Loading ...The biggest business on the general insurance segment, auto policies excluded, was run last year by Allianz-Tiriac (78.3 million euros), Omniasig (70.8 million euros), BCR Insurance (66.2 million euros), Asiban (43.8 million euros), Asirom (30.6 million euros), AIG Romania (29 million euros), Generali (27.6 million euros), Astra (22.3 million euros), Unita (20.4 million euros) and Garanta (17.9 million euros), the Insurance Supervisory Commission (CSA) informs in its 2007 report.
In contrast to the developed countries where auto insurance account for more than 50% of the market, in Romania its weight is of 75%, says Cristian Fugaciu, director general of insurance broker Marsh Romania.
He is quoted by Ziarul Financiar as saying that the “insurers and brokers who report higher growth from auto insurance (RCA and CASCO) will probably face reality when this market will stop going so well”.
He is quoted by Ziarul Financiar as saying that the “insurers and brokers who report higher growth from auto insurance (RCA and CASCO) will probably face reality when this market will stop going so well”.
“Already car sales started to decline compared to last year and auto insurance will surely slow down”, remarked Marsh Romania representative.
Last year, of the total of more than 1.71 billion euros in subscribed gross premiums in general insurance some 480.8 million euros came from non-auto insurance, such as those for homes, maritime, air transport or health care.
Apart of the life insurance companies, there are just a few companies involved exclusively in non-auto insurance. Among them AIG Romania, Gerroma, Irasig, ATE Insurance, EFG Eurolife Generale and Asimed.
Last year, of the total of more than 1.71 billion euros in subscribed gross premiums in general insurance some 480.8 million euros came from non-auto insurance, such as those for homes, maritime, air transport or health care.
Apart of the life insurance companies, there are just a few companies involved exclusively in non-auto insurance. Among them AIG Romania, Gerroma, Irasig, ATE Insurance, EFG Eurolife Generale and Asimed.
AIG is the sole medium-size company, the other players running smaller businesses, meaning that for an insurance company the auto policies represent the only way to a strong growth on the domestic market.
But it is a costly way of growing business because of the big number of auto accidents in Romania. Last year, insurance companies posted net losses of almost 76 million euros especially due to auto insurance liabilities, this being the second year after 2006 when the market was on the red.
But it is a costly way of growing business because of the big number of auto accidents in Romania. Last year, insurance companies posted net losses of almost 76 million euros especially due to auto insurance liabilities, this being the second year after 2006 when the market was on the red.
Yet it is hard to imagine an insurance domestic market without auto policies, given that they account for 75% of the general insurance segment and sustain the growth of the majority of insurers on the local market, concludes Bucharest’s daily.
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