Insurance companies' underwritten premiums fell by 5.7% lastyear, to 8.36 billion lei (1.98 billion euros), because of lowersales of auto policies, according to data of the InsuranceSupervisory Commission (CSA). The insurers' business returned tothe 2007 level, when they first exceeded the 2 billion-euro mark.
Estimates for this year show the insurance market is most likelyto stagnate or register 1-2% growth.
"The underwriting activity was affected by the start of thecrisis and I expect that, as the economic context improves, themarket will return to growth," said Angela Toncescu, CSAchairperson.
The decline of the insurance market deepened in 2010,considering that in the previous year the decline amounted to lessthan 1%, the main reason being the decline of car sales and ofleasing activities, which generated lower underwriting on thecomprehensive insurance policy segment.
Revenues derived from policies underwritten on the generalinsurance segment fell by 7.5% last year, to 6.7 billion lei (1.6billion euros). Comprehensive policies account for 37% of thisinsurance segment, with the value of such policies falling by 25%in 2010, to 2.5 billion lei.
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