Allianz-Tiriac regains top spot as general insurer

Allianz-Tiriac, the largest local insurance industry player, ended the first half of 2009 with a total gross premium income worth RON 676 million (€159.8 mln), down three percent year-on-year. The gross profit announced by the insurer amounts to RON 18.3 mln (€4.3 mln), similar to the level posted at the end of the first six months in 2008.

Moreover, Allianz-Tiriac managed to regain first place on the general insurance segment, which it lost at the end of the first quarter to its competitor, Omniasig. In the past two financial exercises, namely 2007 and 2008, Allianz-Tiriac registered gross profit of RON 42.2 mln and RON 35.5 mln, respectively, considering that, at the general level, the insurance market posted net losses worth RON 253 mln and RON 576 mln.

"For some time now, the insurance market has been registering losses, which become higher year-on-year. And the year 2009, especially since this will be a peak year in terms of the manifestation of the effects of the economic crisis, cannot produce changes in this trend," the company's General Manager, Cristian Constantinescu, said.

Revenues from Allianz-Tiriac's general insurances amounted to RON 628.4 mln (€148.5 mln), 2.7 percent less than in H1 2008. The auto business lines continue to make up the main share of the insurer's portfolio. No-fault insurance policies (Casco) totaled RON 374.1 mln (€88.4 mln), while revenues from the compulsory motor third party liability insurance (RCA) amounted to RON 116.1 mln (€27.4 mln).

money.ro