The insurance market went into the red in 2006 and since thenlosses have deepened by the year. In 2009, though, major insurersseem to have had better results. Will the insurance industry revertto profit or will shareholders further pump tens of million eurosinto companies? Several top ten insurers have managed to rein intheir losses in 2009, which could lead to an improved net figurefor the insurance market or even its going back into the black,after it logged net total losses of over 900m RON in 2006-2008period. "I do not know whether the market will go back to profit,this is difficult to estimate. We have a more atypical market,insurers are more willing to make sacrifices and cut prices.Competition is fiercer than in other countries," says CristianFugaciu, general manager of Marsh, a major insurance brokerdomestically. Insurers' heavy losses of recent years have beentriggered by the rough battle for market share. "This year,insurers may have a tighter grip on expenses, it is clear 2010 willbe worse than last year. It would be normal that profit shouldimprove under the circumstances, but the problem is revenues havealso dropped quite significantly, at least in the first quarter,"Marsh manager also says.
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