Loading ...The insurance market looked hectic in the first half of the year, several ompanies recording spectacular ups and downs in the players’ classification.
The most unexpected evolutions had the insurers controlled by the Romanian Commercial Bank (BCR); whereas BCR Life Insurance climbed rapidly to the top position of the profile classification, the general insurance company recorded a significant reduction in its business, sliding to the mid-top after, last year, it was one of the leaders, Ziarul financiar reports.
In general insurance, Allianz-Tiriac continued to hold the top spot, but lost some 2.7% of its market share, accounting for approximately 18%. The subscribed gross premiums on the general insurance market stood at almost 176 million euros in the first half, a slight drop in euros compared to the same period of last year.
Omniasig, a company member of the Austrian Vienna Insurance Group, ranks second in the classification of general insurance companies, the same as in the first half of last year. Omniasig knew a fast growth of its market share, of some 5 points, up to 17.2%,under conditions in which its business surged 58%, up to 167.5 million euros.
Asirom climbed on the third spot, from position four at the end of 2007. As such, Asirom replaced BCR Insurance, which reported a sudden decline in business in the first six months of the year, by some 33%, occupying the fifth spot in the classification.
BCR Insurance, company undergoing a takeover process by Vienna Insurance Group, "at package" with BCR Life Insurance, concluded the first six months with business of 69.5 million euros compared to some 104 million euros in the same period of 2007.
Mihai Tecau, BCR Insurance CEO, explains this reduction through the renouncing to the credit insurance (financial risk) operations, the company mainly concluded with the parental bank. These polices are bought by the banks and other financial institutions in order to cover the risk of clients failing to repay the respective loans. In the past years, damage covering in the case of this type of policies surged a lot.
BCR Insurance profit stood at 1.9 million euros (7 million lei) in the first half, whereas the general insurance market share narrowed by almost five points, to 7.1%.
Unita climbed on the fourth spot in the top of general insurance companies, with subscribed gross premiums in excess of 73.7 million euros, up 4%. The company ranked sixth in this classification in the first half of last year. At the end of the first half this year, Astra-Uniqa ranked sixth in this top (68.5 million euros), a spot higher, whereas Asiban landed on the seventh spot, compared to the fifth spot on the general insurance market in the first half of 2007.
Ardaf succeeded to climb from the tenth spot to eight, after it recorded a spectacular hike in its business, of 144%, mainly based on the mandatory civil liability car insurance (RCA). Generali and BT Insurance climbed down a spot, ranking 9th, respectively 10th in the classification.
Just four general insurance companies in Top 10 recorded increases of their market shares in the first half as against the same period in 2007: Omniasig (5.18 points), Astra-Uniqa (0.57 points), Ardaf (3.32 points) and BT Insurance (0.07 points). The following companies reduced their market shares: Allianz-Tiriac (-2.7), Asirom (-0.01), Unita (-0.49), BCR Insurance (-4.66), Asiban (-1.37) and Generali (-0.74).
As for the life insurance players’ classification, it looked somewhat calmer in H1, the only spectacular movement being that of BCR Life Insurance, jumping on the third spot after, in the first half of 2007, it ranked seventh. The company boosted its business by 54% in euros, up to 17.2 million euros, accounting for a market share of 7.4%, up almost 2%.
Leader on the market, ING Life Insurance reported in this period a slight growth of the subscribed gross premiums, of some 5%, below the market, which led to the erosion of its market share by some 2.6 points, to 32%.
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