Groupama and Vienna Insurance Group (VIG) were the shareholders that allocated the largest amounts for the capital of the companies owned in Romania. VIG raised the capital of Omniasig, the Omniasig Asigurari de Viata life insurance company, Asirom, and Unita, with a total amount which exceeded €101 mln, while Groupama invested some €91 mln in BT Asigurari, Asiban, and OTP Garancia. All theses companies were among top ten players in the field at the end of last year’s first three quarters.
Although shareholders of insurers are investing substantial amounts every year, the sector’s profitability does not show signs of recovery. Losses in this industry totaled €76 mln in 2007, and some players estimate these doubled in the past year. The unbalances are caused by the company strategies that place market share before profit. According to figures announced by the Insurance Supervisory Commission (CSA) at the end of last year’s first half, the market loss exceeded €37 mln.
