Insurance company Pasa Sigorta (Azerbaijan) has won tender of Azdemiryolbank
Written on 19 July 2008 by adminOn results of corporate tender process insurance company Pasa Sigorta has been declared the winner of competitive selection to destination corporate medical insurance for Azdemiryolbank.
The contract of medical insurance of Azdemiryolbank is one of the largest bank insurance projects in the country in segment of medical insurance service and will capture the basic part of the personnel of the bank, including various category bank and administrative employees.
At the initial stage project includes the personnel in quantity of more than 300 employees, living in Baku and other basic administrative areas of the country on a site of a filial network of bank. Signing of the contract was preceded with presentation and participation of staff-administrative personnel of Azdemiryolbank on model of execution of the contract.
Mirax Group has opened office in Geneva
Written on 12 July 2008 by adminIn the end of June Russian building corporation Mirax Group has opened office in Geneva (Switzerland).
The office is located in historical city centre on quay Gustav-Ador, from windows of which view on the historical center of Geneva opens.
Originally the office will carry out functions of headquarters of the project of mounting skiing resort Le Village Royal sold by corporation in Aminone (commune Mollen). In the further, it will, probably, become the center of all Mirax’s European projects.
In August, 2008 opening second office Mirax Group in commune Mollen, in immediate proximity from a building site of the project - for operative management building, is planned.
Comarch will introduce complex IT-decision in the insurance company «PZU SA»(Poland) - Comarch NonLife Insurance
Written on 29 June 2008 by adminComarch has signed the contract with the largest insurance company of Poland, PZU SA, on delivery and introduction of the complex IT-decision for automation of processes of financial insurance. The contract covers introduction of the author’s systems Comarch, offered by the company in the global insurance market, and also the adaptation of the given decisions to PZU SA requirements.
The contract foresees introduction the complex system intended for service of processes of financial insurance in PZU S.A., including sales support, service both for insurance applications and policies, and calculations with clients. The most important element of system is the functionality, which is allowing to estimate the risks, connected with concluded contracts, and also to trace invoices and to collect debts. In addition, the decision automates processes of the insurance, operational and administrative reporting.
Comarch - is the leading Central-East European supplier of complex business-decisions, serving management of attitudes with clients and automating, both operational activity, and business-processes. The main advantage of the company relies in the extensive branch knowledge, given to clients in the form of the integrated information systems for telecommunications, financial services, the state administration, and also the small and average enterprises sectors. Comarch specializes in ERP and CRM systems; it also supports sales, electronic exchange of documents and management of the knowledge given together with professional services and activity on researches and development. From the moment of the basis of the company Comarch develops the network of divisions in the Europe, the USA and in the Near East, in which 2500 highly skilled experts work.
The new way of accumulation has been created in Russia
Written on 16 June 2008 by adminThe agency on contributions insurance (АСВ) offers the new scheme of housing accumulation - through special contributions to universal banks. After term of the housing contribution it will be set off as a payment for initial payment under the hypothec credit.
At ACB’s session the idea of the special housing memory contribution, which will allow not rich citizens not only to save up for initial payment under the hypothec credit, but also to receive the credit after term of the contribution on beneficial terms, will be represented.
It is supposed, that the contract of the housing memory contribution will be mixed, that it will have elements of the contract of the fixed deposit on three-seven years) and the preliminary contract about granting the hypothec credit after the end of contribution term.
Unlike bank contributions the new kind of the contribution is offered to be made irrevocable (the investor will not have a right to take away the contribution ahead of schedule), and the size of state guarantees under such contribution will rise up to 3 million rubles from 400 thousand rubles.
AIG is suspected of mortgage swindle
Written on 9 June 2008 by adminUS adjusting bodies have started investigation against world’s largest insurance company, American International Group (AIG). It is suspected of overestimate of cost of the insurance products, connected with hypothec credits.
Securities and stock exchanges commission of the USA (SEC) conducts investigation concerning AIG. SEC suspects the company of overestimate of cost of contracts, in particular, hypothec credits.
According to The Wall Street Journal (WSJ), the insurance company actively sold default swaps to clients - contracts according to which it has undertaken to pay to the buyer the certain sum in case of approach of default under structural promissory notes (CDO), provided hypothec actives.
In the end of April, AIG has sharply increased maintenance on default swaps for the companies - up to $9,7 billion in comparison with $5,3 billion in the beginning of March.
SEC wishes to understand, how the company estimated cost of such insurance contracts and the reason of so sharp growth of cost of CDO insurance, connected with hypothec actives.
Allianz wishes to sell international medical policies and to construct a network of clinics in Russia
Written on 3 June 2008 by adminGerman group Allianz, which is rendering financial services in Russia, plans to start in strategic prospect construction of medical establishments in the Russian cities and to prepare the program of the international medical insurance.
As the chapter of the company “Allianz Eurasia” has informed at a meeting with journalists, negotiations with potential partners under the project of creation of a network of medical establishments in territory of Russia are carried on now. According to his words construction of establishments will be conducted in various cities with the population not less than 100 thousand inhabitants.
Allianz can provide the organization of medical aid in any host country of the policy holder in case of need.
This program will allow the category of Russians, which now leave abroad, to lead treatment in cash in the western clinics, to take advantage of services of the insurer on selection of the country and clinic where the given disease is treated most effectively. Besides, payment of similar services through policies of the international medical insurance will appear more favorable to the client.
