Ins - Profile Rezultate - 2005 PDF

year IV - issue 1/2006 (10)
Produced by Media XPRIMM MARCH 2006
2005
PRELIMINARY
RESULTS
Year IV - no. 1/2006 (10)
SUMMARY
Daniela GHEŢU
IN THE SPOTLIGHT Editorial Director
A STRONGER MARKET 2
THE FIRST GLIMPSE OVER 2005
ROMANIAN INSURANCE MARKET
In the following pages you will find the preliminary results of the
2005, MOST SIGNIFICANT MOMENTS 6 Romanian insurance and insurance mediation markets’ activity in
RECONFIRMATION AND NEW ACHIEVMENTS 12 2005. You may notice while reading this issue of The Insurance PROFILE
Review that the general increasing trend of the industry remains the
same. Basically, the insurance market is growing quicker than the
LIFE INSURANCE Romanian economy. Nevertheless, not all results confirm our expec-
GROWTH OVER MARKET’S AVERAGE 16 tations, which 6 months ago seemed absolutely natural.
The boom of car sales had the expected results. In exchange, the
NON-LIFE INSURANCE forecasted growth of property insurances after the disastrous floods
THE SECOND ECHELON ATTACKS IN FORCE 18 of 2005 - which should have had a great contribution to the people’s
awareness - didn’t happen. On the contrary, the property insurances
line registered a decrease.
MOTOR INSURANCE 21
Moreover, the restrictive measures imposed by BNR (The National Bank
of Romania) didn’t succeed in stopping the retail credits’ growth. In
PROPERTY INSURANCE 25 fact, this was reflected by the increasing weight of credit and war-
ranties insurances in the market and by the improving growth rate of
life insurances.
LIABILITY INSURANCE 28
Beyond the figures, you will find the moments in 2005 which
influenced the market’s evolution: numerous mergers and acquisitions,
CREDIT AND WARRANTIES INSURANCE 29 launch of high potential products line (we’ve named here the health
insurances too), far- reaching professional events, achievements of
UNSAR (The National Association of Insurance and Reinsurance
TRAVEL INSURANCE 29 Companies in Romania) and B.A.A.R. (The Romanian Motor Insurers’
Bureau), alignment with the European legislation etc. Certainly, a
ROMANIAN INSURANCE MARKET good deal of financial results has their origin in these events.
ASSETS 31 In order to surpass our own subjective selection, we asked for the
insurance market specialists’ opinion: the Presidents of CSA (The
Insurance Supervisory Commission) and those of the two professional
TECHNICAL RESERVES 32 associations - UNSAR and UNSICAR (The National Union of Insurance
Brokerage and Consultancy Societies from Romania). In addition to
the preliminary financial results presented in detail, their statements
PORTFOLIOS 34 offer an overview of the Romanian insurance market in 2005.
ROMANIAN INSURANCE MEDIATION MARKET

A QUARTER BILLION 38
PORTFOLIOS 42
NOTE FROM THE EDITOR Although Media XPRIMM has made every effort to ensure the accuracy
The economics data submitted to the analysis have been supplied by of this publication, neither it nor any contributor can accept any legal
the insurance and insurance brokerage companies. These data ARE responsibility whatsoever for consequences that may arise from errors
NOT AUDITED by professional financial auditors and haven’t been or omissions or any opinions or advice given, as well as for the actions
warranted by the insurance supervisory authority. or decisions taken based on the articles content.
1
ROMANIAN INSURANCE MARKET 2005
A quip characterized 2006 as being the year between 2005 and 2007. Beyond this humorous utter-
ance, the content of this affirmation gives more substance to the idée that the beginning of this
year points especially the quantitative evolution and less importance to spectaculars figures which
characterize the quantitative growth.
IN THE SPOTLIGHT
A STRONGER MARKET
ducts, while observing the legal provi-
sions in insurance, be professionally
qualified and adequately trained in
order to be able to provide their cus-
tomers with a minimum set of infor-
mation on the respective insurance
product. From the discussions we had
with the representatives of both in-
surance companies and banks where
such relations exist, we understood
that certain training programs were
indeed organized, but they must be-
come a general rule.
3. I think it is highly unlikely for the

