CREDIT Europe, on the profit line
Insurance company CREDIT Europe obtained profit in less than seven months from the moment it received authorization to perform on the Romanian insurance market.
Thus, in spite of initial investment, the insurer ended on the profit line both in the first and the second month of 2008.
I think if an insurer's activity is well organized and is based on a very disciplined underwriting policy, every insurance class can make profit - this being the case of the company I am representing, which gained profit not only from insurance lines known to be very profitable (accidents insurance), profitable (credit insurance) but also from less profitable lines (like motor hull insurance)", Radu MANOLIU, Deputy General Manager of CREDIT Europe has declared.
At the end of 2007, from the total amount of gross written premiums, RON 5.75 million, property insurance held a share of 47% (RON 2.72 million), credit insurance went for 19% of the portfolio (RON 1.07 million), while motor hull held only 31% with GWP of RON 1.78 million.
In the first quarter of 2008, motor hull share went down below 20%, while total underwritings outran the figures of the end of 2007.
"We can conclude that, although the development strategy of our company is not at all oriented towards quickly gaining market share, the turnover is continuously growing every month, while respecting the profitable underwriting principle the share of the non-motor insurance classes will permanently go up in our portfolio", Radu MANOLIU added.
Author: Mihaela CIRCU
on 07.04.2008
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