“I believe that the drop registered in the first two months is due to the slowdown in leasing, but I forecast that the market will rebound. I estimate that the market will increase by some 10 percent in 2009. I am convinced that if banks resume lending insurance will also bounce back,” CSA’s President, Angela Toncescu, told the Mediafax news agency.
Estimated figures indicate that the main business lines on the market, the no-fault insurance (Casco) and the Compulsory Motor Third Party Liability Insurance (RCA) slid one and six percent, respectively. Thus, subscriptions for Casco insurance policies fell to RON 522 million from RON 527 mln, while RCA policies declined to RON 528 mln from RON 561 mln.
On the other hand, rises of between 19 and 150 percent were registered on the following insurance segments: fire, calamity, general civil liability, financial loss, accidents, and health.
Gross subscriptions totaled RON 248.6 mln on the life insurance segment in the first two months of this year, down five percent compared to January-February 2008. The Romanian insurance industry ended 2008 with gross subscribed premiums worth €2.384 bln, some 11 percent higher than in 2007, according to CSA data.
