Allianz-tiriac posts 77% growth

Insurer Allianz-tiriac has announced a 77% increase in the gross premiums collected from general insurance contracts in 2002, to 92 million euros, compared with 52 million euros in 2001. This growth, which is three times higher than the overall market growth, is one of the highest of all top general insurance companies. “Our 2003 target is to outpace the overall insurance market again,” Cristian Constantinescu, Allianz-tiriac Asigurari general manager said. This premium collection level would enable the company to attain a 25% share of the general insurance market, compared with 17% last year. The data are based on the $345 million (367m euros) estimate for last year’s general insurance market, 27% higher than in 2001. The lack of Asirom’s 2002 figures makes it impossible to tell whether Allianz-tiriac has become the general insurance market’s number one or not. Following acquisition of the controlling interests of the former Asigurarea Ion tiriac (Ion tiriac Insurance – ASIT) by the largest German group, Allianz, in August 2000, the company’s revenues have been constantly increasing faster than those of the entire market. Allianz-tiriac’s market share has subsequently gone up from 12% in 2000 to 17% in 2001 and then to 25% last year. ZF