Plopeanu: Life insurance could reach 3.3bn RON in 2010

The market of life insurance could reach 3.3 billion RON (almost one billion euros) in 2010, provided that it sees an over 25% growth rate in the next three years, according to estimates made by Fanel Plopeanu, general manager of Omniasig Life. “The positive trend over the last few years in terms of matching the legislation with the acquis, the increase in the effectiveness and level of competence and professionalism of companies on the local market, the offer in terms of risk coverage (which is similar to that in countries with a tradition in the insurance field), the increase in the degree of capitalisation – all entitle us to be optimistic about the successful adjustment of the domestic insurance industry to requirements deriving from the EU accession,” Fanel Plopeanu told ZF. He estimates the life insurance market will grow by 29% this year, to 1.8 billion RON (510 million euros). “It would be a little too soon to predict a strong upward trend, because there are many factors that influence the market at any particular stage, so I think few people can afford to make such statements,” said Plopeanu.