In 2010, UNSAR’s underwritten premiums stood at RON6.9 billion.
UNSAR members’ underwritten premiums account for about 82% of the overall insurance market.
In 2011, insurers underwrote premiums of RON5 billion on the general insurance segment, down about 9% on the year, said UNSAR.
On the other hand, the life insurance segment registered a 6.4% increase in underwritten premiums to RON1.5 billion.
In the last quarter of 2011, the local insurance market registered a sharper decline compared to the same interval a year before, reads the press release.
Last year, the mandatory car insurance RCA segment contributed decisively to the decline of UNSAR member’s turnover. This segment registered a 21% drop compared to 2010. The voluntary car insurance (CASCO) segment fell 17%.
“The decline in new car sales explains this situation. According to the Automotive Manufacturers and Importers Association (APIA), Romanian overall auto sales fell 7.4% in 2011, and passenger car sales by 11%,” reads the press release.
The voluntary home insurance market is among the few segments that registered growth in 2011. Voluntary home insurance underwritten premiums climbed 60% compared with 2010. The number of valid voluntary home insurance contracts at the end of 2011 exceeded 4 million, compared to 1.8 million in 2010.
On the life insurance segment, underwritten premiums from traditional policies (with guaranteed yield) increased by about 12% in 2011 compared with a year before. On the other hand, unit-linked insurance policies dropped 2.3%.
UNSAR was set up in 1994 with a view to developing and extending cooperation in the insurance and reinsurance field, both at national and international levels. It currently has 22 members – – Allianz-Tiriac, Ardaf, Asirom, Astra, Aviva Asigurari de Viata, AXA Asigurari, BCR Asigurari, BCR Asigurari de Viata, BRD Asigurari de Viata, Carpatica Asig, Certasig, ERGO Asigurari de Viata, Eureko Romania, Euroins, FATA Asigurari, Garanta, Generali, Grawe, Groupama, ING Asigurari de Viata, Platinum, UNIQA Asigurari and UNIQA Asigurari de Viata. (EUR1=RON4.3602)