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October 21, 2020

Insurance market growth reliant on car sales in 2011

2011 will be a difficult year for the insur- ance market, if car sales continue to slump, and premium subscription levels may start recovering only in 2012, the director general of Allianz-Tiriac Asigurari, Rangam Bir, stat- ed, yesterday. “There are estimates, from the decision-makers, that Romania may emerge from the crisis this year, after two quarters of growth, but consumers are less optimistic. The Romanian consumer is waiting for the jobs and prices to stabilize before providing for the future of his loved ones,” Rangam Bir further stated, within  the  International Insurance-Reinsurance Forum (FIAR), wall- street.ro reports. The Romanian Car-Manu- facturers and Importers Association (APIA) announced that car sales had amounted to 27,254 units in the first four months, slump- ing by 14.6 pc compared to the results for January to April 2010. Figures supplied by the Romanian Insurance Supervisory Commission (CSA) indicate that, on  the general insurance segment, the ratio of RCA policies slumped from 43.6 pc to 39.1 pc, with premiums amounting to RON 667.75 M, 18.2 pc below the March 2010 level, Mediafax reports.

Bir added that the insurance sector’s con- tribution to GDP had ebbed from 1.8 pc to 1.6 pc, and the average premium had slumped, as well, from EUR 130 to EUR 95. On the other hand, the insurance industry reported, for 2010, net losses of 41.37 M, slumping by 59.9 pc compared to its results at the end of 2009, the chair of CSA, Angela Toncescu, stated. In 2009, insurers reported net losses of RON 103.25 M, compared to RON 582.46 M in the preceding year. In the corresponding interval of 2010, revenue from premiums slumped at a 5.3 pc-rate, at RON 2.29bln, the CSA figures further below.

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