year 2006 to bring about equally sig-
nificant premiers, but, from my expe-
rience, I know that anything is possi-
ble. I am thinking, for instance, about
2003 when, after strenuous efforts, we
managed to obtain the deductibility
of premiums related to certain insur-
ance types. Even though they are no
longer applicable, at that time they
represented a premier. Maybe we will
find understanding with the Ministry
of Public Finances to obtain a fair fis-
cal treatment for life insurance that is
INSURANCE SUPERVISORY COMMISSION (CSA) similar to the one applicable for pen-
sions.
Nicolae Eugen CRIŞAN A premier could also be the fact that
President, CSA we will be informed on the real cover-
age of MTPL insurance, following the
implementation of the CEDAM data-
1. The strong capitalization of insur- 2. We believe that the relationships base and of the EGO (Emergency Gov-
ernment Ordinance) no.189/2005.
ance companies and, consequently, between insurance companies and
the strengthening of the market, the banks were good, or at least we have Thus, equipped with all information
partial liberalization of the MTPL in- not received any signals showing that related to MTPL insurance policies sold,
surance market, as an exercise for the as well as with the necessary legal
the situation is different. Insurance
total liberalization that is to take place tools, we shall be able to take actions
companies would be in a more appro-
upon the accession date, and the fi- in order to increase the level of insur-
priate position to assess this, accord-
nalization of the primary legislation ance coverage.
ing to the benefits they gained as a re-
harmonization with the European Di-
rectives.
sult of such collaborations. However,
we expect to witness an increase and
4. All insurers are aware that, as of
the accession date, the solvency mod-
Following the increases in capital achie- a consolidation of such relations, since el provided for in the European Direc-
ved by insurance companies, without banks represent an important distri- tives is going to apply, case where the
talking about the effects generated by bution channel for insurance products available solvency margin will be set
the mergers that took place, the new related to bank loans. From our per- according to own capitals. Given the
capital inputs exceeded the equiva- spective, what matters is that bank obligation according to which the
lent of EUR 55 million. employees, who also sell insurance pro- available margin must be, at all times,
2 Insurance PROFILE Review - industry quarterly

1. In a possible ranking of the most important events on the Romanian insurance market in 2006, which events
should, in your opinion, rank among the first three?
2. More and more often we hear about the impact of bank crediting on the growth of certain insurance classes, as
well as about the benefits brought about for certain insurance companies by their affiliation to a banking group. How
would you describe the relationship between banks and insurance companies during the previous year? In your opin-
ion, what are the aspects that need to be improved?
3.The year 2005 registered two major premiers: the launching of health insurance and the liberalization of MTPL
insurance market. Do you think 2006 will bring about new premiers? If yes, please specify.
4. In your opinion, what are the issues both insurers and the Insurance Supervisory Commission should focus on in
order to guarantee market stability and financial solvency for each distinct company?
5. Do you think the information on financial performance of insurance companies made available to the general public
is sufficient in order to facilitate a correct, “informed” option, regarding the preferred provider of insurance services?
at least equal to the minimum sol- are not set at random, they match ably over the past few years. Both in-
vency margin, as calculated accord- the minimum values for the security surance and insurance brokerage
ing to the legal provisions, the insur- fund, EUR 2 million, the equivalent in companies, directly or through the
ers will have to constantly monitor RON, for general insurance, respec- agency of professional associations
the financial results they obtain since tively EUR 3 million, the equivalent in they are affiliated to, focus more and
they affect, either positively or nega- RON, for life insurance. more on how they are perceived by
tively, the level of own capitals. the general public, providing quite
Therefore, we think it is essential for often information on the results they
At the same time, considering that insurers to implement appropriate obtained. We noticed that, as time
the minimum margin is set accord- internal control procedures and anti- goes by, there is a better coverage in
ing to the gross underwritten premi- fraud measures and to organize an the written press, as well as in the au-
ums or the paid claims – being equal efficient risk monitoring and man- dio and video media, regarding ma-
to the highest of the values calculat- agement activity, their quality hav- terials and shows focused on insurance
ed through the premium method ing a direct impact on the financial as discussion topic, on the progress
and, respectively, the claims method results they obtain. As for the Com- of the market and of insurance com-
-, the insurers will also have to moni- mission, we will focus on verifying panies and insurance brokers. Also,
tor both the risk underwriting activi- how companies observe the require- more and more conferences, semi-
ties and the paid claims. ments in terms of liquidity and sol- nars and round tables are organized;
The solvency model provided for in vency, as well as implementation of certainly, the interest in communica-
the directives introduces the term of internal control and anti-fraud pro- tion is increasingly growing.
security fund which represents a cedures. Also, considering that we
are now in the process of re-orient- A large number of technical and fi-
third of the minimum solvency mar-
ing the entire supervisory philoso- nancial indicators on insurance com-
gin, but not less than EUR 2 or 3 mil-
phy towards a system mainly based panies and brokers are also present-
lions, according to the activities per-
on risk assessment, as a measure an- ed in the Commission’s annual report,
formed. The available margin should
ticipating the moment when the Sol- and year after year, we even increased
never fall below the minimum mar-
vency II model will be implemented, their number. However, I think that,
gin or the security fund because, if
the administrative capacity also for the general public, the current
this happens, the measures provided
needs to be strengthened. In fact, and potential consumers of insur-
for in Law no.503/2004 on financial
certain companies that belong to ance products, all these technical in-
recovery and bankruptcy of insur-
multinational insurance groups, such dicators are not very useful in assess-
ance companies become applicable.
as those from the WIENER STAED- ing and choosing a company. It is
But we do not expect the implemen- TISCHE Group, GENERALI, etc are go- quite difficult for a person with no
tation of the new solvency model to ing to reach major social capital in- specific expertise in this field, to un-
have a massive negative impact on derstand, for instance, the role of
creases this year in order to meet all
insurers, since the increase in the le- technical reserves and, consequently,
solvency standards applicable as of
gal ceilings for the social capital – in- their level in a company is not highly
Romania’s accession date to the Eu-
dicator included in the composition relevant as an indicator in this re-
ropean Union.
of own capitals – happened especial- spect. I think the information pre-
ly in order to prevent such a situa- sented to the general public should
tion. The minimum social capital ceil- 5. I think the transparency of the in- be qualitative rather than quantita-
ings applicable as of June 30th 2006 surance market improved consider- tive, it should explain the companies’
www.1asig.ro 3 Year IV - no. 1/2006 (10)

