The insurance market amounted to $498 million last year, according to the report of the Insurance Supervision Commission (CSA) released on Tuesday. CSA this way put an end to all the speculations about the value of this index, estimated to be either above or below $500 million. The report clarifies another issue, as well, i.e. the 2002 insurer ranking in terms of premiums collected on the general insurance market. Prior to the release of the data, it was not clear who was number one on the market.
For the first time since 1990, Asirom has lost its top spot on the general insurance market. Its 2,586bn ROL revenues and its 21% market share pushed the former state-owned company down to the second place, behind Allianz-tiriac. The German-held company collected 2,836bn ROL in premiums in 2002 and attained 23% market share.
Asirom had lost the top spot on the life insurance market ever since 1999, when Dutch ING Nederlanden first outran it. The Romanian company, however, remains the overall leader, if looking at the total premiums collected, either general or life insurance-related.
2002 therefore verifies the progress made by the major foreign companies on the Romanian insurance market. Over the last five years, major Western companies like ING Nederlanden, AIG Life, Aviva, WienerStaedtische (Unita), Interamerican, Generali, AIG or Allianz have completely changed the face of the insurance market, massively boosting sales. Subsequently, the insurance market totalled nearly $500 million last year, that is twice the level registered five years ago. sorin.pislaru@zf.ro
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