Fight intensifies among top ranking insurers

Competition among the top two players on the insurance market became much tighter in the first six months of the year, amid a halving of the market share that separates the two companies. While in 2007 Allianz-Tiriac, the largest company on the insurance market and Omniasig, No. 2, were separated by a 5% market share, at the end of June this year, this difference shrank to 1.9%. Of last year’s 2.15 billion-euro market, Allianz-Tiriac held 17.3%, with turnover worth 371 million euros, while Omniasig’s market share amounted to 12.3%, corresponding to a 265 million-euro turnover. According to half-year data of the Insurance Supervisory Commission, the market leader slightly reduced its market share, to 15.8%, while the second-ranked player saw a rise to 13.9%. Allianz-Tiriac operates both in general insurance and in life insurance, while Omniasig’s business is based exclusively on general insurance, especially motor insurance.