actions, strategies, as well as the no.32/2000 the obligation for insur- tice a much higher transparency in
working mechanisms of products ance companies to publish an annual the case of the Romanian insurance
they provide etc. Moreover, by evalu- report with a minimum set of infor- market.
ating several reports of similar super- mation that will be established This information is useful for the in-
visory authorities from certain EU through norms. sured entities and the potential in-
member states we noticed that the sured persons, but they are even
If we were to compare the quality
information on companies is not very more useful for the potential inves-
and large number of technical and
detailed and, in most cases, the data tors and competitors from other
financial information included in the
is presented at a market aggregated countries. We might, at the level of
CSA report on the Romanian insur-
level. the CSA Board, make a decision re-
ance market and in the reports of
garding a different approach in these
In order to meet this need for infor- other regulatory and supervisory in-
reports on the part of CSA.
mation, we introduced in the latest stitutions from other countries that
amendments and additions to Law are EU member states, we would no- 
balance of the involved insurance

companies, I do not think we should
consider this type of banks/crediting
institutions – insurers relations as an
issue with negative implications.
Of course, it would not be a bad idea
to have the supervisory institutions
monitor this type of activities more
closely because, at least at a theoreti-
cal level, considering that in defining
the banks-insurers contracts, the
former have a far better negotiation
position (in fact, in many situations,
the banks have the control over the
insurance companies), we can think
that, based on statistics that are not
necessarily relevant for the Romanian
market in terms of direct and indirect
credit risks, the insurance technical
Cristian CONSTANTINESCU quotations might be undersized, and
the profits generated by the insur-
President, UNSAR ance portfolio management might be
shared.
1. I would rather consider processes, duce the crediting risks – be them di-
rect or indirect, it is obvious that their On the other hand, we must show
not necessarily events, identifying that, most certainly, out of the total
weigh in the total income produced
here the liberalization of compulsory business currently generated by the
in insurance increased exponentially,
third party liability insurance for ma- banks-insurers relations, only a small
from one year to the next.
terial damages and the Green Card part truly represents the results of
unification process; then we must In this respect, normally, there are bancassurance programs. Both guar-
notice an increase in the insurance insurance companies that enjoy pref- antee insurance and life insurance
companies’ capitalization level, a situ- erential relations with such crediting policies required by the financing
ation that expresses the existence of institutions (whether we talk about institutions from their borrowers are
serious shareholders, who seem to be captive companies, which are part rather protection instruments used
willing to support the growth of their of a financial group developed on a by creditors to indirectly minimize the
insurance business, on the one hand, platform mainly based on banking ac- risks of default. On the other hand, the
but that also shows the existence of fi- tivities, or about insurance companies rate of insurance policies sold by the
nancial unbalances in the case of cer- that concluded collaboration proto- Romanian banking network, gener-
tain local players in insurance, on the cols with such financing institutions). ated by the development of strategies
other hand. Obviously, this means more business that consider, first and foremost, the
for those insurers. This is something customers’ needs, is extremely low.
2. Indeed, the growth in the non-gov- absolutely normal that cannot actu-
ally be altered, in my opinion, by any
We hope this will change in time, and
of course, insurers also have an impor-
ernmental credit level had a significant
law – be it a law intended to promote tant saying in this, namely in propos-
impact on the volume of insurance
the freedom of choice of customers or ing the financial institutions they col-
activities undertaken by specialized
potential customers. In fact, we must laborate with coherent and efficient
companies. Even though we do not
admit that, as long as the insurance programs.
have a general evaluation, for the
overall market, of the insurance busi- conditions are accepted by the in-
