Omniasig: We lost some of our traditional comprehensive insurance clients

Omniasig, the second-largest company on the Romanian insurance market last year, will see a 25% turnover decline in RON in the first six months of this year to 500 million RON, amid a decline in demand for auto and goods insurance.

"Traditional comprehensive insurance clients, who do not have bank instalments to pay, are much more cautious when it comes to extending insurance contracts this year. This is a negative signal for the industry, with the situation to continue into the second half of the year, because of the impact of the Government's austerity measures," says Constantin Toma, general manager of Omniasig, one of the most powerful managers on the Romanian insurance market. The head of Omniasig expects the company's turnover to decline to around 500 million RON (119 million euros) in the first six months of the year, down 25% against the similar period of last year.

In 2009 Omniasig made 200 staff redundant in a cost-cutting move, and now has 1,500 employees.