New Financial Services market report from Business Monitor International: "Romania Insurance Report Q1 2013"
Boston, MA -- (SBWIRE) -- 02/06/2013 -- Key Insights And Key Risks
The Romania Insurance Report considers the prospects for life and non-life insurers in that country. As of late 2012, the overall impression is one of resilience. Some countries in Central and Eastern Europe have suffered double-digit drops in non-life premiums. Others have endured similar contractions in their life segments. Romania does not fall into either category. In short, the insurance sector has withstood a number of challenges, including the softness of the overall economy and sales of cars in particular.
That gross written premiums in the non-life segment rose in H112 was remarkable, given that business - by that metric - contracted in the three largest lines, which account for the majority of the segment. Premiums fell for compulsory motorists' third-party liability (CMTPL) insurance, voluntary motor insurance (CASCO) and fire and all risks. As of late 2012, it appears to us that price competition persists in both of the main motor lines. However, the overall impact in H112 was offset by surges in premiums in smaller lines, such as general liability and suretyship.
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VIG and Allianz, the two leading (composite) multi-national groups who regularly provide details of their operations in Romania indicated they had endured high combined ratios during H112. In VIG's case, the company has responded to the generally difficult conditions by restructuring its portfolio of business and its non-life operations in Romania. In the non-life segment, Omniasig and BCR now operate as a single entity under the Omniasig VIG brand.
Life premiums held up well in H112 as well. In essence, the growth in premiums from traditional insurance products (including annuities) offset a contraction, of about 8% relative to H111 in sales of unit-linked products. Our conclusion is that life insurance is reasonably firmly entrenched as a conduit for organised savings where households can afford to buy it. However, for much of 2012, savers and investors have been fairly risk averse at a time of difficult economic conditions and generally volatile financial markets.
Over the last quarter, BMI has made the following changes:
- The report includes the latest comments on operations in Romania from VIG and other players in relation to H112.
- The analysis takes into account BMI's latest assessment of the economic environment in Romania.
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