Insurance industry in pace with the national economy
The Romanian insurance market will grow at a pace similar to the one of the national economy.
This is the main conclusion of XPRIMM ANNUAL FORECAST MEETING - General Insurance 2010, an event organized on January 20, by APPA - the Association for Promoting Insurance and by PRIMM Magazine.
Thus, as any decline in the economic environment also propagates in the insurance field, the potential economic revival forecasted for the second half of this year will be felt in the results of insurers only starting 2011.
Most of the insurance companies' leaders present at the meeting foresee for 2010 a fall of a few percent of the non-life insurance market.
"Non-life insurance market will decline in 2010, too. But it depends on what is happening these days in terms of the agreement with the IMF - International Monetary Fund. I estimate a drop of 7% in lei", said Ileana HORVATH, President of the Board, UNIQA Asigurari.
Iulius Alin BUCSA, CEO of EUROINS, estimates for the current year a negative evolution of business for the national profile market between 5 and 10 percentage points. A similar estimate was also made by Cristian CONSTANTINESCU, General Manager of ALLIANZ-TIRIAC Asigurari.
"I see no opportunity in 2010, even if I were naive enough to take into account the estimates of the officials, which reffer to the macroeconomic recovery in mid 2010. Even if something positive was to happen in the second half of 2010, which I do not believe, the positive impact on the market will be felt only in 2011", added the leader of ALLIANZ-TIRIAC, during XPRIMM ANNUAL FORECAST MEETING.
There were, however, more optimistic estimates, also. At the same event, Radu MUSTATEA, President of the Directorate of ASTRA Asigurari, forecasted for the same market a 5% increase for 2010, but this being conditioned by the introduction of mandatory household insurance.
Regarding the insurance brokerage market, leaders and specialists present at the event estimate that it will present in 2010 an evolution similar to the one in 2009.
Bogdan ANDRIESCU, President of UNSICAR, said: "The profile industry in 2010 will maintain at the same level as in 2009. We will not register any variations. In terms of the brokerage market, it will grow, both in absolute value and as a share of total gross written premiums in the industry".
Author: Alex ROSCA
on 21.01.2010
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