Three new players in life insurance market

Three new players entered this year the life insurance market, despite the 10% decrease thereof due to rising unemployment and plunging incomes of the population.

The new entrants are Aegon Insurance, controlled by the Dutch from Aegon, BRD Life Insurance – a member of French group Societe Generale, and Ergo Insurance, controlled by Germany’s Ergo (the majority shareholder of which is reinsurer Munich Re). According to the legislation in force, the minimum required share capital to establish a life insurance company is 12 million lei, reports daily Ziarul financiar.

In the first nine months of this year the life insurance market got close to 1.2 billion lei, 10% below the level of the similar period of 2008. The largest companies in the industry are ING, AIG Life (that changed its name to ALICO) and BCR Life Insurance.

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