Life insurance companies, which saw their business fall for thefirst time last year, by 10% on the overall market, are preparingfor another difficult year, with the market expected to eitherstagnate or see a slight rise in 2010.
Over the last ten years, 2008 excluded, life insurance salesonly recorded rises, mostly double-digit ones, with last year'sdecline coming amid an increase in the unemployment rate, cuts inemployees' benefit budgets, and the collapse of lending.
"I expect the insurance market to grow by 5% in 2010, but itwill be more difficult for the life insurance market because it hasto make up for last year's decline. I expect life insurance toamount to the 2008 level in 2010," said Angela Toncescu,chairperson of the Insurance Supervisory Commission (CSA). In 2008overall premiums underwritten on the life insurance market amountedto 1.87 billion RON (508 million euros).
The CSA chairperson says this year clients will focus ontraditional life insurance policies, where the insured does notcarry the investment risk.
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