Decrease in line for major insurance groups in 2009
The member companies of the most important European insurance groups present in Romania ended 2009 with underwritings of EUR 1.45 billion, a nominal decrease, in European currency, of over 16% compared with 2008, when they had cumulated EUR 1.72 billion. Thus, the contribution of large insurance groups in the total volume of gross written premiums fell by four percentage points last year compared to 2008, to 68.62%, according to Specialty Review INSURANCE Profile.
All groups recorded declines of the underwritings in European currency, situated between 23% and 7.7%, and, except GENERALI PPF, they have diminished their market share, the most important reduction in this regard being registered by GROUPAMA. This company has also had the most significant decrease of business in 2009, of 23.3%, if there are taken into account the results of OTP Garancia.
VIENNA Insurance Group still owns the largest share - 29.46%, corresponding to a volume of underwritings of EUR 622 million, nominal decrease in EUR of 14.8%. Compared with 2008, when UNITA was a member of the group, the market share of VIENNA Insurance decreased by 0.5%, although in the analyzed period there were also taken into account the results of BCR Asigurari and of BCR Asigurari de Viata. The company OMNIASIG Life was also part of the same portfolio, but at the end of the year it was sold to the French giant AXA, transaction that will be completed in the first half of 2010.
The second position in the hierarchy of insurance groups is occupied by ALLIANZ, with a market share of 14.4%, down from 15.5%, as the insurer had cumulated at the end of 2008, and with business of EUR 303.5 million.
Cumulated underwritings of the companies ASIBAN, BT Asigurari and OTP Garancia, worth EUR 209.4 million, brought to the French group GROUPAMA, on the Romanian profile market, a market share of around 9.9%, down by almost 3 percentage points compared to the previous year.
Also, 2009 represented for the three companies of GENERALI PPF Holding (GENERALI Asigurari, ARDAF and RAI) a volume of underwritings of EUR 198 million, that is 9.4% of the total market, compared to 9%, as it had cumulated at the end of 2008.
UNIQA is the fifth European group present on the Romanian market, and it ended last year with a 5.44% market share and with underwritings of almost EUR 115 million.
Preliminary results registered by insurance and insurance brokerage companies in 2009 can be read only in Number 1/2010 of the Specialty Review INSURANCE Profile, which was launched in late March.
Author: Andreea IONETE
on 08.04.2010
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