Double revenues for Grawe

Nine-month gross life insurance premiums collected by the Romanian branch of Austrian insurer Grawe were twice higher than those collected in the same time in 2002, reaching 55.2bn ROL. Grawe Romania’s revenues derived from gross underwritten premiums amounted to 66.1bn ROL, up 109.27% from last year. Grawe Romania settled 686 million ROL in claims throughout January-September 2003. The Austrian company entered the Romanian market in October 2000 and targeted life insurance only, even though licensed to sell other insurance products, as well. Grawe’s sales strategy is based on co-operation with insurance brokers. The number of brokers it is currently working with reaches seven as of this month, following the contracts concluded with two fully Romanian-held companies – BCS Romania (which has 7 operational offices in big cities) and Artco Invest (which focuses on Moldova). ZF