Major insurance groups lose market share
The companies of the major European insurance groups present in Romania finished first half of this year with underwritings of EUR 741.6 million, a nominal decrease, in EUR, of over 17% compared with H1/2008, when they cumulated EUR 894 million. Thus, the contribution of large insurance groups to the total volume of gross written premiums in the first half was reduced by four percentage points compared to 2008, to 68.33%.
All groups recorded declines in underwritings, in European currency, located between -20% and -14% and all except GENERALI PPF have decreased their market share, the most important loss in this respect being registered by GROUPAMA.
VIENNA Insurance Group still owns the largest share - 29.6%, corresponding to a volume of underwritings of EUR 321 million, nominal decrease in EUR of 14.26%. Compared with 2008, when UNITA was a member of the group, the market share of VIENNA Insurance decreased by 0.4%, even if in the analyzed period there were also taken into account the results of BCR Asigurari and BCR Asigurari de Viata.
The second position in the hierarchy of insurance groups is occupied by ALLIANZ, with a market share of 14.7%, down from 15.5% - how much the insurer had cumulated at the end of 2008.
The cumulated underwritings of ASIBAN, BT Asigurari and OTP Garancia have brought to the French group GROUPAMA a market share of about 9.6%, 3 percentage points less compared to the previous year.
The first half of 2009 represented, for the three companies of GENERALI PPF Holding, a volume of underwritings of EUR 98 million, that is 9.02% of the total market, compared to 9%, that they had cumulated at the end of 2008.
UNIQA is the fifth European group present on the Romanian market and it finished the first half of the year with a market share of 5.41% and with underwritings of nearly EUR 59 million.
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Preliminary results registered by the 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, which will appear in mid September.
Author: Andreea IONETE
on 11.09.2009
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