After the financial results for January-September 2008 were made public, the local insurance market leader is still uncertain, with Q3 of the year likely to cast light on the matter.
The 2009 RCA campaign (third-party liability auto insurance) could bring about a change in insurance market leader in the last quarter of this year, a position held since 2002 by the Allianz-Tiriac insurer. After announcing its results for January-September 2008, Allianz-Tiriac is once again at the top, with a volume of gross subscribed premiums of over 285 million euro.
The Vienna Insurance Group-owned Omniasig is second, with gross subscribed premiums in the first three quarters worth 252.4 million euro.
The Vienna Insurance Group-owned Omniasig is second, with gross subscribed premiums in the first three quarters worth 252.4 million euro.
According to Business Standard daily, Omniasig announced a 48.74% rise in gross subscribed premiums [Ed. n. growth was calculated on the lei-denominated value] compared to year-on-year, which constitutes an advance of almost double compared to the general evolution of the insurance market estimated for the first three quarters.
The growth reported by Omniasig was sustained by a surprising evolution on the property insurance segment, which rose 98.51% compared to September 2007, according to company figures.
The growth reported by Omniasig was sustained by a surprising evolution on the property insurance segment, which rose 98.51% compared to September 2007, according to company figures.
The property-type insurance (against flooding and natural calamities) brought 118.88 million lei. Moreover, the farm insurance segment went up to 430%, up to 6.38 million lei.
“The significant growth of the property segment over January-September 2008 is the result of Omniasig’s policy to diversify the portfolio with a view to diminishing the share of car insurance.
This policy will also be applied by the company in the future,” company representatives told Business Standard.
“The significant growth of the property segment over January-September 2008 is the result of Omniasig’s policy to diversify the portfolio with a view to diminishing the share of car insurance.
This policy will also be applied by the company in the future,” company representatives told Business Standard.
No-fault insurance also registered significant growth, of 82.87%, while RCA insurance rose 20.89%. The battle for third-party auto insurance takes place at the end of the year, and this insurance could change the positions held by Allianz-Tiriac and Omniasig. While the current market leader presently has a more reserved policy in terms of auto insurance, Omniasig has been aggressive in its strategy in the past few years for auto insurance, aiming to raise its market share.
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