Insurance News

In connection with business and partner network expansion in Ukraine and Russia Company Fadata, the leading supplier of software for the insurance companies, has signed partner contracts with the companies «Borlas Ukraine» and also with company EPAM Systems (Russia).
Bulgarian company Fadata, based in 1990, is the leading supplier of program decisions for the insurance companies worldwide. Fadata has successfully developed by market product INSIS (Insurance Integrated System) - flexible modular decision, which provides complex automation of insurance business.
Fadata also offers services on introduction Applications and FileNet Oracle, development of greater information systems for a state sector and to IT-consulting. Central office of the company is located in Bulgaria, thus the distribution and partner network covers about 20 countries, including Ukraine and Russia. The client base totals over 110 companies in different countries.

Lloyd’s has submitted inquiry about reception of licenses about realization of activity in Austria, Portugal and Czech Republic.
As Enrico Bertana, Lloyd’s director in the Europe, marks, Lloyd’s is widely presented in the Western Europe. But they also realize opportunities which are offered by the market of the East Europe, on which presence Lloyd’s has the limited character.
Bertana has also added that in following year Lloyd’s will search for opportunities of coming to the new markets of the countries of the East Europe, such as Hungary, Romania and Turkey.
Let’s remind, in March of current year Lloyd’s management has appointed Vitold Yanush on the post of the representative in Poland. His primary goal was reception of the license.

Berkshire Hathaway Inc has declared that in II quarter its profit has reduced on 8 % because of deterioration of results of business of insurance.
The net profit of the insurance and investment company has reduced up to 2,88 billion dollars in comparison with 3,12 billion dollars in II quarter 2007.
The operational profit has decreased on 10 % - up to 2,27 billion dollars from 2,51 billion dollars in II quarter 2007.
The proceeds have grown on 10 % up to 30,09 billion dollars.
The profit of insurance business has fallen on 43 % - up to 360 million dollars though premiums have increased on 5 % - up to 6,23 billion dollars.
Incomes from investments in II quarter have grown on 3 % - up to 884 million dollars, and the profit on business except for insurance has grown on 4 % - up to 1,09 billion dollars.

According to the insurance companies, this season similar policies get 2 times more often, than in the last year. Thus at trip abroad policies which insurance sum does not exceed $10 thousand use the greatest popularity.

According to insurers, tour operators insist on inexpensive insurance as it reduces the price of cost of round as a whole. But for the tourist the cheap policy can appear insufficient as has set of exceptions.

In Turkey, for example, medical services for last year have risen in price in 2 times, and cost of insurance policies has not changed essentially. Cases of the unfair attitude to the ill tourists from the personnel of hotels have also become frequent. The victim can be sent to clinic, which will demand payment by cash or will refuse cooperation with the insurance company. Therefore in emergency situations it is recommended to contact first of all with assistant company, which phone is specified in the policy.

Financial Corporation CIT Group has declared sale of the hypothec actives for the sum of $10 billion, planning completely to leave this niche of business, captured by crisis.

According to the terms of transaction, declared on Tuesday, Lone Star Funds would get a share in the company for $1,5 billion, and also would take up promissory notes of CIT Group in the size of $4,4 billion.

CIT will also sell the hypothec portfolio of shares for the sum of $470 million to the company Vanderbilt Mortgage and Finance - for $300 million. To a word, the buyer is one of divisions of the investment company Berkshire Hathaway, which belongs to the richest businessman in the world.

The financial corporation CIT, which is uniting the bank, consulting, insurance and investment business, has representations in 50 countries of the world with client base for more than 1 million people.

Therefore some insurance companies offer the concrete short-term programs, including medical and accident insurance.
Insurance upon accident differs from vacation insurance by the form of payments. If in the first case insurance company compensates the means spent for treatment, within the limits of the insurance sum, at insurance upon accident the insurance sum (certainly if the occasion for this purpose) is paid completely. The list of accidents includes traumas, crises, and overcooling, poisoning, defeat by an electric current.
How to receive the insurance at insurance case? Within thirty days it is necessary to inform insurance company on it (it is possible to do by phone). After this it is necessary to give the information on reception of a trauma and the passed treatment. The question on the validity of insurance case is solved within seven working days.
Can situations, when the insurance case does not admit valid, take place? Yes, it can happen. If, for example, during this moment the insured person was drunk or accident is recognized deliberate.
This kind of insurance is very good for children. The child, getting in risk situation which is hazardous to health and even to life (climbing trees, roofs) will not, most likely, realize all completeness of risk.
By the way, nuclear explosion and civil war are not considered as accident.

World crisis has helped Russia to leave in number of leaders on investment appeal. Research, lead by Ernst& Young, proves it.
Results of the research lead Ernst and Young (E&Y) testify show that the Western Europe and Northern America lose the investment appeal. The company has interrogated 834 top-managers of the international companies.
In 2006, in investors’ opinion these two regions were indisputable favorites, but now they have yielded the palm to China. About 47 % of respondents have named China attractive region for investments, 33 % of respondents have given the same category to the Western Europe and only 12% - to the USA and Canada. But Russia has increased its popularity among investors within the fastest last two years - from 5 % in 2006 up to 21 % in 2008.
Experts are assured that Russia has been estimated in a new fashion on a background of the world financial crisis, which has struck the developed countries. The country has for a long time showed good macroeconomic parameters.

Morris Grinberg, who has almost for 40 years supervised insurance company AIG, approves, that the company is “in crisis”, and insists on canceling of shareholders’ annual assembly.
He stated this requirement in the letter to board of AIG directors, which copy is directed to the US Commission under securities and stock exchanges. Grinberg has emphasized that he, as well as millions other investors, are concerned by deterioration of position of the great company.
Former AIG general director does not accept incessant and seeming infinite destruction of cost AIG. During last year company’s shares have fallen in price on 72,5 %.
In reply to Grinberg’s letter management of the insurance company has declared, that it does not see necessity to postpone shareholders’ assembly.
Last week AIG has declared about the largest for the history loss - $7,8 billion, which has been caused by write-offs almost $15 billion the actives, provided by credit and hypothec tools.

Purchase of company “Region” is the second step of If’s strategy in Russia. Last spring If has opened branch with branches in St.-Petersburg and Moscow.
The head of operations of group If in Russia and Baltic has explained  If will continue to serve corporate clients from Scandinavia rendering qualitative services, but the today’s agreement also allows us to enter the internal Russian insurance market.
On the preliminary data, in 2007 the collected premiums of “Region” have made nearby 23,7 million euro. The basic part of insurance payments has been collected under contracts of property insurance.
The insurance society “Region” works since 1993. The company has 8 offices of sales in St.-Petersburg and regional network from 16 branches. “Region” is noted by the national premium “Financial Russia-2007″ as the best company in St.-Petersburg.

In view of maintenance of reflexivity guarantee for the preferential long-term credits, involved for hypothec crediting development, Interbank insurance company “IShONCh” has introduced new insurance product “complex hypothec insurance”.
For last years in the market of hypothec insurance faced essential changes. So, banks put into operation with insurance companies in order to estimate risks quickly, qualitatively more actively, having satisfied requirements of bank, and its client; the insurance companies should be able estimate risks of the concrete insurant quickly. Thus the insurance company should remember, that the taken responsibility should be obtained, obligations at approach of insurance case should be carried out.
Recently speed of risks estimation of the bank-borrower and of insurance policy registration became not that that competitive advantage, but simply vital necessity. The hypothec market develops; the level of banks and the insurance companies grows.