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Newspaper Insurer Press Issue no 6 (25 March 15 April 2009)

08 2009 .,zastrahovatel.com
Newspaper Insurer Press Issue no 6 (25 March 15 April 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 also 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 words of Petar Andasarov, Director, Insurer Press newspaper, on the occasion of its Fifteenth Anniversary - Now our future is still continuing the weaving path in front of us ids difficult but glorious. We will make it, there is no doubt. Because we are together. Constantly. Always together! /pages 1 and 2/

On page 2, in the column Between two issues, we report the news from FSC:

-         At its session held on18 March 2009, FSC refused to issue pension license to Pension Insurance Company INDUSTRIA AD (in procedure for incorporation of insurer).

-         Ralitsa Againe, Deputy Chairperson, Bulgarian Financial Supervision Commission Head of Insurance Supervision Directorate issued a decision for approval of the changes in the General terms and conditions for voluntary health insurance package, offered by HEALTH INSURANCE FUND VICE MEDICA AD, adopted by the Board of Directors of the company on 30.01.2009.


On the same page, in the column Event, we reflect the seminar, held on 17 March 2009 in Sofia, with theme MiFiD one year later. The event has been organized by the Financial Supervision Commission  with the kind cooperation of the Bulgarian Association of Licensed Investment Intermediaries and the Bulgarian Association of Asset Management Companies. The seminar was opened by the Chair of FSC Apostol Apostolov and the Deputy Chair Dimana Rankova.

There will be of interest the information about the premium income in 2008, realized by the insurer brokers in favor of insurers with seat in Republic of Bulgaria. It is reported to be BGN 631,515 thousand: BGN 583,272 thousand realized by the general insurance and BGN 48,243 thousand by the life insurance business.

The biggest share in the structure of general insurance premium income is still kept by motor insurances. This is what the results, announced by the Financial Supervision Commission (FSC), show.

On page 2 we bring word about the regulations, announced by Allianz Bulgaria Holding for the second Art competition. The aim of the culture project National Awards Allianz Bulgaria for Painting, Sculpture and Graphic Arts 2009-2010 is to offer new possibilities for Bulgarian painters to present their creative works before public.

On page 3 of Yoanna Stephanova with Michel Callens, Executive Director,  DZI general Insurance AD. Mr. Callens shared that DZI is the company with the best reserve on the Bulgarian market. The aim of DZI for 2009 is to recover its profitability and to preserve its market position. The company is focused on property insurance of physical persons and small and medium enterprises.

On pages 4 and 19 in Theme to be continued, Gergana Ivanova, Manager, insurance broker Finsales EOOD, determined the bilateral findings as a double-edged sword. Mrs Ivanova commented that the occurrence of traffic accidents in Sofia is at least 180 daily. The lack of competent control, exercised by specialized body, is a prerequisite for a mess and confuses, hindrances and abuse of the circumstances of the accidents and the claims for compensation. Lately it s largely discussed the possible mobile groups that may be created by the insurers to visit the place of accident - 24 hours a day, seven days a week. On the other hand, the accident shall be reflected through visits on the spot, preparation of photographs, sketches and other materials, identification of the vehicles, participating in the accident and their drivers, detection of presence of alcohol, etc. There will be verified on the spot all data, reflected in the bilateral protocol of findings, in order to avoid any insurance swindling. In case of need these mobile groups may help the drivers for the correct filling of the protocols. We carry the form of the protocol and tips.

On page 5   is the material with heading During 2008 Allianz proved their stable presence in New Europe. The bygone FY 2008 was the consecutive successful year for Allianz New Europe. Despite the tough market conditions, the company succeeded to continue their course of growth. In FY 2008 the written premium income off Allianz in the general insurance, life insurance and health insurance has grown by 11% and reached EUR 4.18 billion while in FY 2007 it was EUR 3.76 billion. All companies of Allianz in the countries of New Europe have contributed for the achievement of this growth, expressed in double digit percentage, and in particular in the last quarter of FY 2008. The operating profit in 2008 continued growing and reached 9,6% or EUR 348 million, compared to  EUR 317  million in FY 2007.

Furthermore, on page 5, you may read that The top management castling was on time and very successful". Answering a question of Insurance press, Dimitar Jelev , CEO, Allianz Bulgaria Holding, said that the changes in the structure and management in the end of 2007, has played a very positive role, and the financial results are just one of the tangible evidences for that.

