Theodor ALEXANDRESCU, General Manager, AIG Life
For AIG Life, 2007 was the best year the company had in Romania so far. We have registered an important growth. According to the results registered in the first three quarters of 2007, we are the most profitable life insurance company on the market, and we hold an honorable second place.
XPRIMM: How would you characterize the evolution of AIG Life in 2007,
quantity-wise and quality-wise?
Theodor ALEXANDRESCU: For AIG Life, 2007 was the best year the company
had in Romania so far. We have registered an important growth. According
to the results registered in the first three quarters of 2007, we are
the most profitable life insurance company on the market, and we hold
an honorable second place. We are in graph with our plans, because, since
we entered Romania, we had a ten years strategy and we also have big
plans for the next ten years for the Romanian market. 2008 has all the
premises to determine a growth as big as this year's. We intend to keep
our position as leaders in growth and profitability terms on the market
segment we are active on.
XPRIMM: What are the challenges you are expecting for this year, on
the life insurance market?
T.A.: We believe that in 2008 the Romanian life insurance market
will continue to grow. The evolution will be strengthened by the Second
and Third private pensions Pillar. The people already understand that
they have to increase their income after retirement, for a better standard
of living. On short term, many persons will feel the need of life insurance
and also the advantages provided: protection, capital accumulation and
investments. Through a well prepared sales force, AIG Life will contribute
to the education of Romanians, because their risks are to be taken by
a powerful financial organization.
Nevertheless, the major challenge in 2008 might be convincing people
that choosing a pensions plan through life insurance will cover the financial
problems for an individual and his family. By the means of continuous
communication with the potential customers, they will get to understand
the difference between a pensions plan, which basically offers accumulation
of capital, and a life insurance that, besides the accumulation of capital,
offers many other protection advantages against unpredictable events
XPRIMM: What measures, do you think, must be taken in order to stimulate
the development of this sector?
T.A.: The legislation should allow deductibility also for life insurance,
so that the employees to be encouraged to insure their revenue, family
and life. At the time being, the Romanians are not stimulated to buy
life insurance products.
Furthermore, for a better understanding of this field, which is still
undeveloped in Romania, the authorities should initiate a plan of communication,
in which the major players on the market must be involved.
XPRIMM: Do you consider that the private pension's debut will influence
also the life insurance market?
T.A.: The private pensions already had an important impact in the
growth of interest towards what is a life insurance and what is its purpose.
We can obviously say that the implementation of the Second Pillar has
been the reason of many interesting debates about life insurance, between
the insurance agents and their potential clients. 2008 represents the
moment when these discussions will start to transform themselves into
XPRIMM: Thank you!
Editor: Mihaela CIRCU
| Published on 13.03.2008