BCR Asigurari underwrites RON 262 million in H1
BCR Asigurari has concluded the first half of 2008 with a volume
of gross written premiums of more than RON 262 million (EUR 71.37
million), the BCR press release announces. Compared to the first
half of 2007, the insurer noted a 24% reduction of the volume of
underwritings, while obtaining very good results regarding profitability,
over RON 7 million, as a result of changing the direction towards
an activity of qualitative underwritings.
Thus, BCR Asigurari aimed to promote products that allow business development
in terms of solvency and profitability and to reduce underwriting products
less profitable, this shift generating considerable changes in the
structure of the insurance portfolio.
"We started to redirect our business, so that the diversification of
the portfolio of products will continue. An offer more complete, flexible
and adapted to the market demands and needs of individual customers
is helping us differentiate ourselves on the current insurance market.
We are trying to revive our portfolio and to consolidate our position
in the corporate and leasing segments" the executive leadership
of BCR Asigurari stated.
In comparison with the same period of last year, fire insurances and
calamities have recorded an increasing share in the company's portfolio,
from 8% to 14%, recording an increase of 38% compared to same period
of 2007. Meanwhile, the accident insurances have increased by 14% compared
to same period a year earlier, and the general third part liability
insurances have recorded a 24% increase compared to the first six months
of the previous year.
"We found solutions to improve the efficiency of the company,
even if the market recorded a tendency to increase the damages. Thus,
the company
has recorded remarkable results in some classes of insurance products
such as shipping insurances, railroad insurances or property insurances." the
BCR Asigurari officials noted.
At the end of March 2008, the Austrian banking group ERSTE announced
the sale of their insurance operations in Central and Eastern Europe
to VIG, for EUR 1.44 billion. The transaction by which VIG is going
to buy the majority stake in ERSTE's BCR Life and BCR Asigurari
has received the approval of the European Commission in the last half
of June 2008.
Author: Andreea IONETE
on 20.08.2008
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