AIG Romania general insurance company, part of AIG US group, has budgeted a volume of gross underwritten premiums of more than $30m (22.6 million euros) for this year.
"This year, we plan to continue with what we've been doing so far and grow in line with the market," Mihnea Tobescu, the general manager of AIG Romania, told ZF. The Romanian insurance market last year went up by 33% against the level of 2005, to 1.6 billion euros, and is forecast to advance by more than 20% this year.
AIG Romania last year generated income worth 3.14 million RON (0.9 million euros), in line with Romanian accounting standards and of 2.86 million dollars, in line with US AIG's accounting standards. The leaders of the general and life insurance markets Allianz-Tiriac Asigurari and ING Asigurari de Viata last year reached gross incomes worth 11 million euros and 14 million euros, respectively.
The company underwrote gross premiums worth 75.17 million RON (21.32 million euros) in 2006, 6% below the level posted in 2005 in RON and 4% lower in euros.
"This year, we will further promote a product we've had in our portfolio for ten years, but which has become compulsory, namely directors and officers insurance," explains Tobescu.
According to him, D&O insurance will come to account for some 5% in the company's 2007 revenues, namely 1.5 million dollars. With 19 employees, one of the smallest number of employees domestically, AIG Romania handles 95% of policies through insurance brokers, constantly working with 10-15 companies in this sector, and occasionally working with another 10 brokers.
Domestically, in terms of general insurance, AIG addresses only the corporate segment. Domestic customers include Sidex Galati, Alro, as well as most major hotel chains and real estate projects on the market.
The main types of policies AIG sells on the Romanian m
