Generali: We could see new life insurance sales down in winter

The number of Romanians who buy life insurance policies could go down in a few months’ time, in the wake of more expensive credits, utilities and food, leaving people with less money to spare. “The rise in the exchange rate, interest rates and utility costs will tighten people’s budgets, so they will cut back on what they can, i.e. on savings. If the effects are as expected, we could see life insurance policy sales down in the December-January period,” says Ovidiu Racoveanu, head of the life insurance service within Generali, one of the top ten companies on the insurance market. He believes credit-related consumption will continue to rise, because the state does not encourage savings via tax incentives. ” Serious lobbying is necessary for life insurance deductibility in 2010, because things are already set and impossible to change next year,” says Racoveanu.