The life insurance market will stagnate this year and in 2011and is to register slight increases of 2% and 4%, respectively, in2012 and 2013, according to the estimates of Dutch group Eureko,with operations in the field of life and health insurance andprivate pensions domestically.
"We believe the market will stall through 2011 as under the currentcircumstances, when incomes are falling, people are reluctant tobuy financial products. Moreover, insurance policies are still seenas luxury products," stated Shaun Russel, commercial manager ofEureko. He believes the insurance market will not return totwo-digit annual increases before 2017.
Gross underwritten premiums on life insurance segment dropped by15% in the first half compared with a year ago, to 15.2m RON. Onthe health insurance segment, where Eureko leads with a share ofaround 44%, the value of gross underwritten premiums in the firsthalf went down by 8%, to 4.5m RON.
The company's officials expect turnover decline on the two segmentsto slow down to 7% on the entire 2010, as the transfer of KD Lifeportfolio to Eureko will be finalised late this month, but alsobecause of the rising number of sold unit-linked policies.
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