Insurance Brokers opened the 2010 Edition of FIAR
In the first day of FIAR, the INSURANCE BROKERS DAY brought together in the Bacarra Room the creme de la creme of the Romanian brokerage industry. Representatives of the insurance industry top management also took part.
"On the whole, the brokerage market was less affected than the insurance market in 2009. But the overall economic context in Romania did leave its marks on our industry, as well. Unfortunately I cannot be over-optimistic and I even expect 2010 to be worse than 2009", according to the opening statement of the Brokers Day at FIAR, made by Mr. Bogdan ANDRIESCU, the chairman of UNSICAR.
In support of his opinion he added that "after the outbreak of the Greek crisis the premises have changed. The developments in Greece will not so much directly hit the insurance brokerage market as they will change our perception on when the crisis will end. As part of Europe, we will see less positive developments this year, compared to 2009. Considering the situation in countries like Portugal and Spain, the crisis is more than likely to continue, mainly on the continent."
More than a third of all insurance policies in Romania in 2009 were sold via the existing over 500 insurance brokers. This trend remained steady during the first quarter of 2010, with an estimate share of intermediated gross written premiums of about 27% of the insurance market. It is worth noting that during the first three months of 2010 brokerage reported a 15% increase in terms of intermediated GWP, totaling EUR 150 million.
The structure of the insurance portfolio maintained its current trend, 95% of intermediated premiums being on non-life insurance, whereas the life insurance segment took only a 5% share.
With over 80% share in the market's consolidated portfolio, motor insurance policies generated EUR 120 million in intermediated premiums, of which EUR 74 million represented optional Motor Hull insurance policies - half of the underwritings on the market.
Policies in class 13 -general third party liabilities - underwritten by brokers also gained terrain on the market, accounting for more than 40% of total insurance policies, the equivalent of EUR 4 million.
Author: Vlad BOLDIJAR
on 24.05.2010
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