How do the Romanian brokerage players explain the market increase in the first quarter?

18 May 2015 — Andreea RADU
The Romanian insurance market reported an 11% surprise increase in the first quarter of 2015, after decreasing constantly for the past years, according to financial data published by INSURANCE Profile. The market players present at FIAR - The International Insurance-Reinsurance Forum 2015 offered explanations for this increase during the Brokers' Conference.

Bogdan ANDRIESCU, President, UNSICAR: "The 11% increase represents an interesting number which deserves to be analyzed, given that in the past years we didn't see such growths. This increase of the insurance market makes me happy. At the same time, the brokerage market increases constantly, with no fluctuations and no spectacular growths."

Lucian FILIP, Brokers Department Director, OMNIASIG VIG: "We saw that this increase comes from the MTPL, warranties and health insurance segments. The highest increase was reported on the MTPL segment, due to an increase of the premiums. We are all happy that the health insurance market begins to evolve."

Dragos CALIN, Member of the Directorate, ASIROM VIG: "Any evolution is welcome. The highest increase comes from the MTPL segment, but it is an increase that is beneficial to all market players. It was an increase of the average premium. If during the past year, we talked a lot about the market's profitability, now we can see the results. It is commendable that life and health insurance markets are evolving. The only insurance line that decreases is Motor Hull."

Viorel VASILE, CEO, SAFETY Broker: "A growth is always a good thing, no matter its source, but I didn't see an increase of the MTPL average premium. I think there are other reasons and one of them is the economic increase of over 4% in the first quarter. We probably haven't had such a positive situation on the economic sector for a long time and I think that the insurance market reacts to this evolution."

Victor SRAER, Managing Partner, OTTO Broker, Member of the Managing Board, UNSICAR: "The experience shows that the insurance sector has a 6-12 months delay compared with the economy. I believe that the 15% increase of the number of new cars had an important influence on the insurance market's evolution."

Radu MANOLIU, Deputy General Manager, CREDIT Europe Asigurari: "The fact that brokers sell increasingly complex products is commendable. I believe that the increase on the warranties insurance segment is due to an increase of the concentration on the corporate segment, especially of the large or medium brokerage companies. As far as health insurance is concerned, this can be an effect of the professionalization of the brokers. It is commendable that the market's evolution was not entirely generated by MTPL."

Romeo BOCANESCU, General Manager, DESTINE Broker: "It would be commendable to see that the market's increase was generated by an increase of the MTPL premium, because, if they have a claim, the clients will receive a fair compensation. The market's evolution was also due to a diversification of the insurance lines. The health insurance segment begins to grow, to be searched by the clients. We must make efforts to develop the medical services network."

Alexandru APOSTOL, General Manager, MAXYGO Broker: "These numbers are surprising, but we must not celebrate yet. We still have work to do as far as the clients' trust in the insurance market is concerned. The market increases and probably the issues with paid claims will be solved later. We hope to end the year on a positive result."

, CEO, MILLENIUM Insurance Broker: "The market's increase comes almost exclusively from the MTPL segment. I believe that this is a positive effect of the ASF legislation - the fact that ASF interdicted some discounts, the fact that the insurers began to cash more. I believe that this is more important than the economic increase."

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