Allianz brand triples Allianz-tiriac sales

Since adding Allianz to its name, the insurer established by Ion tiriac has seen its revenues triple over the past four years. Allianz is the largest insurance company in Europe.
Allianz-tiriac Asigurari expects to cash 75 million euros in gross premiums this year, that is three times more than in 1999.
The 200% growth pace is way above the 75% growth posted by the insurance market during the same interval. The total insurance market is projected to reach some $480 million this year, compared with $276 million in 1999.
“The Allianz brand has undoubtedly had a major contribution to the revenue growth pace. Many multinational companies chose Allianz as insurer, following its entry on the market, leaving the Romanian companies,” Cristian Fugaciu, head of the Romanian branch of the world’s leading insurance broker, Marsh, said.
Three of the top six insurance brokers in Romania are indeed mentioning Allianz-tiriac as the number one insurer they work with. The six jointly account for 60% of the brokerage market.
“It is hard to quantify the support lent by Allianz reputation to the development of Allianz-tiriac Asigurari,” Cristian Constantinescu, general manager of the company explains.
“If looking at the contractual relations with the corporate clients especially, the brand has played a significant role in the company’s business growth in Romania,” Constantinescu says.
The brand-induced accelerated increase in the collected premiums has shown on the life insurance segment over the past few years, as Dutch ING Nederlanden has come to account for more than half of this market, four years after its entry in Romania (1997).
Other major foreign companies, such as AIG Life, Aviva (formerly known as Commercial Union) or Generali are starting to gain more of this market, as well.