OMNIASIG: "In the present context, we will underwrite between RON 1 and 1.2 billion by the end of the year"
OMNIASIG will reach with difficulty the underwritings target set for this year, according to statements of Constantin TOMA, President of the company.
"We set lower goals than last year in terms of turnover, because we operated major restructuring measures in the motor insurance sector. We believe we are within the limits of the budget, noting that, in the second half of the year, a series of national measures which might affect the premiums volume will be applied... I consider, however, that we will fit in between RON 1 and 1.2 billion, as stipulated objective regarding our turnover", said the head of OMNIASIG.
In 2009, the company underwrote premiums of RON 1.1 billion (EUR 263 million).
Regarding the OMNIASIG strategy, in the context of the difficult economic situation nationwide, Constantin TOMA says: "I would not want to go to the political zone, but the measures the Government took might also have some good parts. I hope for a comeback of foreign investments in Romania, as long as there is stability in the terms of taxes..."
"The strategy we have set for this year, to focus more on non-motor insurance, folds perfectly on the scenario I presented you, but I must also accept the fact that the reduction in income, both for pensioners and for budget sector employees, may create a handicap in terms of renewal and also of payment of insurance premiums for the policies in progress... People set their priorities in life, but I do not think they will give us the first chance, under this psychological pressure, instead of buying food or paying for utilities. We try to convince them that insurance is still important, that it is a modus vivendi (Latin: way of life) abroad".
Regarding the half year results, Constantin TOMA believes the company's business will reach RON 500 million in the first six months of 2010, down 25% compared to the same period last year, as a consequence of a smaller demand on the motor and household insurance segments.
Author: Vlad PANCIU, Mihai CRACEA
on 21.06.2010
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