The first half of this year was the most difficult ever forinsurers, with most of them seeing their business decline for thefirst time. However, there are also a few top ten companies thatposted double or even triple-digit growth, according to the datacentralised by ZF.
Top of the ranking on the insurance market (general plus lifeinsurance) is again Allianz-Tiriac (676 million RON business, down3%), followed by Omniasig (596 million RON, down 3%), a company ofAustria's Vienna Insurance group. Number three is surprising, asthis is the position grabbed by Astra (411 million RON or 98.2million euros, 62% increase), an insurer controlled by businessmanDan Adamescu, which had been number four in the first quarter andhas since displaced Asirom.
Asirom has not published its first-half results. Considering itposted 13% decline in turnover in the first quarter, the volumeestimated for the first six months is 361 million RON (86 millioneuros), 10% lower than in the first six months of 2008.
On the other hand, the insurers that posted two-digit growth ofthe gross premiums underwritten include Astra, BCR Asigurari,Generali and EuroIns (formerly Asitrans).
"Last September, when we saw the crisis coming, we decided tohave a strong retail presence. We developed extensively on the autoliability segment, because of rates and of the very good workingrelationship with brokers. By the end of the first half, the autoliability insurance (RCA) had reached 80% of the gross premiumsunderwritten, but we have raised rates and reduced the share to 60%over the last two months," says Andrei Gluvacov, deputy chiefexecutive of EuroIns, explaining the 250% growth in the first half,which is the highest of the market.
Auto liability and comprehensive insurance generate the highestclaims for insurers and push many of them into the red.
"Claims have kept at an acceptable level until now, they havebeen slower to increase than underwriting. We posted losses in thefirst half, mainly because of the increase in underwriting, becausewe boosted our technical reserves," Gluvacov adds.
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