The ten largest insurance companies reduced their headcount by1,400 people during 2009, namely 10% of the total, in a bid tobring down costs amid turnover declines. Gross underwrittenpremiums of the top ten insurers on the domestic market dropped by4% last year, to 7.5bn RON (1.77bn euros), but the reduction in thenumber of employees was steeper, by 10%, from 14,660 in 2008 to13,260 in late 2009. 2009 was the first year when insurersundertook extensive restructuring moves, with some of themrenouncing even half of their employees, in line with datapublished by companies and data provided by the National Office ofthe Trade Registry. "This is the first time insurers embarked uponmajor restructuring moves, 10% is a high percentage. When yourturnover goes down, you realise you're oversized," says BogdanAndriescu, chairman of UNSICAR (the professional association ofinsurance brokers). Almost half of the employees that vanished frominsurers' payrolls are from Ardaf, which last year cut its numberof employees from 1,400 to 760.
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