Victor Sraer, CEO of Otto Broker, said the level of public investments was higher in 2020 compared with 2019, and this was the main growth engine of guarantee insurance. Viorel Vasile, CEO of Safety Broker, speaks about large infrastructure projects, which require guarantee insurance policies.
Guarantee insurance are part of the category of eligible guarantee instru¬men¬ts, stipulated in the public procurement legislation, and represents a faster and more convenient alternative compared with the bank guarantee letter. This type of insurance represents a financial solution for companies willing to participate in public procurement procedures or companies that need to set up contractual guarantees.
Guarantee insurance was a surprise for the insurance market in 2020, a year of uncertainty due to the COVID-19 pandemic. Thus, the value of gross premiums underwritten on the guarantee insurance segment by market players exceeded the gross premiums underwritten on the health insurance seg¬ment, with over RON10 million, reaching among the segments with potential.