Major European groups own over 80% of the motor insurance market
The cumulated value of gross written premiums on motor insurance in H1/2009 of the companies part of the major European insurance groups present in Romania (ALLIANZ, GENERALI PPF, GROUPAMA, VIENNA Insurance and UNIQA) was EUR 543 million. The figure represents 80.2% of all businesses registered on the motor insurance market (Motor Hull, MTPL and Green Card, added-up), up 10 percentage points compared to the first six months of 2008.
However, compared to the first half of 2008, when the same companies recorded a volume of underwritings on motor insurance of EUR 640.6 million, there was recorded a nominal decrease in EUR of 15.2%.
The most important share is held by VIENNA Insurance Group - 34.35% (underwritings of over EUR 232.3 million), all three member companies - OMNIASIG, ASIROM and BCR Asigurari - being found in top positions in the hierarchy based on the volume of underwritings (OMNIASIG - 2nd place, BCR Asigurari and ASIROM - positions 4 and 5). Cumulated, the motor insurance businesses of the three companies fell by 12.4%, mainly as a result of the significant decrease of the ASIROM business on this segment, of -29%, but also of the cutdown with 12.6% of the OMNIASIG business on the motor class.
The second position in the insurance groups hierarchy is occupied by ALLIANZ (17.2% market share, up compared to the first quarter of this year), the Motor Hull insurance business contributing with over 75.83% of all businesses on this segment.
Cumulated underwritings on motor insurance of the companies ASIBAN, BT Asigurari and OTP Garancia brought to the French group GROUPAMA, on the Romanian profile market, a market share of about 11% after the first half of the year. The significant share of these types of policies in the companies' portfolios contributes to this result: 70% for ASIBAN, 74.3% for BT Asigurari, respectively 85.7% for OTP Garancia.
The first half of 2009 has brought for the three companies of GENERALI PPF Holding a volume of underwritings on motor insurance of EUR 67.3 million (9.95% of total market), down 23.6% nominal decrease in EUR, compared to H1/2008. To these figures have contributed, with more than half, the activity of ARDAF - underwritings of about EUR 34.8 million, less than 36% compared to the first half of 2008 -, and that of the company GENERALI Asigurari (with gross written premiums of EUR 32.4 million).
Regarding the Austrian group UNIQA, it finished the first six months of this year with business on the motor insurance class of EUR 51.6 million worth, 16.5% below the level of the correspondent period of 2008, and with a market share of 7.63%.
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The total volume of gross written premiums on motor insurance in H1/2009 was EUR 676.4 million, down 7.7% nominal decrease in euro, out of which EUR 400.6 million - correspondent to Motor Hull policies.
Preliminary results recorded by insurance and insurance brokerage companies, in the first 6 months of this year, can be read only in Number 3 of the Specialty Review INSURANCE Profile, released this week.
Author: Andreea IONETE
on 30.09.2009
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