Life insurance policies could reach a quarter of the Romanian insurance market at the end of 2010

Life insurance could cover a quarter of the Romanian insurance market at the end of 2010, reaching 3 billion lei, underpinned by investments and economic development, according to the general manager of ING Asigurari de Viata, the unit of Netherlands' biggest financial-services company ING Groep NV.

Private pensions and life insurance will witness a significant advance this year, due to higher demand from the middle class, which wants to raise standard of living, said Boon.

Boon added people will start to realize the importance of such insurance and will begin to save money for their children.

The value of the insurance market stood around 2 billion euros in Romania last year, out of which 81 percent general insurance and 19 percent life insurance.

Insurance companies in Romania posted gross premiums written (GPW) of 1.6 billion euros in the first nine months of 2007. About 80.65 percent of the GPW represented general insurance and 19.31 percent life insurance.

NewsIn