Omniasig, a company controlled by Vienna Insurance Group, climbed to the top position on the general insurance market at the end of June thanks to its absorption of BCR Asigurari.
The newly-created company underwrote premiums worth 549 million lei (EUR122.1 million) in the first half, 17% less than the cumulated premiums written by Omniasig and BCR Asigurari during the similar period of last year.
Astra, which two years ago lost its position as market leader, sold premiums worth RON509 million on general insurance in the first six months of the year, down 7%, and ranked second, with a market share of 15.5%. Half the insurer’s business comes from auto policies and half from property insurance.
No. 3 is Allianz-Tiriac, which lost another position in the ranking after in 2010 it had lost the no. 1 position on the insurance market to Astra. Allianz, which was the largest local insurer for seven consecutive years, managed to stabilize its business at the level of the first half of last year, with premiums from general insurance amounting to RON407 million at the beginning of June after a positive evolution of mandatory auto policies (RCA).
In fact voluntary insurance attracted fewer clients amid uncertainties in the economy, with premiums written from CASCO policies and from property insurance down by 6% and 10% respectively. The companies with the biggest rises relied mainly on mandatory insurance.
“The evolution of the insurance market is similar to that of the economy. People’s living standards and confidence in the future need to grow some more in order for demand for voluntary insurance to rise in turn. Demand is the problem because the products are on the market, although they should be adjusted a little and become more flexible,” said Bogdan Andriescu, president of UNSICAR, the professional association of insurance brokers.
But the most spectacular progress was recorded by Euroins and City Insurance. Euroins doubled its six-month business, climbing straight to no. 6 on the general insurance segment, with written premiums of RON229 million and a 7% market share. Almost 90% of revenues are from the sale of civil liability insurance (RCA).
City Insurance climbed to no. 9 on the general insurance market, while up until last year it was just a medium-sized player. The company tripled its business in the first six months of 2012, to RON192 million, according to Media XPRIMM data.
French-held Groupama remained no. 4 on general insurance, with written premiums worth RON351 million, up 10%. No. 5 on the market is Asirom, also held by Vienna Insurance Group, which wrote premiums worth RON256 million. Ranking behind are Uniqa Asigurari and Generali, with businesses of RON220 million and RON214 million respectively. The overall RON3 billion revenues of the top ten companies on the general insurance market account for over 90% of the total premiums written. (EUR1=RON4.4987)
(English version by Daniela Stoican)