Acquisition of BCR insurers brings VIG's market share to over 30.5%

The insurance market, which reached 2.4 billion euros last year, is dominated by four major groups: VIG, Allianz, Groupama and Generali PPF, which have an almost 70% cumulated market share. Vienna Insurance Group (VIG), the largest player on the insurance market, boosted its market share by around 2% following the acquisition of BCR's insurance division, to 30.5%. VIG, which holds Omniasig, Asirom, Omniasig Life, BCR Asigurari (BCR Insurance) and BCR Asigurari de Viata (BCR Life Insurance) reached overall business worth over 734 million euros on the Romanian market, compared with 612 million euros in 2007, an around 20% increase. In 2007, when the group held Unita and Agras, the market share amounted to 28.5%. "It wouldn't be healthy for the insurance market if one player had an over 30% market share, but VIG's companies are not consolidated, they act independently and often compete among themselves," says Bogdan Andriescu, general manager of insurance broker EOS Risq and president of UNSICAR.