The conversation with  Gernot Reiter, Life Insurance Director in the Austrian insurance company Grawe, and Nikolay Logofetov Chaitr of the Board and  CEO of Grawe Bulgaria Life Insurance EAD and of Grawe Bulgaria General Insurance EAD, can be read on pages 12 and 13.  It brings the heading We are able to promise stability to our clients and reveals that Grawe has calculated profit for the last 180 years. The acquisition of companies in the region is not finished yet. All  affiliated companies of Grawe Group reported profits for FY 2008.

On pages 6 and 14, in the column Forum, we carry some materials from Banks Investments Money International Finance Exhibition.

Bulgaria is exhibiting supple and consistent market adaptation in the direction of new world balance. This was the key conclusion, made by Tsvetan Manchev, Bulgarian National Bank Deputy Governor. The economic growth, even though dropping away, is present. Although it is comparatively law, there is also a positive growth of the non-financial credit which squares with the occurring changes in the appetite for risk of the agents this is findings of the international financial conference  THE FINANCIAL SECTOR UNDER THE CONDITIONS OF GLOBAL AND FINANCIAL CRISIS: THE SOLUTIONS FOR BULGARIA, going along with BANKS INVESTMENTS MONEY.

There were reports, delivered by Lyubomir Datzov, Deputy Minister of Finance, Tsvetan Manchev, BNB Deputy Governor, Apostol Apostolov, Chairman of FSC, Deputy Chair and CEO of Bulgarian Bank for Development and Antony Hassiotis, Chair of the Board of the Greek Council for business in Bulgaria. FISCAL POLICY UNDER THE CONDITIONS OF GLOBAL ECONOMIC CRISIS was the initial theme dwelt upon by Lyubomir Datzov, Deputy Minister of Finance.

The underwriter Armeec Plc. carried off price in the General Insurance category for the product COMBINED INSURANCE COVERAGE Aid for trips abroad and travelling cancelation.

Armeec Plc. celebrated the prize Banks, Investments. Money at Novotel Plovdiv. Our narration with photos and texts is published on pages 10 and 15.  

On the same pages we publish the interview with SOPHIA ANTONOVA, Director, Risk Insurance, Armeec Plc. Miss Antonova shares that  Armeec Plc and the other companies from the financial and transport business of Chimimport AD, are preparing new products, related with travelling abroad. Travelling cancelation coverage is novelty on the Bulgarian market. Such insurance has never been offered in Bulgaria. She also explains what kinds of risks are covered by the insurance Travelling cancellation; the general terms and conditions; covered regions in the country and abroad.

On page 8 you can read about the national meeting of the representatives of the national structures of insurance company Bul Ins AD, held on 17 March, at Park-hotel Moscow. The meeting is held annually and is intended for report and analyses of the results from the previous FY.

The official award ceremony took place in the hall of the main restaurant of the hotel. Awards were presented to the best regional representatives (branches) and agents of the company for 2008, for their contribution for the successful presentation of Bul Ins AD in the relevant areas.


Of interest may be also the conversation of Petar Andasarov with Radoslav Dikov, Member of the Board and Motor Insurance Director, insurance company Balgarski Imoti (Bulgarian properties) AD on the occasion of the new claims processing center, recently opened but already developing vigorous activity. /page 20/. According to Mr. Dikov, the payment of claims is the best advertising  for an insurance company. Its financial stability made Balgarski imoti one of the leading companies on the Bulgarian insurance market. 


We are finishing the overview of Insurance Press newspaper with an accent on the material of Slavimir Genchev, /page 24/, devoted to the successes of the insurance company KD Life AD. The successes of the company are shared by all the teams therewithin.

KD Life AD started its activity in the beginning of 2007. The company has offered a unique product for the Bulgarian market funds linked life insurance, (Fondpolice) an attractive combination between the classic parameters of the common life insurance product with the possibility for higher and manageable profitability. The product is characteristic with maximum flexibility and may be easily adapted to the preferences and the risk profile of the customer. The company also offers the classic Life insurance and continuously expands the range of its products and services, as we already discussed in some of the previous issues of the newspaper.  

Even as early as in the first year of presence of its existence on the Bulgarian market, the fund-linked life insurance package won the prize Financial product of the year at Banks Investments Money International Finance Exhibition. The second year of the activity of the company on the Bulgarian market was found to be the year of the global financial crisis which had, and probably will continue to have, an impact on our country. KD Life AD  had an immediate and flexible response to the new challenges.

In this issue we present the different agencies of KD Life AD. Their employees are those people who have contributed for the present and will continue working for the future successes of the young company. Their leader is the regional manager Todor Todorov. who will be introduced to you in our next issue.


Selection: Vania Petrova

Translation: Albena Dimitrova

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