ASTRA Asigurari is the new market leader!
 ASTRA Asigurari is the new leader of the Romanian insurance market, according to preliminary results centralized by INSURANCE Profile for the first quarter of the current year.
The business conducted by ASTRA Asigurari in the analyzed period positions the company at a comfortable distance from other competitors. Full rankings will be published in Number 2/2010 of the Review that will be launched at FIAR 2010.
The new leader of the market underwrote in the first quarter of the year gross premiums worth over EUR 80 million, up nearly 72% in European currency compared to the results of the similar period of last year. Basically, ASTRA recorded EUR 33 million more than the amount registered in the first three months of 2009.
"The position we won is the result of a mix of factors that we managed to exploit based on a strategy developed some time ago. This approach allowed us to exploit the opportunities of last year. It is the achievement of a Romanian company with entirely Romanian management, and this makes me proud. We have offered to our customers the products they needed in a difficult economic context, and the results can be seen. Unfortunately, this growth takes place amid a falling market", said Radu MUSTATEA, President of the Board, ASTRA Asigurari.
The company underwrote on the MTPL segment EUR 49 million, nearly four times more than in the same period of last year. According to company leader, these results are the effects of a strategy on a market where price and company reputation are the main criteria for aquisition.
"The increase on the MTPL came naturally, as a result of good positioning. We have offered customers a good price based on actuarial calculations. We have offered to the market competitive products and we have achieved a healthy growth. Our MTPL portfolio focuses mainly on retail contracts, that bring little claims", commented Radu MUSTATEA.
"To those who think that we are running after market share at any cost, I say that ASTRA Asigurari, the only 100% Romanian company from Top 10, does chase the market share, but a market share healthily achieved", MUSTATEA completed.
19.4% of underwritings made by ASTRA Asigurari in the analyzed period come from property insurance. The growth on this segment was 9% in European currency, gross written premiums totaling EUR 15.6 million. "The figures recorded on the property segment may seem a bit diluted in the portfolio structure, due to growth on the motor segment. Results of recent campaigns for household insurance will be seen in the second and third quarter of 2010. I am optimistic regarding the evolution in the next months", said the President of ASTRA Asigurari.
The effects of the leasing market diminishing were felt by ASTRA, too; therefore, Motor Hull insurance registered a decrease in European currency of about 26%, from a value of EUR 15.6 million in Q1 2009, to EUR 11.5 million in the same period this year. Motor Hull insurance holds a share of 14.4% of the company's portfolio. Radu MUSTATEA says: "As all companies in the market, we made no exception from the effects of the leasing market decrease. Under these circumstances, on the Motor Hull segment, we refocused and released 4 new types of products, and the revival on this segment has already started to make its effects felt".
According to preliminary results of 2009, ASTRA ranks 4th in the market, with a share of almost 9% and underwritings totaling almost EUR 188 million.
In the first quarter of 2009, the company owned a 8.15% market share and underwrote nearly EUR 47 million.
Author: Alex ROSCA
on 10.05.2010
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