Банкеръ Weekly

Briefs

DZI PAID BGN250,000 FOR SOLDIERS KILLED IN IRAQ

DZI AD life insurance company paid BGN250,000 for the five Bulgarian soldiers killed in Iraq in accordance with its insurance agreement, Valeri Alexiev, curator of DZI - General Insurance and DZI AD, explained to the BANKER weekly. According to the policy terms, in case of death the relatives of each soldier are to be paid BGN50,000. They also should be compensated for the repatriation costs. The complete insurance protection against military risks that DZI provided to the military contingent included Accidents, Medical Costs, Freight Cargo, Property, and Civil Liability insurance. Compensations for temporarily lost ability to work by soldiers injured in the accident have not been paid yet, because according to the rules of insurance it takes time to establish the level of injury of the insured people. The amount of compensations that DZI will pay for the damages in the militaty base and the property in it is still to be clarified, too. The company is going to settle these payments in two or three months.In the summer of 2003, DZI won a competition organized by the Ministry of Defence for insurer of the Bulgarian military unit in Iraq by offering the best insurance price. The package of services is valid for one year and for every other group of soldiers that goes to Iraq DZI will be adding additional cover to the existing policy.The company announced its 2003 results last week. It holds over 50% of the life insurance market. In 2004, DZI will keep on stressing on the development of Life Insurance, Emil Kyulev, owner and CEO of DZI - General Insurance and DZI AD, said on February 18. The second part of Autocasco, the integration of medical assistance into the car insurance, will become valid on July 1.The Air Aid system equipped with five helicopters will provide the golden hour service to people heavily injured in road accidents. In case the casualty has signed three policies with DZI (for example, Life Insurance, Autocasco, and Property Insurance), he will be transported to the nearest hospital by air immediately. In case of two policies signed, the person will pay 30% of the cost of the service, and in case of one policy signed - 60 per cent.Last year was one of the most successful for DZI - Roseximbank financial group, its managers comment. The premium income has been stable. It amounts to BGN97MN in the field of general insurance, and to BGN26MN - in life insurance. The group's market capitalisation exceeds BGN200MN. The net reserves of the insurance companies amount to BGN70MN in life insurance and BGN80MN in general insurance. As to the secondary assets and secondary reserves which include investment estates - their amount goes beyond EUR1BN.The insurance companies in the group have also registered impressive growth in various categories. In the naval and aviation insurance, the group's growth reaches more than 200-300%, in the property insurance - 56%, in the car insurance - 55%, and in the category of industrial fire - 77 per cent. The compensations paid on general insurance in 2003 exceed BGN30MN, whereas the damage quota is 53 per cent. The biggest premium income for the past few years have been reported by Civil Liability Insurance. More than 350,000 policies totally worth BGN25MN have been acquired.In 2004, the company is going to offer new products in the field of property insurance, as well as two joint products with the bank - Road Assistance for holders of international bank cards, and Long-Term Life Insurance that serves as collateral for bank credits.

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