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Competition tightens in life insurance industry

Competition on the life insurance market will tighten as increasingly more financial groups announced plans to enter this segment.

The last player that entered the market was Signal Iduna Life Insurance, member of German group Signal Iduna, which received the previous week the functioning license from the Insurance Supervisory Commission (CSA). Groups Ergo (Germany), Aegon (the Netherlands) and Sogecap (France) too announced they would enter the market by year-end, reports Ziarul Financiar. Signal Iduna addresses clients with medium and large incomes, both individuals and companies. Health insurance will be its main business line, followed by life and accident insurance. Present on the local market since 2007, when it joined forces with Transylvania Bank in setting up a private pension company - Aegon is now preparing to sell life insurance policies and is in the stage of getting the necessary authorizations from CSA. Ergo Life Insurance might also start operating soon, selling policies through the UniCredit Tiriac outlet network. BRD Life Insurance, set up through Sogecap, might tap the market in an initial investment worth 7.5 million euro. According to the cited paper, the main reason why foreign investors are attracted to the Romanian life insurance industry is its sped up growth and its still low share of total insurance market, which promises a sharp advance for catching up with western levels. In 2007 life insurers reported 432 million euro in gross written premiums, some 20 pct of the market total. Experts estimate that life insurance policies will advance to a share of 40 - 50 pct. The life insurance market increased 26 pct the year before, as to 9.66 pct in 2006. Sursa: http://www.rompress.ro

Tags: insurance market euro brd

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