Asitrans-EuroIns is estimating income from gross premiums for mandatory motor vehicle liability (RCA) to yield €600 million, while CASCO policies should translate to of €1 billion in premiums, according to the company’s Executive Manager, Bogdan Stan, for Business Standard. Stan anticipates that his company will sign up 250,000 RCA and 18,000 CASCO insurance policies.

The auto insurance market reached €934 million in subscribed gross premiums in the first nine months of 2007, 43.3 percent growth in euro, compared to the same period in 2006. CASCO and RCA insurance policies made up some 58 percent of the insurance market at the end of the first nine months of 2007.

In 2007, Asitrans-EuroIns posted €29 million in gross subscribed premiums, 49 percent higher year-on-year, due to a larger number of territorial units. The company’s objectives in 2008 target a 67 percent increase in turnover, up to €50 mln, and becoming one of the top ten companies by the end of 2008 or early 2009, Stan said. The company’s portfolio includes auto insurance, accident insurance, medical, asset, and professional civil liability insurance.

Asitrans-EuroIns will also expand its business to the Hungarian market, and was approved for this last week by Hungary’s Insurance Supervisory Commission. The initial investment is worth €200,000. By the end of 2008 the company will analyze the possibility of opening an office in Hungary.

Asitrans was established in 1994, and 75 percent of its shares were taken over last year by Bulgarian financial group Eurohold, for some €12.5 mln.