Double Deposit Insurance in Germany
Written on 29 January 2008 by adminIn case of private bank’s bankruptcy all individual investors and small enterprises can apply for the means of the state fund. Current accounts savings, termless and fixed deposits, depositary certificates, and also requirements of clients concerning securities are subject to indemnifications. The maximal sum of indemnification is 18 thousand euro (20 thousand euro minus 10 percent).
More reliable protection is offered by the Fund of voluntary clients’ and of private banks’ protection. The fund automatically insures deposits of private persons, small enterprises, and large corporate clients and public organizations, who use services of the bank. The size of the insurance sum per one client can reach 30 percent of own capital of the serving bank. It means, what even the client of a small bank with own capital in 5 million euro can deposit up to 1,5 million euro without fears.
Almost all private banks are engaged in voluntary insurance of deposits. According to the press-secretary of the German Banks Federal Association (Bundesverband Deutscher Banken) in conditions of a strong competition banks do not presume to refuse granting this additional service.
Deposit Insurance. German experience.
Written on 28 January 2008 by adminAll banks working in the territory of German are obliged to insure free-of-charge deposits of the individual clients for the sum prescribed by the law. The majority of financial institutions guarantee full indemnity of deposits.
Germany has a double system of deposit insurance - obligatory and voluntary. According to the law “About protection of deposits and payment of damages to investors”, all German private banks, and also branches of foreign banks are obliged to make membership fees to the Fund of obligatory deposit protection (Gesetzliche Einlagensicherung). The fund protects only savings in euro and other currencies of EU member-states.
Individual voluntary medical insurance is unprofitable for insurers
Written on 24 January 2008 by adminRussia doesn’t have qualitative paid insurance medicine. In practice, voluntary medical insurance does not help even in emergency situations.
Insurers are not interested in individual clients – such is the experience of many “Ingosstrahâ€s clients, writes Bigness.ru
Voluntary medical insurance policy is not the insurance from free-of-charge poor-quality health services.
Even impressive sum of money don’t secure against poor-quality health services. It turned out, that even having paid for the policy more than one thousand dollars, the client can’t to be confident even in rendering of service.
That is the experience of many clients of “Ingosstrahâ€, one of the oldest brands in the Russian insurance market. It turned out, that high cost of its services does not mean the premium quality of service. Promises of company advisers differ with real state of affairs.
Pets can be insured not only against illnesses, but even against thunderbolt or snake bite
Written on 22 January 2008 by adminToday many insurance companies offer the diversified programs of animals insurance. You can insure your four-footed or dipterous friend against the following risks:
- Illnesses;
- Natural disaster;
- Fire;
- Accidents;
- Burglaries, robbery.
The owner can separately insure the civil liability connected to ownership: for injuries to health or property of other persons.
But to insure the favorite dog, you will need the heaps of documents: the veterinary certificate on health of a dog and inoculations, a pedigree, number of a dog, the inspection certificate given by experts of the insurance company. At that the animal should be a member of any cynology club or society.
Lithuanian market of life insurance has grown by 68 % - up to €135,8 millions
Written on 21 January 2008 by adminOn results of 9 months of 2007 the volume of Lithuanian life insurance market has increased by 68 % and has made 135,8 million euros (for the similar period of 2006 - 80,7 million euros).
According to the review of the Lithuanian insurance market for 9 months of 2007, for September, 30, 2007 8 companies were engaged in life insurance. All companies in the market, except for one (Lietuvos draudimas) have shown steady growth of volume of the premium. Almost half of the premium in a segment (48,2 %) belongs to company Hansa gyvybes draudimas, which business for a year has improved by 114,2 %. For 9 months of 2007 the insurer has gathered the premium at a rate of €65,4 millions.
For 9 months of 2007 the Lithuanian life insurers have paid 11,9 million euros - 65 % more than for the similar period of 2006.
Romanian insurer Asirom will enter the market of voluntary pension insurance
Written on 17 January 2008 by adminSecond-largest Romanian insurer Asirom in 2008 will start to render services of voluntary pension insurance through the company Asirom Concordia.
