Denis ROUSSET: The market will grow and concentrate
Insurance market in Romania will reach a threshold of EUR 10 billion around the year 2020. This is the view of the new CEO of BT Asigurari, Denis ROUSSET, expressed during the workshop organized by the Romanian Insurance Supervisory Commission (CSA) in Cluj-Napoca.
"I believe that in the next 10 years, the Romanian economy will annually grow 5% in average. Given the low level of insurance penetration, I estimate this sector will have growth rates at least three times higher, this being a first measure of the markets' potential", Denis ROUSSET stated.
"This justifies the price that the new players on the Romanian market have agreed to pay", the official explained.
GROUPAMA entered on the Romanian market in 2007 through the acquisition of BT Asigurari. Subsequently, the French giant has bought insurance division of Hungarian OTP Group, including its Romanian subsidiary. Nevertheless, the most spectacular takeover so far is, without any doubt, ASIBAN, bought EUR 350 million (equivalent to a transaction price of 2 EUR per 1 EUR of turnover).
"In the next 4-5 years we expect an increased concentration level of the market, in the context in which only the strongest players will survive", BT Asigurari CEO has declared.
This concentration will take place against the increase in 2008 compared with 2007 of the losses insurers will have to take, given the MTPL sale strategies adopted by some companies.
Denis ROUSSET, aged 43 years, with a degree of HEC School of Management and CHEA (Council for Higher Education Accreditation), began his career in financial and accounting audit (Arthur ANDERSEN), then passing to organizational consultancy and information systems (Mazars).
The new CEO joined the group in 1993 and successively held the positions of Controller (GAN Eurocourtage), responsible respectively of the Department of Strategy and Controlling for France.
In 1999, Denis ROUSSET was appointed in charge of the Directorate Strategy / Budget / Output in the GAN Assurances and contributed to the restructuring of distribution networks and regionalization of operations.
In 2002, Denis ROUSSET became responsible for strategic projects in the GAN Eurocourtage. He actively participated in the GAN Eurocourtage / CGU Courtage merger, administered the project of IARD reorganization of the structures and processes, before taking responsibility for the Department of Administration and Business Management.
Author: Mihaela CIRCU
on 30.05.2008
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