Austrian insurer Vienna Insurance Group (VIG), which controlsOmniasig, Asirom, BCR Asigurări and BCR Asigurări de Viaţă on theRomanian market, underwrote gross premiums of 536 million eurosfrom operations conducted in Romania, 12.8% less than in 2009.Financial data are preliminary, having yet to be audited.
The company's turnover was affected by the decline of grosspremiums underwritten on the general insurance segment, which fellby 16%, while life policies went up by 8.2%. General insurancepremiums amounted to a total of 442.5 million euros, while lifeinsurance premiums reached 93.5 million euros.
"The increase of life insurance businesses can be largelyattributed to distribution of its products through the bankingchannel," reveals a report of the Austrian group. The growth wasachieved by BCR Asigurări de Viaţă, which sells its life insuranceproducts with a savings component through the network of BCR, thebiggest Romanian bank, with around 4 million customers. Theinsurer's sales went up last year thanks to a savings product witha single premium and capital guarantee. In fact, the aggregate 3%growth recorded on the life insurance market in the first ninemonths of 2010 was driven by single-premium insurance launched byseveral companies, while most players recorded declines.
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