Coface Romania targets €500 mln in turnover in 2008

The company targets €500 mln in turnover in 2008, according to its Risk Manager, Andreea Crainic.

Loan insurance makes up 8 percent (€1.6 bln) of Coface’s business in Romania.
At the end of 2007, Coface Romania had some 25 clients on the loan insurance segment, and is expecting 100 clients for 2008.

Its main insurance fields are construction, metallurgy, IT and the food industry. “Although the construction sector experienced the highest growth in the recent period, continues to be one of the riskiest sectors, with very high credit limits,” says Andreea Crainic.

Through its clients, Coface insured some 2,000 companies, and estimates this number will rise to 4,500 in 2008.

The company had no profit in 2007 due to damage deposits, an operation that is required for all insurance companies in the first years of activity. “We will try to obtain profit this year, but it is too early to offer a value thereof,” Andreea Crainic added.

Coface Romania plans to become leader on the insurance loan market by the end of 2009.