“As of the second quarter of 2016, we will equally enter the private health insurance market, as we envisage an obvious need and potential on this segment. At a 37% market share on life insurance segment one could not grow more than the market. Where to grow? We must find other development areas and the health insurance segment is a growth source,“ said Popescu.
NN Asigurari eyes the health insurance policies touch 5% to 10% of its total business.
“We will make individual health insurance policies envisaging discount directly to the hospital. These will cover surgery and hospitalization procedures. We aim to set up partnerships with all existent local private hospitals.“
NN Asigurari mainly targets clients with average and above average income, who currently use private medical services.
NN Asigurari underwrote gross premiums of RON153.4 million (EUR34.8 million) in the first quarter, up 5%, as demand for unit-linked policies rose, and the company’s gross profit remained flat at RON10 million.
NN Asigurari entered the local life insurance market back in 1997 as ING Nederlanden. After six years, it changed the name into ING Asigurari, and in 2014, it turned into NN Asigurari.
The company’s main competitors on the local market are US’ Metro¬politan Life and BCR Viata, held by Austria’s Vienna Insu¬rance Group. On the health insurance niche market, its main competitor is Signal Iduna, held by Spain’s Signal Iduna.
(English version by Manuela Panescu)