Over EUR 11 million from agricultural insurance in the first half
 Agricultural insurance market is estimated at RON 41.40 million, namely to EUR 11.3 million, after the first half of the year in progress, according to data provided by companies for the Insurance PROFILE Review magazine, while gross written premiums of agricultural insurance in the whole year of 2007 were amounted to RON 54.76 million (EUR 16.41 million).
Reprezenting less than 1% of the total underwrtings made by the Romanian insurers, the amount covers the spring crops from the 1st of January 2008 to the 30th of June 2008. Meanwhile, the volume of paid claims in agricultural insurance amounted to RON 5.31 million (EUR 1.45 million), out of which the most belonged to the following companies: ALLIANZ-TIRIAC (RON 1.88 million), ASIROM ( RON 0.92 million) and FATA Asigurari (RON 0.66 million).
With a market share of almost 30%, FATA Asigurari is the leader in this class, with the agricultural insurance business amounted to RON 12.18 million, representing 47.6% of the portfolio, compared to RON 8.77 million in the whole year 2007.
The next positions in Top 5 are occupied by (in order): ASIROM Vienna Insurance Group, with underwritings of RON 7.6 million and a market share of 18.34% and OMNIASIG Vienna Insurance Group, with over RON 5.7 million and 13.9% of the market. These are followed by ALLIANZ-TIRIAC, that has almost 11% of the market with RON 4.53 million in gross written premiums and ARDAF, a company whose business in the class of agricultural insurance amounted to RON 3.37 million, attaching a market share of 8.13%.
The claims paid by specialized companies in the analyzed period were RON 5.31 million (EUR 1.45 million), under the circumstances in which the whole year of 2007 caused to the insurance companies damages from agricultural insurances of RON 32.26 million (EUR 9,70 million).
If for the crop in the autumn of 2007, about RON 55 million were underwritten in the second half of the year, according to UNSAR data, then that means underwrtings recorded in the crop year 2007-2008 to cover the autumn and the spring crops (in the period of time 1 September 2007 - 31 July 2008) amounted to RON 96.4 million, compared to RON 54 million in the crop year 2006-2007.
ICAR - The International CAtastrophic Risks Forum is the main European catastrophic risks event. This edition takes place at the Parliament Palace in Bucharest, Romania, on October 14th, 2008 and it's the first to be focused on agricultural risk management.
ICAR 2008 provides with an open debate upon the key challenges of Romania's agriculture, focusing on the public-private parterships for mitigating specific risks which affect this sector.
The main objective of ICAR 2008 is to create a regional discussion platform regarding the use of insurance systems as a tool for the development of the agricultural sector.
AGRICULTURAL INSURANCE 1H 2008 | No. | Company | GROSS WRITTEN PREMIUMS
| PAID CLAIMS
| Market share 1H 2008 | Weight in total portfolio
| 1H 2008 | 2007 | 1H 2008 | 2007 | EUR m. | RON m. | EUR m. | RON m. | EUR m. | RON m. | EUR m. | RON m. | | 1. | FATA Asigurari | 47.58 | 3.32 | 12.18 | 2.63 | 8.77 | 0.18 | 0.66 | 0.60 | 2.01 | 29.41 | | 2. | ASIROM | 1.89 | 2.07 | 7.59 | 5.10 | 17.00 | 0.25 | 0.92 | 1.51 | 5.02 | 18.34 | | 3. | OMNIASIG | 0.94 | 1.57 | 5.76 | 0.28 | 0.95 | 0.08 | 0.29 | 0.04 | 0.12 | 13.92 | | 4. | ALLIANZ-TIRIAC | 0.65 | 1.23 | 4.53 | 4.52 | 15.08 | 0.51 | 1.88 | 6.04 | 20.16 | 10.94 | | 5. | ARDAF | 1.54 | 0.92 | 3.37 | 1.72 | 5.76 | 0.07 | 0.27 | 0.36 | 1.21 | 8.13 | | 6. | GENERALI | 1.17 | 0.67 | 2.48 | 1.31 | 4.39 | 0.11 | 0.42 | 0.89 | 2.97 | 5.98 | | 7. | ASTRA-UNIQA | 0.67 | 0.46 | 1.70 | 0.23 | 0.77 | 0.00 | 0.00 | 0.18 | 0.61 | 4.10 | | 8. | ASIBAN | 0.52 | 0.43 | 1.57 | 0.33 | 1.11 | 0.11 | 0.40 | 0.01 | 0.04 | 3.80 | | 9. | EUROINS | 2.21 | 0.41 | 1.49 | 0.00 | 0.00 | - | - | - | - | 3.60 | | 10. | BCR Asigurari | 0.24 | 0.17 | 0.62 | 0.24 | 0.82 | 0.10 | 0.38 | 0.06 | 0.22 | 1.50 | | 11. | CARPATICA Asig. | 0.27 | 0.03 | 0.11 | 0.04 | 0.12 | 0.02 | 0.08 | - | - | 0.27 | | TOTAL | 0.98 | 11.28 | 41.40 | 16.41 | 54.76 | 1.45 | 5.31 | 9.70 | 32.36 | 100.00 |
Author: Andreea IONETE
on 03.09.2008
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