Last year, the life insurance business rose by 2.3%, to 1.67 billion lei (around EUR400 million), after a 13% decline in 2009. Many companies’ revenues dropped last year, though, with the aggregate growth registered by the market coming from sales of policies with an investment component (unit-linked) and single premiums operated by several large insurers.
This market segment continued to grow in the first quarter of 2011, even as general insurance slid further.
Coman says the largest sales are currently generated by financial plans for children, which account for 30% of new business and almost a quarter of the overall portfolio. The company underwrote gross premiums worth around EUR32 million in the first quarter.
Loan insurance, sold through ING Bank, saw an increase, too, Coman says.
(EUR1=RON4.2838)