ness volume that was generated by sured entity, and if, on the other hand, 3. If the legislative-institutional pro-
the need of the financing institutions the level of insurance technical quota- gram proposed by the authorities for
(banks, leasing companies etc.) to re- tions do not endanger the financial the social insurance system’s reform

is observed, 2006 could witness the The preliminary results of the latest risks occur, what would the effects on
emergence of the first companies for financial year (2005), as announced by insurers be?
private pension management, an in- the insurers, indicate that these insur-
surance-related field, that is going to
bring about the involvement of many
ance classes continue to be described,
once again, by an increase in the
5. We have just talked about “finan-
cial performances” of insurers and, un-
players with relevant activities on the claims rate, which – considering that
fortunately, not many companies can
local and international market. these insurance classes participate
say they have any…
with more than three quarters to the
4. I stay consistent in defending my total business volume in general in-
surance provided by specialized com-
On the other hand, we must admit
that it is not at all easy to find a lan-
opinion that the attention should be
panies – indicates, eventually, if not guage that is not only accessible, but
focused on the methods used in risk
losses for many companies, then, in that can also capture the attention of
assessment, especially on the motor
the best case scenario, insurers’ profit the general public on the elements
insurance segments (unintentional
margins maintained at very low lev- that express the financial soundness
damages and motor third party li-
els. of an insurance company. Actually,
ability), but also on the material and
property insurance classes. Moreover, In fact, if we perform an analysis of a larger number of insurers publish
as we go through a period of redefin- the profitability rates on various seg- more and more detailed financial in-
ing the compulsory policy (liberaliza- ments of the Romanian financial mar- formation – which also means it is
tion, territorial expansion by unifica- ket, we can notice that over the past more and more sophisticated -, which
tion with the Green Card), this newly few years, at aggregated level, the does not mean the general public has
created insurance class also induces insurance market registered the low- the ability to analyze and compare the
major risks, generated by the lack of est profitability margin. This situation various indicators presented there.
a relevant statistical database on risks, is not least encouraging, especially if Without venturing in anticipating
but also in a context where certain we consider the fact that it continues when such a moment could occur, I
pricing practices that continue to be to stay that way, even under the cir- think this moment is still far away in
used on the market are fundamentally cumstances where, in terms of actual
the future…
established according to commercial risks, we did not have to experience
policies that consider gaining/main- years with major catastrophic risks
taining a market share on the com- that could substantially affect the in-
pulsory insurance segment to be the surers’ portfolios. And we have to ask
main objective. ourselves: in case such catastrophic 
1. I could not say that the previ-

ous year was the year of spectacular
events. The market took its natural
course and the events of 2005 are, in
my opinion, normal for a growing in-
surance market from a country that is
about to join the European Union, as
is the case with Romania.
2. The ISC norms, alongside those

pertaining to credits, clearly stipulate
the nature of the relationship between
insurance companies and brokers.
Given the present legal framework,
I believe that an insurance product
offer associated to a credit coming
from several insurance companies
would be benefic for the customers,
as they would be able to take advan- Bogdan ANDRIESCU
tage of some very simple products. In
the relationship between banks and
President, UNSICAR
insurance companies, the insurance After 2005, the year of private health
intermediary has the role of drafting insurance, I think 2006 should be the
a program for selling these types of year when the private pension system
policies. is launched.
3. I have promoted the health in- 4. Both ISC and the insurance com-
surance development and I hope this panies will have to monitor the stabil-

field shall develop in the near future. ity of companies’ financial indicators.

