Business of more than RON 80 million for AIG Romania in the first nine months
The general insurance company AIG Romania finished the first three quarters of the year in a slight decrease compared to the similar period of time of 2007, as the volume of business dropped down from RON 81.46 million to RON 80.52 million. Regarding damages to property insurance, the product that dominated the AIG Romania portfolio, the decrease was more significant, of 6.2%, as the volume of gross written premiums in this class was RON 51.43 million (RON 54.8 million in Q3/2007).
Instead, the company has slightly increased on the classes of fire and natural calamities insurance, up to almost RON 15.3 million, as well as on the general liability insurance where the volume of underwritings amounted to RON 6.34 million.
Also, the amount of damages paid by AIG Romania in the period January-September 2008 raised to RON 4.77 million, of which almost 62% (about RON 2.94 million) are related to the class of damages to property insurance.
AIG Romania, the 14th player on the profile market in Romania in the year 2007, will become in 2009 a branch of the French company AIG Europe, so that the Romanian insurer will fall within the incidence of the supervisory authority from France, where AIG Europe has its headquarters.
However, the internal structure of the Romanian company, as well as the number of employees, will not change, according to the declarations of Mihnea TOBESCU, the General Director of AIG Romania.
AIG Europe has already notified CSA that it intends to activate on the Romanian market based on the right of establishment, along with other 7 companies such as COFACE, EULER HERMES, QBE Insurance, the division of health insurance of MEDICOVER Sweden, a company eminently specialized in motor insurance (PORSCHE) and entities of the CARDIF group.
Author: Andreea IONETE
on 26.11.2008
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