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Romanian life insurance market will grow by 2-3% in 2009, BCR Life Insurance estimate

The Romanian life insurance market will grow this year by 2-3% compared to 2008, despite the serious economic contraction, the general director of BCR Life Insurance, Florin Vizinteanu estimates after finding a better market evolution in the second term.

IMF and the government take into account a drop of GDP by 8-8.5% this year. "The life insurance market has reduced its drop in the second quarter of the year," Viziteanu said anticipating a balance between life insurance and traditional insurance this year. BCR Life Insurance reported in the first semester results over market average, announcing a growth by 34.4% of gross subscribed premium to 85 million lei (20 million euros).

The company ranks third in the Romanian life insurance market, with a share of 10.5% according to company representatives. On the overall, the life insurance market dropped in the first semester by 2.7% according to data published previously by the market supervision authority. The premiums for traditional insurance dropped by 2% while unit liked insurance registered a 5.2% decline.Last year the Romanian life insurance market grew by 21.3% to a volume of gross subscribed premiums of 1.9 billion lei.

Sursa: http://www.actmedia.eu

Tags: insurance market bcr romanian

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