In 2009, brokers have won another 5 percent of the insurance market
About 5 percentage points has won in 2009 the Romanian brokerage market in the total of the insurance market. Thus, if in 2008 the premiums written by insurance brokers represented 30% of the total, in 2009 the same indicator represented approximately 35% of the total underwritings of the insurance companies.
Thus, the cumulated value of insurance mediated premiums amounted last year, according to INSURANCE Profile estimates, to nearly RON 3.1 billion, marking a real increase in RON of 7.5% compared with 2008. In European currency, under the circumstances of the leu depreciation in face of the euro, of last year, by 55 bani/EUR, insurance brokers have mediated last year gross written premiums of nearly EUR 725 million, 1.4% less than in 2008, when they had mediated EUR 735 million.
In spite of the massive decline of the markets that generate business for brokers, such as real estate (-27%), constructions (-17%), car leasing (-75%), the evolution of insurance brokers was also supported, in this difficult financial climate, by the insurance products consumers, who tried to obtain the best prices and insurance products offers.
Also, another advantage of the client who goes to an insurance broker is that he benefits of counseling, especially in the event of a claim, this being a service that helps him save time and ensures his success in the process of claim settlement. Thus, if we talk about motor insurance, more than half of the underwritings on the Motor Hull segment and, respectively, one third of those on the MTPL one were generated by brokers.
Last, but not least, to these figures, the increase of the number of players in the market, by about 25% (from 400 in 2008 to over 500 in 2009) also had a contribution.
Compared to 2008, the portfolio of the insurance brokerage market did not register significant changes. The main line of business of brokers was represented by motor insurance, generating more than 80 percent of the brokers' business (of which 58% - Motor Hull).
Other insurance classes that had significant contributions to the business of insurance brokers, representing more than one percentage point in the consolidated portfolio, were property - 8.4% (EUR 61 million), life - about 5% (EUR 31 million) and general liability - EUR 15.6 million mediated premiums, equivalent to 2.2 percent of the total insurance brokerage market.
Author: Vlad BOLDIJAR
on 29.03.2010
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