The market therefore followed the same trend as in the first nine months, which makes chances of a rebound in sales towards the end of the year rather slim, even though the fourth quarter is usually the best for the insurance business.
This is the first time the insurance industry watchdog revealed data outside quarterly reports.
“The last quarter is one of the most productive for insurers, I expect growth of 2% to 3% in December, a trend that continues into January, as well. Auto liability (RCA) policies are the best sellers, but sales of comprehensive policies (Casco) and property insurance for companies are up slightly, too,” said Victor Sraer, managing partner of insurance broker Otto.
December generates 10% to 15% of the total annual premiums, Sraer added.
Insurers had sold almost RON6.2 billion worth of policies in January-September, which means premiums written in October stood at more than RON600 million. The more optimistic insurers expected the last quarter to see a fast-paced increase in policy sales judging from January-September results.
Life insurance went down again in October, so the January-October decline stands at more than 5% to RON1.4 billion. The decline by the end of September had reached 4.5%. (EUR1=RON4.4754)
(English version by Loredana Fratila-Cristescu)