Insurance market reaches 2.38bn euros, up 11%

The Romanian insurance market exceeded 2.38 billion euros (over 8.78 billion RON) in 2008, an 11% rise on the previous year, according to preliminary data from the Insurance Supervisory Commission (CSA). Put in RON, the market growth amounted to 25%, close to that recorded in 2007. Companies posted premiums worth 6.98 billion RON (1.89 billion euros), 22% more than in 2007. These policies account for 79.5% of the overall insurance market. 72% of the growth on the general insurance segment was accounted for by comprehensive insurance policies. They made up half (50.5%) of premiums underwritten on the general insurance segment in 2008, and were 35% higher than in the year before. Auto liability insurance accounts for 26% of premiums underwritten on the general insurance market. The insurers saw an almost 21% rise of their comprehensive insurance business.