ING Asigurari: New policy sales will stagnate

New life insurance sales will remain at last year’s level on the Romanian market, but the share of unit-linked policies, i.e. of insurance linked to investment funds, will see a decline, according to estimates made by ING Asigurari de Viata, the largest company on the Romanian market. “We expect new sales to remain at a similar level to that recorded in 2008, but the share of new unit-linked policies sold will decline – we expect them to account for 20% this year, compared with 35% last year. Less risky insurance will go up, which will also prompt an overall rise of the market, and additionally boost acquisitions of insurance products with a guaranteed interest rate,” reads the recently published 2008 ING Asigurari report. The life insurance market fell by 6% in the first three months of this year, to 392.3 million RON (92 million euros), according to data from the Insurance Supervisory Commission. “Our strategies on the life insurance segment target an improvement in client retention, and a focus on traditional products and on products for children. Distribution channels will be the same, with sales agents remaining the main channel, but we are also considering developing the other channels -partnerships with several banks and with brokers,” the report reads.