Romania Life Insurance Mkt Seen Up 25% In 2008

The growth rate of Romania’s life insurance market will reach 25% in 2008, up 5% from 2007, mainly due to people’s growing interest in these financial instruments, following the adhesion campaign to private pension funds.

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Imaginea articolului Romania Life Insurance Mkt Seen Up 25% In 2008

Romania’s Life Insurance Mkt Seen Up 25% In 2008

Cornelia Coman, deputy general manger with life insurance company ING Asigurari de Viata, said revenues from life insurance subscriptions would range from RON2.5 billion to RON3 billion by late 2010.

Florentina Vizinteanu, general manager of BCR Asigurari de Viata, the life insurance division of Romania’s largest lender Banca Comerciala Romana, stressed that the reformation of the private pension sector made it possible for the life insurance segment to rise by 20% in 2007, compared with only 6% in 2006.

Vizinteanu pointed out that the profile market might be even more blooming in the upcoming years if the authorities are willing to introduce fiscal facilities (deductions) for life insurance premiums.

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