The insurance broker Marsh reported revenues worth 4 million euros in 2006, a figure up by 20% compared with 2005, whereas the market's growth pace exceeded 30% over the same period.
"On one hand, the surge in revenues was triggered by the increase in the services we provide to our customers and by the general market growth. On the other hand, at the same time, there was growth both in quality and quantity," said Cristian Fugaciu, general manager of Marsh. The company underwrote gross premiums worth 30 million euros last year, seeing a 20% rise against its figures for 2005.
"The professional liability insurance and managers liability insurance, which are now mandatory for all joint venture companies, witnessed the fastest growth last year. These types of insurance, which hold a 5-10% share in our portfolio witnessed a 30% increase last year, and we expect this year they will see an even bigger growth," Fugaciu also stated. The car insurance and the insurance of goods hold the largest shares in Marsh's portfolio, namely 45% and 25% respectively.
"Car insurance will continue to hold a significant share in total sales this year and the employee benefits insurance (accident insurance, life insurance, health and pension insurance i.e) are likely to see a rise as well. We also expect the consultancy services will grow considerably," said the general manager of Marsh. The company set up a department of risk consultancy last year, which assesses risks the companies may face and helps the managers identify these risks.
Marsh numbers 40 employees in three offices based in Bucharest, Cluj and Timisoara. "We will not change the offices this year but we intend to increase our staff by 10-15% depending on the company's growth throughout the year," added Fugaciu. He believes the brokers underwrite 20% of the insurance policies on the domestic market, namely contracts worth over 320 million euros in 2006.
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