Insurers' turnovers down 4% to 1.5bn euros in the first nine months

Insurance companies in the first nine months of this year posted gross underwritten premiums worth 6.3bn RON (1.5bn euros), down 5% in RON from the similar period of last year, according to with the Insurance Supervisory Commission (CSA). Calculated in euros, the decline amounted to 4%.

Insurers’ turnover decrease is similar with the one registered in the first seven months, when the market had shrunk by 4.5% to 5.1bn euros, and the commission expects no radical changes by yearend.
“We anticipate December sales of auto liability (RCA) insurance will not have a significant impact over the volume of gross underwritten premiums on the overall market for the entire year, since sales of such policies are no longer concentrated in December, but are spread during the entire year after the underwriting calendar year was done away with,” stated Angela Toncescu, CSA chairperson.
Insurers’ turnovers were mostly concentrated on the general insurance segment, where the volume of gross underwritten premiums came close to 5.1bn RON, down by 6.8% from January-September 2009.