2005 MOMENTS
1. Which are the most important happenings, able to crucially influence the
GRAWE + SARA MERKUR = GRAWE market development? Which are the facts setting out the market status?
The GRAZER Wechselseitige Versicherung AG
Austrian group, the main shareholder of
Hard to say and to make a totally objective selection. In the following lines
GRAWE Romania, bought 99.7% of the shares we are bringing in our selection.
belonging to SARA MERKUR – the life insur-
ance company. This share package used to be
controlled by MERKUR Versicherung AG, an-
other Austrian group, directly – namely 94.7%
3.
- and the remaining 5% was controlled through UNSAR, Associated Member of CEA
MERKUR Zavarovalnica, one of its subsidiaries
from Slovenia. During 2005, GRAWE also took UNSAR – The National Association of Insurance and
over SARA MERKUR’s insurance portfolio and Reinsurance Companies from Romania became As-
the merger between the two entities is now sociated Member of CEA (Comite Europeen des
finalized. Assurances), the flagship organization of the Eu-
ropean insurance industry. CEA is the federation of
2. national insurance associations from 33 European

countries and it has 30 full members and 3 associ-
PUGLIA Cauzioni in Romania ated members – Bulgaria, Croatian and, as of June
10th 2005, Romania.
As of March 2005, the Financial Investment
Company PUGLIA Cauzioni SpA from Italy be- During the admission session, UNSAR was repre-
came the majority shareholder of the insur- sented by Cristian CONSTANTINESCU, the President
Cristian CONSTANTINESCU
ance – reinsurance company CITY Insurance. of the Association and by Florentina ALMAJANU,
President, UNSAR
Secretary General of UNSAR. I am glad that at CEA’s
We have decided to invest in Romania because
General Assembly it was decided that UNSAR become Associated Member declared Daniel
only 20% of the insurance market in this country
is yet covered. Another reason for our presence SCHANTÉ, Director General, CEA. The decision was voted by the CEA members and it was
here relates to the financial cautions & warran- unanimously approved by the member associations he added. We are honored by the fact
ties segment, which, for the time being, is not that we have been accepted in CEA. Our accession is very important from several perspec-
covered. declared Mariano CERESA, President tives. CEA is an association that was created in order to lobby for the insurance industry – this
of the Board at PUGLIA CAUZIONI. The com- is one of its main missions declared Cristian CONSTANTINESCU, President of UNSAR, who,
pany estimates that in 2006, the credit and during FIAR 2005 also added that the entire Romanian market shall benefit from this repre-
warranties insurance segment shall represent sentation. When the Romanian delegation entered the room, everybody started to applaud.
40% of CITY Insurance’s portfolio. The official It was extremely touching and honoring at the same time confessed Florentina ALMAJANU,
representatives of the Italian company de- Secretary General at UNSAR.
clared their interest in investing on the life in-
surance market. The activity developed by Among other advantages, the accession to CEA offers Romania access to the debates on
CITY Insurance is mainly based on insurance all the regulations relevant to the insurance market as well as to the discussions between
for tourist assistance abroad. the industry and European bodies.
4.
Investor of the Year
In May 2005, WIENER STAEDTISCHE acquired 68.87% of OMNIASIG’s shares for approximately 64
million EUR. At present, WS’s participation represents about 72.8%. Once WS took over the OMNIA-
SIG Group (which includes OMNIASIG Life, OMNIASIG Addenda, OMNIASIG AGI, OMNIASIG ASIRAG
and AUTOSIG), the number of companies it has in Romania increases to 7. I appreciate that the in-
vestment made in OMNIASIG will be covered in 7 to 10 years declared Christian BRANDSTETTER, Direc-
tor, Board of Management, WS, given that we do not transfer the profits in Austria. And, surprising as
some might find this, there will be no merger between the three insurance companies controlled
by WS in Romania: OMNIASIG GROUP, UNITA and AGRAS. This is, nevertheless, a normal decision for
a group promoting a multibranding strategy in almost all countries where it operates. It is certain
that, on a long term, there will be a successive concentration of business lines at the level of each of the
three brands from Romania, states Christian BRANDSTETTER. Thus, on a long term, OMNIASIG shall
Christian BRANDSTETTER count on a corporate-type focus on insurance but it will also guide its attention to retail […], while the
Director, Board of Management, WS UNITA offer shall especially target the retail sector and AGRAS will focus on agricultural insurance.

