The insurance market amounted to 10,200bn ROL in the first five months, up more than 40% in nominal terms compared to last year. If this pace maintains, the market will come to total 23,300bn ROL in 2003.
This means that, should the dollar reach an average exchange rate of 33,000-34,000 ROL in 2003, as suggested by the developments on the foreign currency market so far, the insurance business will amount to $680-$700 million this year. However, the actual growth, inflation exclusive, is of about 25%.
"The revenues of the Insured Protection Fund (0.8% of the gross premiums collected - i.e.) show the gross premiums collected by the entire market went up 40% in the first five months," said Nicolae Crisan, chairman of the Insurance Supervision Commission (CSA).
Regardless of this growth, however, the insurance market is still lagging behind the banking market, which sees a ten times higher business volume, unlike the mature financial markets, where insurance and banking are equal.
If looking at the growth structure, the insurance market does not stand chances of catching up with banks too soon. The data show the market boom that began last year maintains because of the increase in the banking operations, i.e. in lending to be precise, due to the interest decline.
Most of the surplus demand is due to the retail segment: life insurance, home insurance, credit and warranty insurance and insurance against financial losses as well as full auto insurance, as explained by officials of insurance companies. sorin.pislaru@zf.ro
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