1. How do you assess the current situation in the international reinsurance industry?
The current situation in the reinsurance industry shows all the characteristics of a very competitive market where unfavorable economic conditions in other spheres of providing financial services resulted in an increase in the number of players in the reinsurance market, with fewer experience in technical undertaking of risks and without the specific reputation of security that distinguished traditional market participants.
The emergence of new sources of capital leads to relativizing traditional functions of reinsurers, which are the provision of protection, preserving the stability of the financial system and, the most important social component, which has a significant impact on sending a message of security to the whole company in need.
Unfortunately, reinsurance is increasingly seen as a good opportunity for investment with good yields and not as a partner who can help in the structuring and carrying of risks from which the consequences of the insured cases are felt by the whole company (floods, earthquakes and alike).
2. What are the current biggest challenges in business?
In addition to the standard challenges of inadequate premium rates and increasing orientation of commercial rather than technical undertaking of risk in traditional products of insurance, trends of modern technologies have led to the emergence of new sources of risks and potential claims for industry and the company as a whole.
The last cases of world cyber attack and the increasingly frequent use of drones show that they are things identified by the insurance industry and began to define / standardize, but some time ago they were not ungrounded. New types of insurance of responsibility, (when using drones, for example) will be a very interesting topic for thinking and the direction in which the industry can follow the step with the contemporary trends.
Also, with the new SOLVENCY II regulation in force throughout Europe, more and more are visible internal challenges of insurance companies to meet new standards of adequacy of capital but a compliance with other business areas with redefined / more strict conditions.
3.What are the advantages of cooperation with the Danube reinsurance?
My cooperation with the Dunav Re has been going on for more than 20 years and a relationship, which is a lot more than correct, based on confidence, trust and professional approach which I recognize with each member of the team that I meet. Every brand has its importance and brings with it additional responsibilities, and one that succeeds in gathering us here altogether on its 40th birthday sends a clear message of how many partners recognize the size and importance of Dunav Re JSC in its business plans. Technical knowledge and quality of work are the basis for the success of the brand that is present, accepted and respected as an adequate partner in various parts of the world where the long-term cooperation continues to be based on the basic premise of our business, and that is, it is the “People’s business”.