Romanian Insurance market could reach EUR 2.4 billion in 2008
During the first six months of this year, the insurance industry grew
by 11%. The profile companies has a rise business development due to the contribution of motor insurance, property insurance and life
insurance, while the credit line dropped down with EUR 46 million
during the same period. The dynamics registered in the first six
months makes us believe that by the end of this year total profit
could reach EUR 2.4 billion.
In the first half of this year the insurance market reached EUR 1.2
billion with 11% more than the same period of 2007. This number represents
56% from total gross written premiums in 2007.
The insurers subscribed EUR 120 million more than market value in the
same period of last year. Total growth value of subscriptions was EUR
170 million. The classes that contributed the most at this growth are:
CASCO insurance (EUR +95.95 million), fire and allied perils insurance
(EUR +28.46 million), life insurance (EUR +27.45million) and RCA insurance
(EUR +16.26 million)
The loss in the analyzed period is almost EUR 58 million.The most important
loss was recorded on credit insurance (EUR -46.03 million). In the
subscription structure on insurance classes aren't any major
changes, except 2 of them. Motor insurance CASCO registered 4.7% from
the total subscription and 4.5% loss for credit insurance. Now CASCO
insurance holds 37.7% and credit insurance 2.4%.
61% subscription means 85% claims
During the analyzed period the insurers paid EUR 549 million for claims. The
dynamics of the indicator was +12% in as comparing with same period of 2007.
Motor insurance brought 85% from the claims value. CASCO and RCA hold 60.7%.
The claims paid by motor insurance registered EUR 461 million and EUR 732 million
for motor subscription.
Author: Alex ROSCA
on 19.08.2008
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