Turkey's FIBA financial group wants to gain 1.5% of the general insurance market by 2008 through the recently created FIBA Asigurari insurance firm.
"We believe that owing to the still low penetration degree of insurance, the Romanian market still has a strong growth potential and is expanding much faster than the overall economy," Muammer Ucarer, a general manager with FIBA Asigurari, told ZF.
The company will change its name to Credit Europe Asigurari as Finans group was renamed Credit Europe after NBG acquired Finans Turkey last year, with the Romanian operations not included in the deal.
"Our target is to account for 1.5% of the general insurance market in 2008. We will be an insurance firm focused on growth, but not only in terms of market share, but also of profitability and service quality," said Ucarer. FIBA group has been present domestically for seven years through Credit Europe Bank Romania (the former Finansbank) and Credit Europe Leasing Romania (the former Finans Leasing).
"We consider insurance is part of financial services and we plan to broaden the range of financial services by introducing insurance products," FIBA Asigurari general manager also said. The new insurance company of Credit Europe will operate on the market of non-life insurance, which last year generated a volume of gross underwritten premiums worth 1.3 billion euros, namely 81% of the overall insurance market.
"We will focus on personal lines such as accident insurance, house insurance, liability, travel, car insurance, as well as on insurance aimed at small and medium-sized enterprises," explained Ucarer. Though it will operate on the market of general insurance, FIBA Asigurari is not ruling out the possibility of its tapping into other segments of the insurance market, as well.
"We may consider entering the segment of life insurance, as well as th
