AIG, 18m-euro turnover in H1

AIG Romania, the domestic general insurance unit of the world’s biggest financial services group, American International Group, concluded the first half of this year with gross underwritten premiums worth almost 63 million RON (above 17.7 million euros), of which around 43.3 million RON (12.2 million euros) came from property damage insurance. Against the similar period of last year, the value of gross premiums the company underwrote rose by about 8% in RON. For this year, the company expects turnover to increase by 20-25%, stated Mihnea Tobescu, general manager of AIG Romania. The company works only with corporate customers, which bring high insurance premiums, but also considerable risks. AIG Romania’s customers include Sidex (Mittal Steel Galati), Alro, Rompetrol, Petrom or the five-star J. W. Marriott hotel, according to information on the market. Most insurance policies on the corporate market are contracted through brokers. In the first half of this year, AIG Romania paid acquisition fees worth above 1.5 million RON (over 0.4 million euros) to insurance brokers. The company at the end of June had a portfolio made up of 677 contracts, of which almost 100 are new contracts, sealed in the first half of the year. AIG Romania has a share capital worth around 8.5 million RON (2.4 million euros), controlled by AIG Central Europe & CIS Insurance Holding Corporation.