ERGO Asigurari de Viata has been authorized by ISC
The Council of the Insurance Supervisory Commission (ISC) has decided to grant the operating authorization to the company ERGO Asigurari de Viata. The decision was communicated to the company, and in the next period it will be published in the Official Gazette, according to the law.
ISC had granted to ERGO Asigurari de Viata the preliminary authorization in April 2009, the month in which it had authorized another player on the life insurance market, BRD Asigurari de Viata. Also, at that time, two other companies, UNIQA Asigurari de Viata and CREDIT EUROPE Life, were waiting for "the green light" from the Commission to enter the market.
ERGO, the insurance division of the number one global reinsurer MUNICH Re, decided to start a new local company specialized on the life segment - ERGO Asigurari de Viata -, which will sell policies through a partnership with UNICREDIT Tiriac Bank, according to company officials.
Life insurance generated in the first nine months of 2009 gross written premiums of about EUR 276.4 million (RON 1.17 billion), 21% less compared with the corresponding period of the previous year, representing less than 18% of the total underwritings on the market, according to INSURANCE Profile.
The top ten companies on the market have foreign capital and they are responsible for more than 93% of the total underwritings on the life segment after the first three quarters, and competition will become even stronger, following the entry on the profile market, last year, of new players belonging to renowned international groups: AEGON Asigurari de Viata, BRD Asigurari de Viata, but also UNIQA Asigurari, whose launch is expected by mid 2010, after obtaining the necessary approvals.
Author: Andreea IONETE
on 17.12.2009
Comment this article
0 comments
|
