Two years of crisis... And counting...
September 15, 2008 - the day of the LEHMAN BROTHERS bankruptcy officially
marks the onset of what some analysts call the greatest economic crisis
in history
September 15, 2010 - two years later, the effects of the largest financial downturn
in history are still being felt, given that the global economy tries to find
the road to economic recovery...
The "rollers" that followed the
fall of the Wall Street colossus have also affected Romania, even if, in autumn
of 2008 and
spring of 2009, the optimism characterized both authorities and top
analysts.
Crisis... It seemed too ugly a word for a reality so beautiful
as the economy of Romania...
But it was the reality of a hard landing that has awaken all from dreaming.
Romania's economy collapsed in 2009 with 7%, and this year's GDP will
drop by another 2%.
The insurance market has also felt the full shock
of a sudden braking, as the volume of underwritings has decreased significantly.
Even more,
looking at present figures, we notice how the economic contextual crisis
overlaps - as in the national economy - the conceptual crisis in insurance.
When
we say conceptual, we are referring to a structure dominated by the
motor class, that shows us now the deficits of a system that
seems shaped so that all shareholders bring money from home.
In the
years of economic boom, the measures for structural change in the construction
of the market have been delayed. Now, the reasons
do not matter anymore. Currently, we only think what will be the effects...
and, occasionally, about the solutions...
To end in an optimistic note,
we recall the quoting of an illustrious analyst, a historically proven
fact: "Economic crises have a common
feature, which stops people from going crazy: they come and they go".
Important are the lessons which remain after them...
Author: Mihaela CIRCU
on 23.09.2010
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