Astra knocks Allianz from top spot in 2010

Astra Asigurari insurance company, controlled by businessman Dan Adamescu, ended 2010 at number 1 on the insurance market, with the 37% business increase strengthening its position as leader, achieved in the third quarter.

The company underwrote 1.1 billion lei (260 million euros) in gross premiums (the main indicator of the volume of business in insurance), thanks to doubling its revenues from the sale of auto liability insurance (RCA), according to preliminary financial data. Auto liability insurance policies totalled 600 million lei last year compared with 286 million lei in 2009, while on the comprehensive insurance (Casco) segment, business fell 10% to 264 million lei. Auto insurance accounts for more than three thirds of Astra’s business, but company representatives say this year they will rely more on life and home insurance.

“Unfortunately, good times are not yet ahead for the insurance market. Even so, we are planning to see rises on the life insurance and health insurance segments and on the property insurance market,” said Radu Mustatea, chairman of Astra’s Board.

The insurer underwrote 145 million lei in premiums on the buildings and goods segment in 2010, 7% more than the in the preceding year. The company’s life insurance portfolio is in a burgeoning stage, so the volume of business on this segment was 15 million lei last year, accounting for an around 1% market share.