Over 150 foreign insurers on Romanian market in 2007

Over 150 insurers from the European Union have entered the Romanian market after they notified the Insurance Supervision Commission (CSA), and took advantage of the European passport. The bulk of the insurers that intend to sell policies on the Romanian market are from the UK (over 40 companies), Ireland (15), Austria (12) and France (11). Seven Hungarian insurers can sell policies directly on the Romanian market, as well as only two Bulgarian ones. Two companies decided to set up branches on the local market based on the establishment right – Australian-based QBE, via their London-based subsidiary, and the French group Coface. Many of the insurers are subsidiaries of financial groups already present in Romania, such as Allianz, AIG and Vienna Insurance Group.