Comprehensive and auto liability insurance policies account for 75% of the general insurance market, with gross underwritten premiums worth 730m euros.
The insurance market went beyond 4.42bn RON (1.2bn euros) in the first half of the year, up 22.3% against the same period last year, according to the data released by the Insurance Supervision Commission (CSA). In euros, the increase amounted to 11%.
The number of ongoing insurance contracts at the end of the first half stood at over 8.76 million. "First-half figures indicate a stable and growing insurance market, which, in my opinion, also reflects the rising confidence of insurance product consumers," stated Angela Toncescu, CSA chairperson.
In general insurance, gross underwritten premiums reached 3.57bn RON (973.4m euros) in the first six months and accounted for 80.8% of the overall market. The general insurance market climbed by 21.7% in RON in the first half.
Gross indemnities paid for general insurance policies rose by 24.1% in first half a little faster than the market and reached 1.89bn RON (514.7m euros). Insurers' expenses related to claims account for almost 53% in gross underwritten premiums.
According to CSA data, the biggest general insurer at the end of the first half was Allianz-Tiriac (175.9m euros), followed by Omniasig (167.5m euros), Asirom (96.3m euros), Unita (73.7m euros), BCR Asigurari (69.5m euros), Astra-Uniqa (68.5m euros), Asiban (66.5m euros), Ardaf (59.2m euros), Generali (46.2m euros) and BT Asigurari (43.1m euros).
The top ten general insurers concentrate 89% of gross underwritten premiums on this segment, whilst their value stands at 866.4m euros.
On the segment of life insurance, companies' turnover climbed by almost 25% and reached 849.9m RON (231.6m euros) in late June, after the growth rate surpassed that of general insurance.
Gross indemnities paid by companies for life insurance stood at 101.6m RON (27.7m euros) in the first six months, up 13% against the same time in 2007. The top 10 companies by life insurance revenues are ING Asigurari (74.5m euros), AIG Life (38.2m euros), BCR Asigurari de Viata (17.2m euros), Asiban (16.1m euros), Allianz-Tiriac (14.5m euros), Asirom (13.3m euros), Aviva (12.3m euros), Grawe (11.7m euros), Generali (11.6m euros) and Omniasig Viata (7.7m euros).
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