“The insurance industry will likely hit 2.5 billion euros by yearend, and for 2009, we see a stagnation or one-digit growth”, said Stan.

Stan added that the loan and Casco insurances segment would be affected by the slowdown of the lending activity in the Romanian banking system, NewsIn informs.

Head of EuroIns Romania expects a slight increase in 2009 for the insurance market, due to a loosening of population’s purchase power, and growth of unemployment.

Insurance companies in Romania recorded gross underwritten premiums of 6.7 billion lei in first nine months, up 25.6% from a year earlier.

In 2007, the insurers reported gross underwritten premiums of 2.15 billion euros, up 25.2% from 2006.