Insurer Omniasig last year collected $50 million in gross premiums, nearly 40% more than in 2001. The growth pace would have been faster, though, had 2002 not been such a bad year for sales of civil auto liability insurance (RCA) policies, the company officials say. Omniasig estimates to have collected gross premiums worth 1,701bn ROL last year, if taking inflation into account, which shows a 70% increase in ROL. "All in all, 2002 was better than the past years. Unfortunately, we cannot say the same about the RCA, as the tariff increase did not keep up with inflation and because of the mind-boggling discounts operated by the competition (i.e. Asirom was the first to do so and then other insurers followed suit by operating 30-40% premium cuts in last year's RCA campaign)," VP Fanel Plopeanu explained. "Consequently, we did not make any profits from RCA last year," Plopeanu added. Omniasig collected 292bn ROL in RCA premiums last year, only 25% more compared with the 236bn ROL in the previous campaign (2000/2001). As regards the other insurance segments, Plopeanu says the health insurance policies for those travelling abroad and the Green Card policies saw a significant leap. "The border opening and the rise in the Green Card tariffs led to an increase in our revenues derived from the two insurance types," Plopeanu specified. The 40% estimated revenue growth (calculated in USD), similar to the trend posted by the entire general insurance market, shows the company has preserved its market share (13%-14%). Omniasig logged 2,156bn ROL in gross premiums underwritten last year. This year marks a premiere for the insurance companies in Romania, as they have to draw up last year's reports highlighting gross premiums underwritten. Unlike the gross premiums collected (i.e. paid by the insured clients), this index shows how much money was actually undertaken to be paid for a specific insurance policy. Omniasig's main shareholder is the TBI Holding investment fund, controlled in its turn by an Israeli investment fund, Kardan, by Deutsche Bank and the European Bank for Reconstruction and Development (EBRD). ZF
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