Groupama, one of the biggest insurance companies on the Romanianmarket, which resulted from the merger of insurers Asiban, BTAsigurari, and OTP Garancia, relies on bancassurance partnershipsthis year, one of the main growth drivers in a year when the marketis faring very poorly, says Denis Rousset, the company's generalmanager.
At present, Groupama has contracts sealed with BRD, OTP, CEC,and Banca Transilvania banks.
Partnerships with banks fetch 27% of Groupama's business, ahigher ratio than before. The share of own agents in the overallbusiness is 26%, less than before, while brokerage (29%) and directsales (18%) are stagnating.
In the first quarter of this year, Groupama (held by the Frenchgroup by the same name) saw its underwritten premiums down 10%, to194.6 million RON (46 million euros). General insurance totalled178.6 million RON, with the remaining contracts being lifeinsurance policies. Claims settled by Groupama amounted to 158million RON.
"The market is very difficult, unemployment has risen, while thestandard of living has fallen. (...) People are no longer buyingcars, the decline in car registrations is incredible, leasing isnot budging, neither is lending, there are no new plants openingup, while many SMEs are closing. Under the circumstances, newbusiness is close to zero," Rousset told ZF in an interview.
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