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April 15, 2021

Domestic insurance market comparable to the one in Slovakia

The insurance market in Romania is comparable to the ones of Slovakia or Slovenia considering the volume of gross written premiums, said Omniasig Vienna Insurance Group (VIG) president, according to wall-street.ro. ‘Also based on the same indicator, we stand considerably above the insurance market in Bulgaria. When we speak of current size, we should also have in mind the potential for growth the Romanian market has compared to mature Western markets’, he also said. The Omniasig VIG official also says the agglomeration of actors on any market, not just insurance, is a sign of health and freedom of development.
‘The insurance market in Romania is connected to what Romanian economy is able to offer at the current time as well as to the circumstances of Romanian companies. At present, we cannot expect to see any spectacular evolutions’, Tecau further said. He is of the opinion that this year would, however, be a more difficult one, bringing not too big changes though, with the difference to be made by services offered.
‘There will be changes at the level of companies, some of them will come up with solutions and a thoroughly outlined plan, with products and services of recognisable quality among customersthe president of Omniasig also noted.

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