Insurance brokerage market could hold 22% of the whole insurance market in 2008, UNSICAR estimates

Insurance premiums dealt by brokers could reach 22 percent of the insurance market this year, according to Gheorghe Grad, member of the National Union of Insurance Brokerage and Consultancy Societies.

Brokers could deal insurance premiums worth 600 million euros in 2008 while incomes from commissions are estimated at 12-13 percent of this amount in the event the insurance market reaches 2.7 billion euros, Grad said.

The market could grow some 35 percent this year, a more than 100 percent advance for the house insurance segment and 40 percent for the one of  life insurance. The UNSICAR representative estimates a 30 percent hike for medical insurance and 15-20 percent for car insurance.

The growth of insurance premiums dealt by brokers keep the pace with the insurance market as many of the insurance companies businesses are made through brokers.

Brokers dealt insurance premiums worth 288 million euros in 2006 and reported 72 million euros incomes. Insurance companies posted gross premiums written worth 3.64 billion lei in the first half of 2007, a 29.4 percent rise from the same period in the previous year.

UNSICAR was founded in 2000 by 12 insurance brokerage and consultancy societies. UNSICAR is an NGO. It currently has 69 members. Its purpose is to support members in increasing the public recognition of the intermediary activity and the insurance consultants.

The Money Channel