The frequency of claims settled by insurers involving six oreven seven-digit sums has risen in the past two years, which suchclaims being usually registered for real estate insurance policiesor professional liability insurance, says Cristian Fugaciu, generalmanager of Marsh, one of the biggest brokers on the domesticmarket, specialised in corporate clients.
"The claim increase started being felt as early as 2008. Thebiggest claim settled this year for a Marsh brokered policy wentbeyond one million euros and was settled for a banking sector fraudcase. We registered two claims of above 1m euros in 2010, but therewere several payments of hundreds of thousands of euros each,"Fugaciu stated.
Marsh head expects the insurance market to end this year in linewith the pace of the first nine months, when a decline of above 5%in gross underwritten premiums was registered, to 6.3bn RON (1.5bneuros).
In 2011, he expects the market to stall or post a single digitincrease at the highest. Marsh expects to end this year with around5% higher turnover from 2009, when it handled gross premiums worth200m RON (48m euros). For 2011, the broker forecasts flat turnoverfrom 2010.
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