Marsh: Insurers settle claims of hundreds of thousands of euros more often
The frequency of claims settled by insurers involving six or
even seven-digit sums has risen in the past two years, which such
claims being usually registered for real estate insurance policies
or professional liability insurance, says Cristian Fugaciu, general
manager of Marsh, one of the biggest brokers on the domestic
market, specialised in corporate clients.
"The claim increase started being felt as early as 2008. The
biggest claim settled this year for a Marsh brokered policy went
beyond one million euros and was settled for a banking sector fraud
case. We registered two claims of above 1m euros in 2010, but there
were several payments of hundreds of thousands of euros each,"
Fugaciu stated.
Marsh head expects the insurance market to end this year in line
with the pace of the first nine months, when a decline of above 5%
in gross underwritten premiums was registered, to 6.3bn RON (1.5bn
euros).
In 2011, he expects the market to stall or post a single digit
increase at the highest. Marsh expects to end this year with around
5% higher turnover from 2009, when it handled gross premiums worth
200m RON (48m euros). For 2011, the broker forecasts flat turnover
from 2010.