Insurance brokers and agents
Written on 28 May 2008 by adminIn experts’ opinion, in 2008-2009 in the Ukrainian insurance market there will be many companies selling policies as intermediaries. Now in Ukraine similar structures make no more than two tens. Insurance “shops”, which are quite popular in Europe, are not represented in the country at all. The market is empty.
In experts’ opinion of the, regional companies, which will trade in policies of “brand” insurers will act in a role of agents.
It is a normal European practice. For example, in Poland in result of redistribution of the market, there are only 37 insurers and 1,5 thousand intermediaries.
The basic lack of work through intermediaries is caused by dependence of the insurer. « If the most part of premiums of the insurance company is brought by the independent agent with its leaving clients will leave also, - it speaks.
In the market of insurance services - to agents, financial advisers - the similar sanction to receive is not necessary for other intermediaries. If the person feels in itself ability and desire to sell policies - please! As many insurance companies actively develop system of retail, realization of policies requires services of agents - both as employees, and as intermediaries.
According to the Ukrainian legislation, only agents and brokers can be insurance intermediaries. The first ones work on behalf of the company, which policies they sell, and from which they receive compensation (commission fee). The second ones, on the contrary, work on the blessing of the client - advising him, looking for optimum variants in the insurance services market.
According to market participants, the brave insurance companies pay to agent’s commission fee at the rate of 10-15 % of cost of the transaction. Insurants give broker services about 15-20 %. Compensation of the last ones is more, because they do not simply sell the policy, but also “conduct” the client from consultation and purchases of the insurance before settlement of reception of insurance payment.
Insurance technologies in car crediting
Written on 25 May 2008 by adminToday not all people can buy a car for cash and that is why car credits enjoy increasing popularity, conceding only to purchase on credit of home appliances. Only in autocrediting case banks necessarily require to insure the car as it is a subject of the mortgage and it can be stolen or broken.
Usually insurance company is recommended by the bank, which is giving out the credit for the car.
Of course, it is the best insurance company, and there is no alternative to it. However, before signing the contract with this insurance company the borrower has to take an interest, using independent sources, about reputation, reliability and honesty of this insurance company.
Also it is necessary to specify terms of insurance and interest rate. In analysts’ opinion, very often clients, having tempted with the low interest rate for the car credit, get on very high rates of insurance under the recommendation of bank.
Experts mark, that at a choice of the insurance company it is not necessary to be lazy to read through the insurances contracts, and notes with asterisks, and fine font. It is necessary to read it very attentively.
Besides, the borrower should know that at insurance case, compensation of damage is received not with the owner of the car, but the bank, which has given the credit.
QBE has raised the offer on purchase of Insurance Australia Group for 8,3 billion dollars
Written on 19 May 2008 by adminThe largest national insurer on insurance gathering QBE Insurance Group Ltd. has raised the offer on purchase of the competitor - insurance company Insurance Australia Group Ltd. (IAG) - for 8,7 billion Australian dollars (8,3 billion US dollar). Now QBE offers 0,145 of their shares and 0,9 of Australian dollars (0,86 US dollars) cash for each IAG’s shares.
In the middle of April, 2008, insurance company Australia Group Ltd. (IAG) has refused the offer on its purchase for 7,4 billion Australian dollars (6,8 billion US dollar), put forward QBE Insurance Group Ltd. As IAG representatives have declared, they “have considered the offer and some terms, in particular, the price, and have come to conclusion, that, they are unacceptable “.
Earlier executive director QBE has openly declared the interest in purchase of IAG and has added, that merge would make the incorporated company one of 15 largest insurers in the world.
IAG chapter James Strong has declared that in spite of the fact that QBE representatives name the transaction as “merge” in reply to this offer, it is a question of absorption, considering the offered conditions. He has added that he considers the offered sum, which exceeds market cost of shares of the company only on 1 %, unacceptable.
QBE Insurance Group Ltd. - Australian international insurance and reinsurance company with local base and offices in more than 40 countries of the world. QBE’s operational network covers Australia, Asian-Pacific region, America and the Europe.
Insurance Australia Group Ltd. specializes on real estate and cars’ insurance. Company’s annual turnover makes nearby 7 billion dollars, the general staff of the company exceeds 16 thousand employees.
Insurance risk-management in the countries with transitive economy (Part 2)
Written on 17 May 2008 by adminIn conditions of uncertainty of the future essential value is got with ways by means of which economic life participants adapt to this uncertainty, try to eliminate its negative influence on the processes occurring in the market.
Experience shows, that now compulsion of consumers of insurance services through introduction of obligatory kinds of insurance to the detriment of voluntary one is the most comprehensible mechanism of decrease transaction costs and the adaptation to uncertainty of the future for insurance business in some countries with transitive economy. On same the policy of restriction of activity of the insurance intermediaries capable to defend interests of consumers as independent professional risk-managers is directed. In these cases operation of consumers by suppliers of insurance services against their will which, as usual, “is veiled” by active agitation-and-propaganda maintenance actually takes place.
It is obvious that the development of insurance risk-management, for which voluntary equal in rights interaction between the proprietor of property and the insurer will face serious restrictions.
Of course in case of such terms activity of insurers enters the obvious contradiction with the original purposes of a society and the state, which rely in development of insurance not as the mechanism of insurers’ maintenance reproduction, but as the mechanism of optimum protection against any kind of risks.
