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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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