Insurance market up 48% in Q1

The Romanian insurance market stood at almost 659 million euros in the first three months of the year, which translates into gross underwritten premiums worth 2.227 billion RON, according to preliminary data presented by the Insurance Supervision Commission (CSA). The market grew by around 48% in euros and by 41% in RON, against the first quarter of last year. In the wake of this trend, CSA officials are expecting the market to exceed 2 billion euros this year, which would mean a 26% increase in euros on last year’s figures. “Considering the trend witnessed at the beginning of 2007, it is clear that the market is under continuous expansion, and we estimate that this growth rate will continue in the next few months. As of January 1st, we will experience a new phase, which will entail the market having to comply with necessary European standards, especially amid a growing competition, and increasingly sophisticated clients,” stated Angela Toncescu, chairperson of the Insurance Supervision Commission (CSA), attending at a seminar on insurance, organised by the CSA in Cluj-Napoca.