Growth on all segments of the insurance market

This evolution is due to increased interest of Romanians in insurance products, as well as a diversification of company portfolios, said CSA President, Angela Tonescu.

“For 2008 we are estimating growth of 25-26 percent compared to 2007, especially on the automobile segment and life insurance, with annual insurance market growth due to slow in 2009-2010,” added Tonescu.

The evolution of life insurance in 2007 was surprising, generating a gross premium volume of €431.5 million, 26.46 percent higher year-on-year, when the rhythm of growth was 9.66 percent.

“Owing to the fact that the rhythm of growth in 2007 was much higher than that registered the year before, we believe that there was a relaunching of life insurance in 2007,” said Tonescu, who added that private pensions did not influence this segment significantly.

General insurance yielded a volume of gross subscribed premiums of RON 5.73 bln (€1.5 bln), up nominally 24.84 percent compared to 2006. Auto insurance attracted 72 percent of total income of Romania’s insurance industry.