Uniqa set to tap into life insurance market next year

Austria-based Uniqa, which holds a general insurance company on the Romanian market, expects to tap into the life insurance market, as well, in the first part of next year, with the life insurance company currently in the process of being licensed by the Insurance Supervision Commission (CSA). “Our intention is to start selling life insurance in early 2010. We will focus on other products than those we have sold over the last few years. For instance, we will not be selling insurance with an investment component (i.e. unit-linked insurance) until 2012, when, according to all studies, yields will stabilise – they are dwindling now,” said Ileana Horvath, general manager of Uniqa Asigurari, which sells general insurance. In the first half of the year, Uniqa reported gross underwritten premiums worth 248 million RON (59 million euros), down 8% against the similar time in 2008. Its net profit, on the other hand, rose 3.6 times, to 5.1 million RON (1.2 million euros).