CARDIF Asigurari is awaiting approval to transfer the portfolio
The life insurance company CARDIF Asigurari, a member of the financial group BNP Paribas, is in full process of transferring the portfolio to the new life insurance subsidiary established by the French group.
Thus, based on the right of establishment and free circulation of services in the European Union, BNP Paribas will activate in Romania through two branches, specialized in both segments of the insurance market: CARDIF Assurance Vie SA Paris Bucharest Branch - for life insurance, respectively CARDIF Assurance Risques Divers SA Paris Bucharest Branch - for general insurance.
The two entities are represented by Mario KOSTOV, who previously held the positions of Executive Director of BUSTRAD Life Insurance, respectively CEO of CARDIF Bulgaria.
The reason which led the French financial group to modify the structures that activate in Romania is much easier management and coordination of activities of the branches.
In 2009, the 3 CARDIF entities operating in Romania have underwritten premiums of RON 36 million. The main product sold by CARDIF is life insurance attached to consumer credit. Distribution channels of the company are banking units, respectively the non-banking financial institutions (IFNs).
"CARDIF Asigurari is at the beginning in Romania, 2009 being the third year of activity on the local market. Therefore, we recorded a significant increase of gross premiums compared to 2008, in line with our expectations. But the crisis emerging marked a slowdown of the growth rate and required a rethinking of our action plan on medium term", said Carmen BAHRIM, CEO, CARDIF Asigurari.
Also, "in 2010 we want to obtain an increase in the volume of written premiums, generated by winning new distribution partners and by the introduction on the market of new insurance products. To support the growth of premiums volume, which brings by default an increase of the claims volume, we will continue to hire new quality people and to invest in the development of the employees' training. Our plans related to Romania are long term and based on the quality of services offered to our clients by a team of competent and motivated employees", added Carmen BAHRIM.
Author: Vlad BOLDIJAR
on 01.03.2010
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