German group Allianz-Tiriac, the leader of the Romanian insurance market, closed the first quarter of 2008 on a business turnover worth 100 million euros, almost the same as in the similar period the year before, according to a report released by the company.
Its business stagnation was generated mainly by slow growth, of approximately 3 percent, on the general insurance segment and a drop by 22 percent on the life insurance segment.
Thus, Allianz Tiriac underwrote in the first quarter of 2008 life insurance gross premiums of 93 million euros, while revenues from life insurance policies stood at 9 million euros.
Allianz Group Romania’s business reached lower levels than the overall levels of insurance companies from Hungary (183 million euros), Slovakia (110 million euros) and Poland (106 million euros), yet exceeding those in the Czech Republic (82 million euros), Croatia (26 million euros) and Bulgaria (25 million euros). With regards to the life insurance segment, the group’s turnover stand at the same level as in Bulgaria, but below the level in Croatia (13 million euros), the Czech Republic (27 million euros), Hungary (44 million euros), Poland (63 million euros) and Slovakia (80 million euros).
Analysts consider that in 2008 the domestic insurance market might reach and even exceed the value of 3 billion euros, as against 2 billion euros in 2007, and develop at a quicker pace in the next years.