The first half of this year was the most difficult ever for insurers, with most of them seeing their business decline for the first time. However, there are also a few top ten companies that posted double or even triple-digit growth, according to the data centralised by ZF.
Top of the ranking on the insurance market (general plus life insurance) is again Allianz-Tiriac (676 million RON business, down 3%), followed by Omniasig (596 million RON, down 3%), a company of Austria's Vienna Insurance group. Number three is surprising, as this is the position grabbed by Astra (411 million RON or 98.2 million euros, 62% increase), an insurer controlled by businessman Dan Adamescu, which had been number four in the first quarter and has since displaced Asirom.
Asirom has not published its first-half results. Considering it posted 13% decline in turnover in the first quarter, the volume estimated for the first six months is 361 million RON (86 million euros), 10% lower than in the first six months of 2008.
On the other hand, the insurers that posted two-digit growth of the gross premiums underwritten include Astra, BCR Asigurari, Generali and EuroIns (formerly Asitrans).
"Last September, when we saw the crisis coming, we decided to have a strong retail presence. We developed extensively on the auto liability segment, because of rates and of the very good working relationship with brokers. By the end of the first half, the auto liability insurance (RCA) had reached 80% of the gross premiums underwritten, but we have raised rates and reduced the share to 60% over the last two months," says Andrei Gluvacov, deputy chief executive of EuroIns, explaining the 250% growth in the first half, which is the highest of the market.
Auto liability and comprehensive insurance generate the highest claims for insurers and push many of them into the red.
"Claims
