Asirom's targets in 2011: double income and higher market share

Asirom, a top ten insurer, controlled by Austria’s Vienna Insurance, wants to recover market share lost in the past two years and has budgeted two-digit turnover growth in 2011 and double profit from 19.5m lei (4.6m euros) in 2010.

The company wants gross underwritten premiums to rise by over 21% after in 2010 turnover contracted by almost 18%, to 431m lei. The company underwent a restructuring process turning its entire territorial network into a sales network, and operating processes were centralised in Bucharest.

“We underwent a major restructuring process and centralised all our operations in less than half a year. The turnover decline came amid the lower car policy sales, but we grew on other market segments. We will further focus on products other than car insurance in 2011 as well,” said Boris Schneider, Asirom’s chairman of the board.

Profit earmarked for 2011 amounts to some 39m lei (around 9m euros), with the estimate being based both on rising gross underwritten premiums and on further expense cuts.