ЗЕАД "Булстрад Живот Виена Иншурънс Груп" ЕАД
Председател на Управителния съвет и главен изпълнителен директор
ЗЕАД "Булстрад Живот Виена Иншурънс Груп" ЕАД
Председател на Управителния съвет и главен изпълнителен директор
Newspaper Insurer Press Issue no 21
(11- 25 November 2009) 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 keep you informed about all that happened within the period between the last two issues of the newspaper.
We offer our best wishes to our contributors, friends and well-wishers who celebrate their birthday in this period!
Happy new returns and all the best!
We start our overview with the highlights of the news, carried in the column “Between two issues” on page 2:
And some more news from page 2:
Top marks for the capacity of the Financial Supervision Commission
At a session, held on 28 October 2009, FCS adopted a decision to become a signatory to a multilateral memorandum of understanding and total exchange of information with the International Organization of Securities Commissions (IOSCO). The material continues on page 23.
The Social Insurance Supervision Division of FSC announced the results from the activities of the Supplementary pension insurance (funds) for the first nine months of FY 2009. The information is based on the figures, collected from the mandatory reports and records, submitted to the Financial Supervision Commission by the pension insurance companies. We find published data about the age and sex distribution of the insured persons, as at 30.09.2009.
Persons insured at the four types of pension funds as at September 30 totaled 3737139, which is translated in 3,91 YoY growth. The material continues on page 16.
On the occasion of the World Savings Day (October, 31st) «Allianz Bank» has announced the first two weeks of November 2009 for Modern Savings Days.
On pages 4 and 5 you will find our new column VIP chats. There you can have a peep at the today’s chat between the actress Yoana Bukovska and the financier Nikolay Logofetov.
Both they are outstanding professionals: she is an artist, and he is a City man.
The first has no regular financial interests, however the life is material and she would like to improve her financial culture.
The other is able to express in a simple form how to manage our money.
They met at «VIP chat» because the first has been willing to ask some questions about the options to invest her money and to make more money, while the other has been pleased to provide some financial tips and consultation.
Finally, they changed their roles and the City man asked some questions about the modern art and culture, while the other really enjoyed talking art.
On pages 6 and 7, in the regular column Analyses, we publish our comments on the 8-months results posted by the companies in the non-life insurance sector and the voluntary health insurance market as well. For the first time the non-life insurance business reported almost zero return.
For the period January-August 2009 the gross written premiums (including premiums of the companies that operate in active reinsurance field) amount to BGN 956.891 thousand, while in the life-insurance the result is BGN 145.988 thousand. Thus the non-life sector’s reported growth is 0.4% yoy, while the life sector declines 17%, bringing the cumulative result of the industry to 2.3% decline. Figures for the active reinsurance are separately available and published on a quarterly basis.
The first position on the market is for Bulstrad Vienna insurance Group Plc, managed by Roumen Yanchev, with premium income of BGN 148.919.639 and market share of 15,56 per cent
Second comes DZI General Insurance AD, managed by Nedyalko Chandarov, with BGN 134.042.776 in received premiums and market share of 14,01 per cent.
At the third place is insurance company Lev Ins AD , managed by Stefan Sofianski, with premium revenue of BGN 106.854.016 and market share of 11,17 per cent.
As at the end of August 2009, the highest share, in both terms of premium revenue and the amounts and benefits paid out, is held by the insurance policy "Life and rent" (Annuity). Revenue generated by this type of insurance is BGN 108.825 thousand , which is 74,5% of premium income generated in the sector.
The premium income, realized by the companies, operating on the voluntary health insurance market, for the period January-August 2009 amounted to BGN 27.718 thousand, which is translated in a growth of 30,6 per cent yoy .
The first place is traditionally taken by Generali Zakrila Health Insurance AD with BGN 4.842.241 in premium income and market share of 17,5 per cent.
On page 7, in the column Insurance Portfolio, we inform you that Allianz Bulgaria is the one and only Bulgarian company offering the insurance product “Roadside Assistance – Autoassistance”.
Under the same column, on page 13, we carried detailed view of the information provided by different companies offering Casco insurance product . The material has the catchy title „The Evolution of the Queen”. The main conclusions are:
On pages 8 and 9, under the column Analyses: insurance brokers we carry the tables with the premium income results, realized by the insurance brokers, per type of insurance.
On page 10, in Hot Topic, we talk with Dr. Mimi Vitkova, MD, Chair of the Association of Licensed Voluntary Health Insurance Companies. Dr. Vitkova shared:
- As a matter of fact, about 30 per cent of the health levy (also called health contribution) has been not spent for health.
- An adequate evaluation of the medical services can be made only by a team of financial and medical experts.
- The responsible state institutions must take adequate legislative and administrative measures to improve the collectability of the health levy .
- For ten years now the health insurance system has been providing grant-in-aid to the republican budget of the country.
On page 11, under the column Forum and the heading line “
On the same page we carry the opinions of Marco Cecchini, Head of Press and Communications Department at the Italian insurance supervisory authority ISVAP – „The united European regulator will start working in 2012” and of Carlo Biancheri, Twinning Program Adviser, FSC - „The most important is the approach”
On pages 14 and 20 we publish the report „Insurance frauds under the conditions of the financial crisis” , delivered by Yurii Todorov, Chair of the Insurance Security Association, before the VIII-th National conference with international participation “Insurance and Social Security in the Conditions of the Global Financial and Economic Crisis – solutions for
On pages 15 and 18 we carry some materials from the conference „INSURANCE UNDER THE CONDITIONS OF THE FINANCIAL CRISIS”, held in October, 2009 and hosted by PARI newspaper and the Association of Bulgarian Insurers (ABI). We publish the report, delivered by Orlin Penev, Chairperson of ABI, „The reflection of the financial crisis on the development of the European insurance legislation.
On page 16, under the column On the occasion we publish the thoughts of Prof. Hristo Draganov, Ph.D., on the insurance market’s development for the first 7 months of FY 2009.
On page 17 we carry Our Poll, dedicated to the challenges of the Motor Third Party Liability (MTPL) insurance. You will find the answers of Dimitar. Blaskov, manager of Broker House INSART LTD, member of the Board of Association of the Insurance Brokers in
On page 19 you can bring you In the world, to find out that:
We finish our overview with the interview of Petar Andassarov with the Associate Professor doctor Velichko Adamov, Rector of.
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