Expressed in euro, at the average currency exchange rate of 3.6827 lei/euro, the market growth neared 10.9%. The market growth slowed down in the last quarter of 2008. After first nine months in 2008, the advance of the market was 25.6%.
Insurers reported gross written premiums in general insurance segment of 6.98 billion lei, up 22% from 2007.
The written premiums for Casco coverage increased share in general insurance market up to 50.5% in 2008, from 45.7% in 2007, after marking a 34.72% growth.
The written premiums from car damage liability (RCA) rose 20.6%, which drove their share in general insurance segment to 25.9%.
As for life insurances, the gross written premiums amounted to 1.8 billion lei, namely 20.5% of the market. Life insurance sector outpaced the growth of general insurance, at 24.11% progress.
Unit-linked premiums (a policy which provides a combination of risk cover and investment) climbed by 7%. CSA signals the narrowing contribution of unit-linked policies in the growth of life insurance segment in the last three years.
The gross written premiums in loan protection insurance policies continued their downward evolution in 2008, insurers selecting more carefully the policy coverage. Therefore, the segment slid 51.9% from 2007, which lowered its share in total gross written premiums of general insurances down to 2.7% in 2008, from 6.9% in 2007 and 8.6% in 2006.
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