CIG Romania aims for underwritings of EUR 6 million at the end of 2010
The date of October 1 marks the launch of a new player on the Romanian life insurance market. CIG Romania will operate as a branch of CIG Hungary (Central European Insurance Group), based on the right of establishment (the European passport), according to company officials.
CIG Romania will operate exclusively on the life insurance segment, and has already launched the first product in July - OPTIM - Unit Linked Life Insurance. Up to date, for this product there were signed 126 contracts, with an average premium of EUR 420 (note - equivalent to underwritings of almost EUR 53 thousand).
By the end of the year, CIG Romania expects underwritings of EUR 1.8 million, following that, at the end of 2010, the volume of gross written premiums will reach EUR 6 million, according to statements of Ovidiu DAN, CEO of the company.
Up to date, the CIG investment in Romania amounts to EUR 670 thousand (note - the share capital is not included in this amount). Meanwhile, the company aims to further invest over EUR 3.6 million in the development of the territorial network and of the partnerships with brokers. We mention that CIG Romania has opened, untill now, 13 regional agencies, following that, by the end of 2009, it will create another 24.
CIG Hungary was founded in the spring of 2008 by a number of 43 individuals. In the first year of activity, CIG became the leader of the unit-linked market in Hungary, according to company officials. Extension in Romania is part of a broader plan, which will include countries such as Bulgaria, Serbia and Ukraine.
Author: Mihaela CIRCU
on 02.10.2009
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