BUSINESS

General and life insurance market advances 0.35 pc in Q1

The market of general and life insurances soared by 0.35 pc in the first three months, to RON 2.17 bln, driven by a 0.55 pc advance of general insurances to RON 1.73 bln, while life policies declined by 0.45 pc to RON 431.9 M, according to data released by the Insurance Supervisory Commission (CSA), Mediafax reports.“For the first time after 2009, the local insurance market registered a slight increase. (…) Contrary to the trends of the last three years, this positive evolution was driven by general insurances,” said the president of CSA, Constantin Buzoianu, during an event in Sinaia.“I would like to explain that, one year ago, the result of the first quarter was a decline of almost 8 pc for general insurances, against the first quarter of 2010,” Buzoianu added.In the life insurance segment, subscriptions totaled RON 431.9 M, down 0.45 pc from the similar interval of last year. In the structure of the general insurances segment, the bulk (61.82 pc) was represented by the two categories of car insurances: CASCO – 26.2 pc and RCA – 35.6 pc. Insurances against fire and other natural disasters (class VIII of general insurances) account for 15.01 pc.According to CSA, the volume of subscribed premiums for facultative home insurances dropped by 29.07 pc, while the number of contracts, at March 31 this year, was higher than a year ago. Buzoianu added that insurers paid compensations (damages) to general and life insurance contracts worth over RON 1.2 bln, 0.24 pc more year-on-year.

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