The insurance market saw a 4.4% decline in the first four monthsof the year, to 3.13 billion RON, according to the InsuranceSupervisory Commission (CSA). The market is therefore continuingits decline, with gross premiums underwritten down 5% in the firstquarter.
"General insurance saw the biggest decline, for multiplereasons, but the main one was that auto liability insurancepremiums underwritten did not rise in line with expectations," saidAngela Toncescu, chairperson of CSA, at a seminar organised by theNational Association of Insurance and Reinsurance Companies(UNSAR).
Overall general insurance underwritten premiums fell by 6.6% inthe first four months of the year compared with the similar periodof 2009, to 2.4 billion RON. Life insurance rose 6%, with premiumsunderwritten reaching 555 million RON. 2010 is the first year ofcrisis for the insurance sector, after the market stagnated lastyear.
Insurers settled 1.8 billion RON in overall claims in the firstfour months of the year, 13.6% less than in the similar period oflast year. Claims settled for general insurance amounted to 1.6billion RON, down 13%, and to 198 million RON for life insurance,down 16.7%.
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