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April 15, 2021

Life insurance market may go back to 2008 level

This year, the life insurance market may go back to the 2008 level of gross underwritten premiums according to the President of the Insurance Overseeing Commission (CSA), Angela Toncescu, in the context of a notable decrease of the number of rescinded agreements and as a result of the revival of company activity, Mediafax informs. The gross subscribed life insurance premiums were RON 1,868 bln in 2008, up 28.9 per cent compared to 2007, representing 20.9 per cent of the total insurance market. On the other hand, in the first nine months of last year, the gross premiums underwritten in the segment dropped by 9.65 per cent to RON 1.19 bln, in the context of the financial crisis and of client policy redemptions. ‘I hope public confidence in the life insurance segment will remain and insurers recover agreements that were terminated by clients last year and also conclude new ones in order for the market to reach the 2008 level by the end of this year’ Toncescu stated after a press conference. On the other hand, ING Fond de Pensii at the end of 2009 was managing net assets worth RON 938 M, holding a share of 39.34 per cent of the compulsory private pension market worth a total of RON 2,384 bln, according to the company, Mediafax reports. At the same date, ING Fond de Pensii had a total of 1,628,301 clients of whom 94.5 had paid at least one contribution since the beginning of collection in the system, reads the press release.

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