860 Million Euros Insurances

The insurances’ market has gone over 860 million euros in 2004, and the total amount of the subscribed bonuses reached 1.5% of the GNP.

FORECAST. Nicolae Crisan, the OCI chief, estimates that the insurances market will go over one billion euros this year.

The total amount of the gross insurance bonuses subscribed in 2004 has increased by more than 150 million euros, reaching 866.3 million euros (more than 35,100 billion lei). In USD, the total value of the insurance market has gone over one billion dollars, reaching 1.08 billion dollars, 35% more than in 2003. According to the preliminary data supplied by the insurance companies, the top 10 control more than 80% of the market. The insurances have increased, in lei, by 33%, and in euros, by more than 23%, taking into account the average currency rate announced by the National Bank of Romania (NBR) in the last year.

DATA. Last year, the share of the endorsements from the cashed bonuses has reached 1.5% of the GNP. In 2003, the incomes from the direct insurances that the 40 companies in the domain gathered summed 703.4 million euros (26,416.7 billion lei), says the Observation Commission for the Insurances (OCI). The analysis for 2004 based on the preliminary supplied by 38 of the 45 companies registered at the regulation authority.

CLASSIFICATION. The reported data show that, for general and life insurances, the most important player has been Allianz-Tiriac with a total subscribed amount of 7,251 billion lei (178.9 million euros) having a market rate of 20.7%. In the second place, with a market rate of 15.4%, we find the Asirom company, which reported incomes from bonuses of 5,411 billion lei (133.5 million lei). The next runner-ups are taken by Omniasig - 3,114 billion lei (the sum doesn’t include the results of Oniasig Life Insurances and Omniasig Addenda), ING Life Insurances - 3,071.9 billion lei, and Asiban - 1,923.3 billion lei. The first 5 companies own 59.2% of the general and life insurances’ market. This percentage has decreased compared to 2003 - 64.2%. For the sector of the life insurances, ING Life Insurances remains on top, having subscribed bonuses of approximately 3.028.7 billion lei (74.7 million euros). The company is followed by Asirom, with bonuses of 900 billion lei (22.2 million euros, AIG Life - 811.3 billion lei (one place higher than in 2003) and Omniasig Life Insurances - 543.4 billion lei, which is one place lower than it was one year ago.