The top management changes that are taking place in BRD’s insurance and pension divisions are caused by the coming launch of operations of BRD Life Insurance, which the financial group wants to place among top players on the market.
Marechal is the one who supervises the activity of local companies, in which Sogecap – the subsidiary specialized in life insurance, fully owned by Societe Generale – is shareholder.
The company will be launched immediately after the files regarding its management will receive approval by the Insurance Supervisory Commission (CSA). The initial investment in the local life insurance division amounts to €7.5 million, according to Marechal.
At the end of 2008, the subscribed premiums on the life segment made up some 20 percent of the total insurance industry. Although life insurance registered a upward trend in the past few years, their share is still modest, compared to levels registered in other European countries. The Romanian life insurance market has the lowest degree of penetration in gross domestic product, of 0.4-0.5 percent, compared to other states in the region.
