The new brokers helped improve the brokerage market's immunity
One reason for the improved immunity of the insurance brokerage market to the economic crisis was introduced today during the BROKERS' DAY at FIAR 2010, the reason being an increase in the number of players from this industry, given the reorganization of the insurance companies and not by the business increase experienced by the major players.
"There are many professionals in this field who left their respective insurance companies, held a significant number of customers to whom they could no longer provide insurance solutions from one company only and, thus, they have set up their own insurance brokerage company", stated Catalin STROE, head of the Alternative Sales Department at ASIROM.
"We can say that the dynamics is triggered by the increase in the number of brokers who come on the market after the reorganization of various insurance companies", also stated Antonio SOUVANNASOUCK, Managing Partner, ASIGEST Broker.
Thus, many employees of the insurance companies established their own brokerage companies, also due to the restructuring and changes occurring in the organizational framework of some insurers - e.g. the recent mergers that took place on the market.
"It is highly likely that this growth was generated by the new brokers that entered the market because the first companies in this field experienced mixed trends. Therefore, the brokerage market growth was quantitative, rather than qualitative" explained Cristian FUGACIU, General Manager of MARSH Romania.
According to Karina ROSU, CEO of AON Romania, the insurance brokerage market has diluted a lot lately. Thus, the degree of concentration for the first five to ten players has decreased year after year and it will continue to decrease. "If we take a look at what happened in TOP 10, with a few exceptions, we have seen decreases. With regard to business development, I hope this is reflected both in quality and in quantity", concluded Karina ROSU.
Thus, during the first three months of 2010, the businesses of the first five brokers (PORSCHE Broker, UNICREDIT Broker, MARSH Romania, AON Romania and GRAS Savoye) concentrated about 36% of the total intermediation businesses, namely almost 8% below the 43.8% reported in the first quarter of 2009, according to the INSURANCE Profile magazine.
Author: Andreea IONETE
on 24.05.2010
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