Over 630 EU-based insurance brokers registered on market

Over 630 insurance brokers from the European Union have notified the Insurance Supervisory Commission (CSA) of their intention to operate on the Romanian market, according to data from the Commission. The notifications have been flowing in over the last year and a half in the wake of Romania’s accession to the EU. Brokers have been using the “European passport”, i.e. the right of free movement of services that companies from EU member states have, which enables them to operate in other EU countries by simply notifying the supervisory authorities. Around 420 of these brokers (66%) are from the UK, and include Active Underwriting, Affinity Financial Awareness, Allianz Risk Transfer, Benfield, Health Lambert, Marsh and Wealthcare. “Notifying the Commission is just a formality and it means that they might, at some point, operate in Romania, not necessarily that the 630 brokers are operating here. I am not at all concerned about this number, I have not felt their presence on the market,” says Bogdan Andriescu, president of the National Union of Insurance Brokerage and Consultancy Companies in Romania – UNSICAR, and general manager of insurance broker EOS Risq.