Major European groups have resumed market share growth on the motor segment
The cumulated value of gross written premiums on motor insurance in the first half of 2011 of member companies of the major European insurance groups present in Romania (ALLIANZ, GENERALI PPF, GROUPAMA, VIENNA Insurance and UNIQA) was EUR 372.2 million. The figure represents 72.3% of all businesses registered in the motor insurance market (Motor Hull, MTPL and Green Card, added up), up 3 percentage points compared to the first six months of 2010. Last year, the market share of major profile groups had descended dramatically to 69%, from 80% a year before.
However, compared with the situation for the first half of 2010, when the same companies registered a volume of underwritings from motor insurance of EUR 442.8 million, there was a nominal decrease in EUR of 15.9%.
VIENNA Insurance Group holds the largest share - 35.74%, up from 28.1% in 1H/2010, all three member companies - OMNIASIG, ASIROM and BCR Asigurari - being found in leading positions in the hierarchy based on the volume of underwritings. Cumulated, the motor insurance businesses of the three companies have slightly increased, by 2.19%, to over EUR 184 million, mainly due to doubling the ASIROM business on the MTPL segment.
The second position in the hierarchy of insurance groups is occupied by ALLIANZ, with a market share of 13.55%, down from the first half of 2010, when it was 14.41%. Motor insurance businesses of the company were 69.8%, compared to 92.4% in 1H/2010.
Underwritings from motor insurance, of EUR 49.5 million, 23.7% lower than in the same period a year earlier, brought the French group GROUPAMA a share of about 9.6% after the first semester on the Romanian profile market.
The first half of 2011 brought the GENERALI PPF Holding companies (ARDAF and GENERALI Asigurari, recently merged under the name of GENERALI Romania) a volume of underwritings from motor insurance of EUR 30.7 million (5.97% of total market), a nominal decrease in euro by 49%, compared to 1H/2010. The company said when announcing the results that the decrease was assumed, arguing that "the technical profitability was carefully watched, so as to maintain quality service for our customers".
Regarding the Austrian group UNIQA, it ended the first six months of this year with business on the motor insurance classes worth EUR 38.2 million, 16.05% below the level corresponding to the same period in 2010 and with a slight increase of market share, at 7.41%.
The total volume of gross written premiums on motor insurance in 1H/2011 was EUR 515 million, a nominal decrease in EUR of 19.7%.
Author: Andreea IONETE
on 03.10.2011
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