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Crisis reaches insurance market

Crisis reaches insurance market
25.05.2010, 18:00 10

Insurance companies have started seeing their turnovers tumblethis year, by two-digit rates, after the market stagnated lastyear, and estimates for the end of 2010 are not upbeat at all.Cristian Constantinescu, chairman of UNSAR (Insurers' ProfessionalAssociation), forecasts an over 10% market decline, but theInsurance Supervisory Commission (CSA) expects the market tostagnate. Most insurers last year posted one-digit declines or flatgross underwritten premiums, but the first quarter brought themturnover decreases by as much as 30%. "2010 is likely to be themost challenging year for the economy after '89, and first quarterinsurance market figures are clearly showing the market moved intandem with the economy. Recent events justify our forecasts thatthe situation will not improve in the following period. The stepsannounced by the government will hurt investments and consumption,which will delay market recovery," Constantinescu stated.

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