Three new local insurance companies on three different market sectors

The three insurance companies authorised last year by the Insurance Supervision Commission (CSA), Cardif, Clal Asigurari and KD Life, have decided to choose different development sectors in order to operate on the Romanian market. Therefore, the French at Cardif, the insurance division of BNP Paribas, have decided to focus exclusively on bancassurance products, while the Israelis at Clal want to sell general and health insurance, and the Slovenians at KD Life intend to concentrate on life insurance. Even though their positioning on the market is different, all three insurers have decided to invest in greenfield projects, a strategy, which the financial groups they are part of, have also applied internationally. Clal, one of the biggest insurers in Israel, has so far invested over 8 million dollars (6.4 million euros) to launch its operations on the Romanian market and will develop its activity by means of 41 offices already set up in county capitals nationwide.