According to the mass-media, referring to Asirom’s general director Boris Schneider, the management of the company expects, that Asirom Concordia will get the necessary sanction of the Pension supervision Service within the nearest several weeks and will start realization of additional pension insurance in the first half-year of 2008.
Asirom Concordia was founded in 1997 and has used to work in the market of general insurance. As of 2006 the premium of the company has made all €77 thousands. At the end of 2007 Asirom Concordia has transferred insurance business to Asirom which controls 99 % of shares in the capital of the company.
The insurance company will cover expenses connected with treatment of Russian tourists, got in a road accident in Turkey
Written on 15 January 2008 by admin7 Russians became victims of road accident in Turkey. These data were confirmed by the Russian General Consulate. According to the vice-consul Sergey Koritskij, the insurance company cover all expenses connected with the treatment of Russian tourists.
Regnum.ru informed, the road accident took place in the morning on January, 2: the bus with tourists went from Kemer to Kekova, and having driven down from a road, turned over. The driver of a minibus lost control of the vehicle in bad weather conditions, and the bus ran into the mountain.Â
There were nine people in a bus, including the driver and the guide. Four Russians received slight wounds and three - moderately severe wounds. All victims were delivered in hospital of the city of Kemer.
Insurance company Aegon (Netherlands) has completed M&A on mergence of Merrill Lynch insurance divisions
Written on 14 January 2008 by adminNetherlands insurance company Aegon NV has accomplished the purchase of insurance divisions Merrill Lynch - Merrill Lynch Life Insurance Co. and ML Life Insurance Co. of New York - for 1,3 billion dollars Aegon has completely paid the stipulated sum to the American bank.
According to Reuters.com, Aegon NV’s net profit, which is one of the leaders in the European insurance market, has decreased by 17 % - to €1,9 billion for 9 months of 2007 in comparison with €2,29 billion received for the same period a year earlier. Aegon’s revenues for the accounting period have increased by 9 % and made €29,46 billion compared to €27,02 billion in January - September, 2006.
Merrill Lynch has become one of the largest victims of the mortgage crisis in the USA among investment banks. In III quarter of 2007 Merrill Lynch has discarded actives for the sum of $7,9 billion guaranteed with mortgage credits, and also the credit derivatives, which had depreciated as a result of the credit crisis.
In Latvia necessity of obligatory medical insurance is a long felt need
Written on 10 January 2008 by adminAccording to the Health Minister of Latvia Ivars Aglitis, in a civilized society there is a principle, when healthy pays for poor, young - for an elderly.
Therefore, obligatory medical insurance could be introduced on the principle of obligatory civil-law responsibility of automobile owners.
According to Ministry of Health, Latvians annually pay in medical institutions about 100 million Latvian lats for the treatment. Paying regular insurance payments, the person will be confident that he will get treatment despite of its cost, and illness will not influence well-being of a member of the family, as charges will be covered by the insurance companies.
Hungary Faces Obligatory Medical Insurance Reform
Written on 3 January 2008 by adminThe parliament of Hungary has voted for the reform of the system of obligatory medical insurance (ОМI). This reform will anable private investors to act on the Hungarian market of obligatory medical insurance.
Against the reform voted 168 members of the parliament, 1 person has abstained from voting.
Parties of Hungarian ruling coalition have developed OMI reform draft, according to which medical insurance state fund should be transformed into 22 regional companies. The companies will have the right to compete among themselves for clients all over the country, and not just in one region, however the number of clients for each fund will be limited to 1,5 million persons.
Besides, state’s share in the capital of each of these funds should not exceed 51 %, and the rest 49 % of stock will be offered to private investors. Assignments to medical insurance funds as usual will be collected by Hungarian Revenue Service.
OMI reform will allow to reduce budgeted deficit due to drawing of the private capital. In 2006 budgeted deficit has made 9,2 % from gross national product that was the highest parameter in EU. It is expected, that in 2007 it will make 6,4 %. By 2009 the ruling coalition expects to lower this parameter down to 3 %.
