the prosperity of the insurance business.

We must note the huge contribution of Insurance Press newspaper during the last 15 years  in making popular the insurance companies’ activities and their products, and also reflecting in the most adequate way the problems, hot issues and the changes in the legal framework and the economic environment, the organizational changes and events in the insurance business, being instrumental in enhancing the insurance culture of the average Bulgarian.

After the accessment of Bulgaria to EU, Gallup institute have published the results of Bulgarian insurance survey.

The essential conclusions with regards of the insurance culture in the country are:

- Barely  33% of the population in the country have purchased at least 1 insurance ;

-¼ of the Bulgarians consider that they do not need any insurance;

-½ have never concluded an insurance and do not need any;

-14% consider that they would never suffer an insurance event;

 -barely 6% have full confidence in the insurance business..

However the average Bulgarian did enhance their insurance culture first and foremost due to the mass advertising campaigns of the big insurance companies

Through their direct competition the companies offer more and more favorable prices and new and interesting products thereby improving the insurance culture of the average client.

We can make the final conclusion the higher levels of insurance culture, which is commensurable with the European ones, require the joint efforts of the business, regulatory bodies, media, high schools and the institutions.

On pages 6 and 7, in the column Analyses, we note the happy news for the revival of the insurance and social insurance market in the first quarter of FY2009.

The Gross Written Premiums (GWP), realized by the insurers (non-life business) for the period January-March FY 2009 totals BGN374,436 thousand, which marks 3,7% year-on-year growth in the quarter. The total amount of the incurred claims is BGN 186,028 thousend which  stands for 8,8% growth yoy basis.

The GWP of the life insurance sector for the first quarter of the year 2009 amount to BGN 60,875 thousand, which means  4,2% drop (negative growth) on yoy basis. For the period January-March 2009 not any company in the life insurance sector has registered direct reinsurance operations. The paid out benefits and compensations in the first quarter amount to BGN21,789 thousand, their year-on-year growth is 16.3%.

The GWP realized by the voluntary health insurance for the period January-March 2009 and according to the aggregated report is BGN14,309 thousand, which stands for growth of 74% on yoy basis.

The payed compensations in the voluntary health insurance for the first quarter of 2009 amount to BGN4,975 thousand, compared to BGN 4,614 paid out in Q1 2008. г. The number of health insured persons with valid contracts as at 31.03.2009 , concluded with Voluntary health insurance companies amount to 349 375, compared to  256 917 as at the end of Q1 2008. The analyzed data are according to FSC report and are presented in tables.

On page 8 and 19 we meet you with Violina Marinova, Senior Executive Director of DSK Bank. Mrs. Marinova is narrating the history of the Bank. She emphasized that “DSK Bank is stable, reliable and structural for the whole banking system, since it has the biggest market share in retail banking market. The bank is financially healthy, has good liquidity, almost three times higher capital adequacy, compared to the European banks’ norms and standards, and twice higher compared to the other banks in the country.

We have sold our interest and we are not anymore a shareholder DSK Guarantee and the new owner will change the name of the company very soon.

Notwithstanding of this, we have entered into a long-term cooperation agreement with the new owner of the insurance company, due to the willingness of the bank to sell the bank and insurance products in a package.

 

On page 9 we inform you haw the kids of the employees of ARMEETS insurance company became able to visit Disneyland this autumn.

On page 14. the awarded insurers are extending their thanks and  warm wishes on the occasion of 15^th anniversary of Insurance Press Newspaper.

Rumen Yanchev, Chair of the Supervisory Board, Insurance Company Bulstrad Life Vienna Insurance Group JSCo ” – „Keep publishing the newspaper with  love and enthusiasm ”.

Nedialko Chandarov, Chair of the Board and CEO, insurance companies DZI AD and DZI – General Insurance AD: „Keep the high morale you have”.

Dr.Econ.Sc. Neno Pavlov, Deputy Chair & Head of  Social Insurance Directorate, FSC :

“Be much the same mobilized and enterprising”.

Petar Avramov, CEO, HDI Insurance AD: „Incredible publication, which is of use to everyone”.

On page 15 Stefan Sofianski, Chair of the Board and CEO, Lev Ins AD answers questions about the very topical insurances against kidnapping for money. Behind this product stand Lloyd’s that is holding 75% of the volume of this business.

On pages 17 and 18, in the column Women in the insurance business, we publish the interview of Petar Andassarov with Temenuga Nenova, Vice President of Allianz Bulgaria Holding. Mrs. Nenova shared some thoughts about her professional path and the values in life.

We are finishing our overview with the materials, devoted to the 10tha anniversary of Eurolife Bulgaria – pages 20,22 and 24. „We do not take part in the economic crisis.

There are three factors, which are important to the success – the market, the products and approach of our associates,” considered in the company. Michael Richter, General Manager, Eurolife Insurance Austria wished to the consultants „internal satisfaction and health”. These two terms comprise everything. According to Bozhidar Vasilev, Manager, Eurolife Bulgaria, the aims are more sales, more satisfied clients and growth. On the occasion of the anniversary he wished: „Be you and this will be a real success”.

 

Selection: Vania Petrova

Translation: Albena Dimitrova