Allianz-Tiriac Insurance reports 16 percent drop of gross written premiums on Q3

The volume of gross written premium reported by Allianz-Tiriac in the first nine months of 2011 totaled RON 672 million, which is a 16 percent decrease compared to the similar period of 2010.

The volume of gross written premiums from the general insurance business totaled RON 600 million, which is an 18 percent reduction compared to the similar period of 2010. The non-auto insurance segment increased by 7 percent in the first nine months of 2011.

Allianz-Tiriac registered a 7 percent increase of written premiums for property damage insurance, 8 percent for civil insurance, 20 percent on healthcare insurance, 15 percent for accident insurance and 34 percent for maritime, aviation and transport insurance. All this figures are correspondent to the first nine months of 2011.

The revenue from the non-auto segment represented 29 percent of the whole business in the first three quarters of 2011.

The subscription of the CASCO segment decreased by 21 percent in the first three quarters of 2011, compared to the similar period of 2010, mainly due to the reduction of written premiums for the auto leasing business. In spite of the reduced figures, Allianz-Tiriac remains the leader in the CASCO segment, with a 20 percent market-share. The company holds a 15 percent market-share for optional insurance premiums.

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Allianz-Tiriac reported a volume of RON 109 million for RCA premiums in the first nine months of 2011, which is a decrease compared to the RON 164 million reported in the first nine months of 2010.

“The difficult business environment, the uncertainties of the economic outlook, together with the public austerity plan and the tight management of budgets in the private sector, have impacted the demand for insurance products. The decrease of revenue from written premiums is assumed, under the conditions that business development will be marked by prudency”, declared Rangam Bir, general director of Allianz-Tiriac Insurance.

The life segment of Allianz-Tiriac increased by 7 percent on the volume of gross written premiums to RON 72 million in the first nine months of 2011. The average market-growth in this segment was 5 percent.

Ovidiu Posirca