How would the insurance market look like, without MTPL, after the first three months?
In the first quarter of 2010, the insurance market dedicated to the segment of mandatory motor third party liability policies has generated over 35.7% of the total insurance market, placing itself in the top of policies bought by Romanians. Also, with a volume of underwritings of EUR 200 million (RON 824 million), MTPL insurance has recorded a "double digit" nominal increase in euro of 16.5%.
Eliminating the main business-generating insurance class, the Romanian market would amount, after the first three months of this year, to EUR 360 million (RON 1.48 billion), down 10.2% compared to Q1 2009, when the "non-MTPL" market was EUR 400.9 million.
In a top of the insurance companies based on the criterion of underwritings, without including MTPL insurance policies, ALLIANZ-TIRIAC (EUR 49.4 million gross written premiums) would lead the market, followed by OMNIASIG (EUR 39.3 million) and GROUPAMA (EUR 35.2 million).
The next two positions would be occupied by the life insurance market leader, ING Asigurari de Viata (EUR 33 million), and by the general insurance and MTPL insurance market leader, ASTRA Asigurari, the underwritings of the company amounting to RON 31.4 million.
In terms of brokerage market, if brokerage companies had no longer sold MTPL insurance, the market would have amounted in Q1 2010 to EUR 105 million. Between January - March 2010, MTPL insurance was over 30% of the total brokerage market in Romania, the equivalent of EUR 45 million. Last but not least, according to the Specialty Review INSURANCE Profile, brokers have underwrote about 23% of total gross premiums, on the MTPL insurance segment.
If we were to make a top of the brokerage companies on the "non-MTPL" segment, we would notice that it would not suffer any changes in TOP 5, as these companies have their sales focused on selling other types of insurance.
Thus, in the top we fiind the companies PORSCHE Broker and UNICREDIT Insurance Broker, companies focused on selling Motor Hull policies. The third position would be occupied, according to estimates of the publication, by MARSH Romania (sales leader on insurance classes VIII and XIII), while places 4 and 5 would correspond to the brokers AON Romania and GRAS SAVOYE Romania.
Complete results of the Romanian insurance market for the first quarter of this year can be read only in Number 2/2010 of the Specialty Review INSURANCE Profile (www.insuranceprofile.ro).
Author: Vlad BOLDIJAR
on 29.06.2010
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