Head of VIG's Romanian operations: We'll return to growth as late as in 2011

Franz Fuchs, the Austrian who last year took the reins of VIG insurance group's business in Romania, says that the operations in this country may reach 1bn euros in 4-5 years. Vienna Insurance Group, the biggest insurer on the Romanian market, with four companies in its portfolio and a 30% share, expects its Romanian turnover to resume growth as late as in 2011, after it dropped in 2009 and the same trend is visible this year. "It is not before 2011 that we can speak of growth. It's difficult to see growth this year because car insurance depends on sales of new cars, but they are practically non-existent. The market is dwindling, and we cannot go against the market," said Fuchs in an interview with ZF. "Our strategy is to curb dependence on car market tendencies. How can we offset the decline of this market? Through property insurance, which, in turn, is more profitable," added Fuchs. In his opinion, life, accident and health insurance still have growth potential.