Insurance segments that led to the lower growth are loan and collateral insurance, auto insurance and life insurance, as a result of the economic crisis which blocked lending.
Growth for loan and collateral insurance was 16 percent in the first nine months of 2007. One year later, the segment registered a 52.89 percent decline.
Auto insurance alone rose 19.36 percent year-on-year, compared to 44.58 percent annual growth in the first three quarters of 2007.
In recent years, the growth of the general insurance segment was boosted by the auto financing segment. However, it is likely that the number of cars purchased through leasing or bank loan will stagnate or even decline, according to a statement for Business Standard by Cristian Constantinescu, General Manager of Allianz Tiriac car importer.
