These are the most important changes among top insurers in this year’s first three months, supported mainly by sales of compulsory motor third party liability insurance (RCA).
Astra Asigurari and BCR Asigurari also registered significant growth in subscriptions, which allowed them to join the top ten players in this industry. Euroins, Astra, and BCR Asigurari are the only companies in the superior market segment that posted increases in gross written premiums in January-March 2009.
Euroins registered the most spectacular evolution in the whole local insurance industry, with an annual growth rate of over 207 percent. Thus, the company’s subscriptions skyrocketed to €29.4 million from €9.59 mln in the first three months of 2008. Moreover, Euroins became leader of the RCA market, compared to its position as tenth player in this segment at the end of the first quarter of 2008.
“The evolution of Euroins Romania is the natural consequence of the strategy adopted last fall, when the first signs of the economic crisis were beginning to be felt in Romania as well. For us, it was obvious that corporate businesses were going to drop, and the only chance was the retail segment. Moreover, we had the advantage that our business was not dependant on banks and leasing companies,” the company’s General Manager, Andrei Gluvacov, told Business Standard.
