There are 28 insurance companies operating in the Serbian insurance market- some of them big foreign insurance companies and financial organisations and funds. Nevertheless, the Serbian insurance market's potential is huge, as insurance premium account for 80 EUR per citizen, which is far below the average in the developed European countries. As such, there is room for further development and appearance of foreign insurance companies can only have a stimulating effect on domestic insurers.

Reinsurers that protect Insurance Companies in CEE on an excess of loss basis are extremely concerned about the rising bodily injury claims since, once the Insurers retention has been exhausted on one claim "event", all further claims burden falls to the reinsurers and, in certain countries these can be claims without limitation.

2002 is the year of the founding, in the Republic of Moldova, of one new insurance company-MOLDASIG, which in a very short time became the leader of the market, a position that they held also in 2012, when the company reached the 10th year of operation. In the meantime, the company had changed shareholders two times, extended their activity outside of the country and reached a 30% market share with over RON 600 million paid to their financing clients. Their local network features 32 local offices and 10 representatives. On the birth of MOLDASIG and the accomplishments in the insurance market of Moldova we are discussing with Vitalie BODEA, General Director of the company since its beginning.

Analyzing the situation in respect of the main types of risks in 2012, the international reinsurance market continues to hold excess insurance and reinsurance capacity. No peculiar preconditions to change an established trend in 2013 are in view, so we can expect a further gradual reduction of insurance rates.

In Romania there are still important steps to make in order for the insurance industry to mature. Like any market in transition, we see here more challenges, but also the potential is different as compared to developed countries. I believe on the medium and long term, all the insurance LoBs, without exemption, have a significant growth potential. Romania is far from reaching a saturation level on all insurance segments.

A new Law "On insurance" is about to bring radical changes on the insurance market and among the players on the insurance market in 2012. All participants on the insurance market together with representatives of the legislative bodies are discussing the draft of the new law, which will govern the insurance sector in the future. Currently, the law draft is at the second reading in Ukraine's Parliament. The first version of the amendments on the law draft was registered in Parliament on December 19, 2011.

Experts predict a slight increase of the reinsurance value in 2013. This may be due to several reasons. First of all, on account of the high level of loss ratio in catastrophe insurance, the value of obligatory programs renewals will increase on the international market in 2013. Moreover, the decrease in the profitability of investment transactions will most likely lead to the increase in the rates of insurance transactions.

In my opinion, if global economy gets out of recession and GDP in all leading economies will record a be positive trend, than Russian insurance market is going to grow up to 20-30% in comparison to 2011. Otherwise market will go through stagnation and reduction which usually is more gradual than GDP.

I really think that motor insurance is the segment most exposed to fraud. We have an anti-insurance crime bureau in the office since 1968 and it started with motor fraud cases. Next is property, while life insurance is the third most exposed segment. The number of life insurance fraud cases is very small, but, of course, the amount of paid money can be extraordinary.

The insurance market has continued to grow in 2012. In my opinion, the positive trend will continue and most likely, the market will show an increase up to 25%, but the quality of this growth depends on very unstable factors.

We will enter 2013 with a new 20% shareholder, so that the key activities will be targeted to adapt their outlook to our development plans. Keeping the leading position in the market and continuing the promotion within CIS and overseas territories are two other major targets for us.

There is a dominant participation of a foreign capital in the Macedonian insurance market. Out of the total number of 15 insurance undertakings, only one is owned by domestic investors.

The main strategic objective for the next five years is still to receive the amount of reinsurance premiums proportionally to the authorized capital, whose structure, including the inward (from non-residents) and internal (from residents) revenues will be balanced. For this purpose, we plan to increase a number of mandatory and combined contracts in order to develop cooperation with the international reinsurance market and to improve underwriting policy and the risk-management system.

Slovak market is by share of technical premiums to GDP still behind the western countries, however, its 2.9% share doesn't stand behind the countries of Central and Eastern Europe. In spite of that, it has notable insurance capacity in life and non-life insurance, especially in real estate insurance.

After the assessment of the results for the first half and in the presence of similar development trends in the second half of the year, it is likely that at the end of the year the insurance market will maintain a slower market growth of 1 to 2%.

In the light of the economic slowdown in 2011 as a result of the economic problems in the euro zone and downward revised economic growth forecasts for many countries (including Serbia), only subdued positive trends in the domestic insurance market can be expected to continue.

The most common perils encountered in Albania are earthquakes and floods. Despite that, property insurance is still at low penetration levels, mainly being influenced by private banks as a requirement to insure their collateral. One major challenge in these conditions remains the public awareness and its confidence in the industry.

The persistence of the economic crisis has forced insurers to rethink their cost strategies and to return to more traditional life products. In this respect companies have been aggressively striving to save costs over a broad range of expense categories, such as claims, operation and reinsurance.

Recently, there is not so much good news on economy. Times are hard and maybe will be even harder in following years. Business is struggling; everybody is looking for possibility to save costs and make business more efficient. But at least this aspect of current times is hopeful. More pressure to efficiency gives us a chance to do things better.

The results of 2012 indicate the restoration of the national economy of the Republic of Belarus and it should be noted that at present an important direction of development of the national economy is to raise foreign investments. This is manifested in the construction of roads, industrial buildings, hotels, social, cultural and household facilities. In their turn, such risks require insurance and reinsurance coverage.