Interamerican boasts 141% surge in health insurance

Insurance firm Interamerican underwrote health insurance worth 2.6 million RON (0.7 million euros) last year, up 141% compared with the value of 1.07 million RON (0.3 million euros) reported in 2005.
“Health insurance has seen a positive trend, namely a 141% increase. This rise was caused by the expansion policy adopted by the Medisystem health network, in which the company invested massively in 2006,” said Sinziana Maioreanu, commercial manager with Interamerican Romania. Dutch group Eureko controls the two companies, Medisystem and Interamerican.
The Medisystem network currently owns the first Euroclinic private hospital on the domestic market, which employs over 1,000 generalist and specialist doctors and covers 16 cities: Bucharest, Buzau, Focsani, Iasi, Cluj, Tg. Mures, Brasov, Alba Iulia, Craiova, Timisoara, Arad, Oradea, Sibiu, Constanta, Satu Mare and Baia Mare. The Euroclinic hospital derived total revenues worth 7.5 million euros RON last year, which was a 300% increase against 2005.
“Despite the significant rise we saw in this segment, the market’s growth pace remains slow and, consequently, less satisfactory for insurers. We will see the real rise when we have clearer legislation and real fiscal backing,” said Maioreanu.
Interamerican operates both in the general insurance and the life insurance segments, fields in which the company intends to continue expanding further this year.
“We will enter new market segments such as the segment of SMEs, through specific packages and through the development of corresponding distribution channels. We will also take advantage of any new opportunities the market offers,” stated Maioreanu.
The company underwrote gross premiums worth 53.16 million RON (15 million euros) last year, up 14% in RON compared with 2005 and intends to enter the private pensions market, as well.