Head of VIG's Romanian operations: We'll return to growth as late as in 2011

Franz Fuchs, the Austrian who last year took the reins of VIG
insurance group’s business in Romania, says that the operations in
this country may reach 1bn euros in 4-5 years. Vienna Insurance
Group, the biggest insurer on the Romanian market, with four
companies in its portfolio and a 30% share, expects its Romanian
turnover to resume growth as late as in 2011, after it dropped in
2009 and the same trend is visible this year. “It is not before
2011 that we can speak of growth. It’s difficult to see growth this
year because car insurance depends on sales of new cars, but they
are practically non-existent. The market is dwindling, and we
cannot go against the market,” said Fuchs in an interview with ZF.
“Our strategy is to curb dependence on car market tendencies. How
can we offset the decline of this market? Through property
insurance, which, in turn, is more profitable,” added Fuchs. In his
opinion, life, accident and health insurance still have growth
potential.