The insurance market could come to total about half a billion dollars by the end of the year, according to the nine-month performance, therefore 45% higher than in 2001.
“The gross premiums volume collected by the insurance companies in the first nine months of the year can be estimated at 12,346bn ROL ($375 million), 43% more than last year in real terms,” Mirela Antohi, Insurance Supervision Commission spokesperson on Tuesday told the “Romanian insurance market – business opportunities” conference, organised by the Business Media Group.
If the 43% growth pace lasts throughout the year, considering the insurance market totalled some $345 million in 2001, the gross premiums collected in 2002 may amount to about $500 million, a surprisingly high level.
Most of the estimates stopped at 50-60% growth for the life insurance segment (from $73 million in 2001 to $110-$120 million this year) and at 20%-25% growth for the general insurance segment (from $272 million to $330-$340 million), which accounts for a total insurance market of some $450 million.
The life insurance market will therefore be ten times higher than in 1997 (when it amounted to $10 million). The general insurance segment has only doubled in the same amount of time.
“I think time has finally come for the general insurance segment to grow in 2002, following a powerful increase of the life insurance segment. International players have entered this market, breathing new life into it,” Romeo Jantea, BCR Asigurari general manager said.
Ovidiu Demetrescu, general manager of insurance broker London Brokers, can think of another reason for this growth. “I think sales did go up, but they were also pushed up by the increase in premiums,” Demetrescu said.



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