Insurance brokers' revenues, down 15%, to 116m euros

Insurance brokers’ revenues slipped 15% in euros last year, to 116m euros, as the insurance market declined by 13% in euros, according to the data provided by the National Union of Insurance Brokerage and Consultancy Company (UNSICAR). In late 2009 around 500 brokerages operated on the market, with over 90% of them being small firms. “Revenues mainly fell because of the capping of the auto liability insurance fee at 15% of the premium, of the loss of some big clients after some industry and real estate investments were cancelled and because of some small clients that cancelled their insurance because of the crisis,” says Bogdan Andriescu, UNSICAR chairman. Brokers last year placed insurance policies worth 756m euros (gross underwritten premiums), up 3%, namely 36% of the insurance market. In 2008, the weight of brokers in the insurance market stood at 30%. Calculated in RON, the value of brokered premiums climbed by 18% compared with the previous year. Insurance Supervision Commission chairman Angela Toncescu expects the weight of brokers in the market to go up to 40%, but UNSICAR officials forecast stagnation.