Half of the ten largest general insurance companies reported double-digit growth of gross underwritten premiums last year and only three companies recorded business declines, according to market sources. This compares with nine out of ten insurers reporting a business decline in 2011.
“We cannot say the market has rebounded just because some of the companies grew based on mandatory insurance. Insurers have had to adjust to demand and unfortunately in Romania clients would rather insure their car than their life or health,” said Eduard Simionescu, general manager of insurance broker Greco JLT.
But the insurers’ ranking did not suffer significant changes from previous years, with Astra managing to remain no. 1 on the market as it expanded its business to external markets and amid higher underwritten premiums on the health insurance segment.
Astra became the no. 1 insurer in 2010, but according to data for the first six months of last year the company had dropped to no. 2, behind Omniasig. Astra reported business of over RON1.1 billion (EUR250 million) for the full 2012, up 9%.
Omniasig, the company that resulted from the merger of BCR Asigurari and Omniasig, ranked second at the end of December, with gross underwritten premiums of slightly over RON1 billion. The two companies that merged last year had reported a cumulated business of over RON1.2 billion in 2011, down by around 15% on the previous year.
Allianz-Tiriac, leader of the market until 2010, last year slid to no. 3 in the ranking of general insurance companies, with business of RON807 million (EUR180 million), similar to 2011. Groupama is fast approaching the top 3, after a 15% turnover rise last year, to RON761 million (EUR171 million).
Significant rises were also recorded by Uniqa, Euroins and Carpatica Asig. All three companies reported a business growth on the mandatory car insurance segment (RCA), a segment abandoned by companies that reported premium declines. For instance, premiums underwritten on the mandatory car insurance segment account for around 90% of the business of Euroins and Carpatica.
Uniqa ranked sixth on general insurance at the end of last year, with underwritten premiums of RON505 million. Euroins and Carpatica ranked eighth and tenth, with turnover of RON445 million and RON300 million respectively. Uniqa left Generali behind last year, with Generali’s business falling 17% after it decided to restructure its mandatory car insurance business.
With gross underwritten premiums of RON348 million, Generali ranked seventh.
No. 5 is Asirom, a company controlled, similarly to Omniasig, by Austrian Vienna Insurance Group, which reported a 19% business decline because of narrowing down its RCA business.
The ranking of life insurance companies suffered several changes last year.
BRD Viata, a basically non-existent player on this market until 2011, climbed to no. 7, with business of RON62 million. Another climber in the ranking was French-held AXA, which entered the market in 2010 by taking over a small-sized player – Omiasig Life.
The top three has remained unchanged – ING Asigurari (RON545 million), BCR Viata (RON425 million) and Metropolitan Life, the brand under which Alico and the former Aviva Asigurari operate, with business estimated at RON280 million last year.
Most life insurers recorded declines last year, with the exception of BCR Viata and BRD Viata, which recorded double-digit growth thanks to sales through the banking channel.
(English version by Daniela Stoican)