The local insurance market recorded an aggregated 2.989 billion lei in gross premiums written in January-April period, 4.4% down from the same period of last year, when total GPW came in at 3.128 billion, said Angela Toncescu, chairman of Insurance Supervisory Commission (CSA).
In the four-month period into April, the 45 authorized insurance companies in Romania generated 2.989 billion lei GPW, down 4.4% from 3.128 billion lei in the year-ago period.
“The year 2010 will be as difficult for Romania as it will be for all the global markets, which will reflect in the domestic insurance market. Early projections are very likely to be missed and see weaker-than-expected performances at year-end. Which is why the industry will make considerable efforts to strengthen and become more transparent”, said Angela Toncescu (photo) at a seminar organized by the National Union of Insurance and Reinsurance Companies.
General insurances market recorded total GPW of 2.4 billion lei, 6.6% down from 2.6 billion lei in the same period of last year. Life insurance segment generated total GPW of 555 million lei, up 6% from 523 million lei in Jan-Apr 2009 period.
Indemnities paid in the first four months this year increased by 13.06% year-on-year, from 2 billion lei to 1.775 billion lei. In the life insurance segment indemnities totaled 1.6 billion lei, down 13% from year-ago period.
Article comments "Insurance market shrank 4.4% in Jan-Apr"
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