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Asirom business grows 4-5 percent in 2007

Asirom business, one of the largest insurance companies on the profile market in Romania, taken over recently by Austrian Vienna Insurance Group, developed last year by 4-5 percent, up to some 180 million euros, estimated the company's general manager Boris Schneider.

In 2007, insurance industry reported a growth of some 30 percent, up to 2.2 billion euros, according to estimations of the players on this market. Casco comprehensive motor vehicle insurance and credit insurance are the growth 'engines' on the market, says Schneider. According to him, turning back Casco insurance on profit is one of the most important objectives of the company in 2008. Alongside motor vehicle insurance, Asirom is to concentrate this year upon the development of the life insurance business. On this market Asirom ranked fifth in the first nine months of 2007. Since May, this year, Asirom started to sell unit-linked polices because - in the director's opinion - life insurance market will develop based on these polices, and not on the traditional ones. Asirom estimates it will sell some thousands of unit-linked polices in 2008. As well, the company is to start this year the administration of facultative pensions through its Asirom Concordia branch. On this market the following companies are also active: Allianz-Tiriac Private Pensions, Aviva Life Insurance, BCR Life Insurance, ING Life Insurance, OTP Garancia and Raiffeisen Asset Management. One of Asirom great advantages is its extended presence in the rural areas, Schneider also underlined, adding that an important objective in 2008 is the improvement of the company's presence in the urban areas, as well. Company shareholders are to approve this week a capital increase of 50 million euros, set to be finalized in the two months to come. Asirom capital is to rise up to 68 million euros following this move. According to Asirom director general, this money will be destined to implementation of a new IT platform, to branches' development, as well as to some training programs for the employees. Sursa: http://www.rompress.ro

Tags: asirom insurance percent market business otp bcr ing

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