FATA insurance firm targets 10m-euro turnover in 2008

FATA Asigurari (formed in autumn 2006), which specialises in agricultural insurance, targets business worth 10.5 million euros next year, up almost 62% against this year’s budgeted turnover. However, the company estimates to exceed its budget by year-end, and register gross underwritten premiums worth 7.4 million euros. “Our plan is to increase the share held by non-agricultural insurance in our portfolio, with comprehensive insurance, goods insurance and travel insurance. We plan to tap into the RCA insurance (motor liability insurance) segment as well, but later on, probably sometime in 2009,” says Anghel Burghila, the company’s general manager. Currently, around 67% of the policies sold by FATA are agricultural insurance policies. However, by 2009, Burghila estimates their share will fall to 50%, whilst the share of other categories of general insurance is expected to rise.