The gross domestic product registered growth in 2011 and will increase by 1-1.5% this year, which means the life insurance market will also grow, BCR Asigurari de Viata general manager Florentina Vizinteanu said Monday during a seminar on the insurance industry.
Underwritten premiums on the life insurance segment will rise by up to 3.5% this year, estimated Vizinteanu.
The general and life insurance market in Romania dropped 3.71% in January-September 2011, to 6.08 billion lei (EUR1.4 billion) due to the decrease registered on the general insurance segment, according to insurance regulator CSA.
Underwritten premiums on this segment dropped 5.89% in the abovementioned interval to RON4.8 billion.
On the life insurance segment, underwritten premiums stood at RON1.29 billion in September 2011, up 5.38% on the year.
Generali Romania representative Ovidiu Racoveanu said he expects the life insurance market will grow this year if wages in the public sector are hiked, and supported by the GDP growth.
ING Asigurari de Viata financial manager Adrian Lupescu estimates the GDP will grow by about 1%, and expects the life insurance market will see a 6-7% increase.
The life insurance segment represents 20% of the insurance industry. (EUR1=RON4.334)