5. 6. FIAR 2005 - Allmost 500 attendees!

FIAR has grown by the year, and this edition enjoyed a record-high attendance rate of more
International Recognition than 500 personalities from the insurance field, the financial and banking field, public admin-
for B.A.A.R. istration, IT&C etc. The 12 Conferences held within the Forum, in parallel with the bilateral
meetings, gave the participants the opportunity to choose the type of event they wanted to
As recognition of the entire activity performed attend. We thank them all and we are looking forward to meeting them for the next edition,
by the team and the Bureau, The Romanian the 9th Edition of FIAR 2006, which is to take place in Sinaia, in May 22nd – 26th, stated Sergiu
Motor Insurers’ Bureau (BAAR) is, for the first COSTACHE, General Director, Media XPRIMM, at the end of the 2005 FIAR Edition.
time in history, member of the Steering Com-
mittee of the International Green Card Sys-
tem, following the General Assembly held in
Warsaw in May 2005.
As of last year, BAAR is also part of the General
Rules Committee. This Committee gradually
creates and adjusts the System’s Internal Reg-
ulation, makes statements concerning practi-
cal issues dealt with in the current activities
of the Bureaus, as well as in the relations es-
tablished between Bureaus. Actually, BAAR is
affiliated to a Committee that makes the rules
in the Green Card System.
7.
Joint Venture at ASTRA
Thank you very for the way you organized the International Insurance - Reinsurance Forum
from Sinaia. The conference agenda, as well as the Official Reception, were excellent. I am
persuaded I will come back for the next edition, declared Eva KOIS, Legal and International
Affairs, VVO Austrian Association of Insurers.
Thank you for the extraordinary event you organized. The conferences and the bilateral meet-
ings were equally efficient. We will definitely come back next year, Julia USAKOVSKAYA, Proj-
ect Manager, MOSCOW Re.
Konstantin KLIEN
CEO, UNIQA
After acquiring 27% of ASTRA S.A.’s capital at the
8.
beginning of June 2005, UNIQA has agreed on Debates on mandatory home insurance
a framework contract with ASTRA’s majority
Given the recent floods and the appreciation on the
shareholder, Nova Trade S.A., and this frame-
possible occurrence of an earthquake issued by spe-
work contract stipulates that ASTRA S.A. shall
cialists, I believe that the mandatory home insurance
be managed by a joint venture between the
system could represent a real solution for Romanians
two partners. On a medium term, this frame-
declared Radu Mircea POPESCU, Counselor with
work contract grants UNIQA the possibility to
the Ministry of Administration and Interior. Besides
obtain the majority share package at ASTRA.
floods and earthquakes, Romania is subject to oth-
UNIQA’s CEO, Mr. Konstantin KLIEN: In order to
er types of disasters as well, such as landslides or
put into practice long-term plans, it is always fa-
strong winds.
vorable to be the majority shareholder. Espe-
cially when entering a new market, I think a co- I believe it is necessary to have a certain level of man-
operation with a strong local partner represents datory insurance, but we have to find a formula that
a decisive advantage. We have reached an agre- should adapt the fiscal legislation to the local specific-
ement with Nova Trade, on the way ASTRA could ities opinionates Varujan VOSGANIAN, the President
occupy the place it rightfully deserves within the of Senate’s Budget, Finance and Banks Commission.
UNIQA Group. As a minority shareholder we The representatives of the Ministry of Administra-
tion and Interior consider that this system would be Varujan VOSGANIAN
shall contribute to the local management team
benefic both for the affected population, as in a rela- President
with our experience, the instruments and the
advantages of a large insurance company as tively short period of time they could have access to Senate’s Budget, Finance and Banks
UNIQA, for a common development. In this re- the funds they need to cover the damages caused by Commission
spect, our commitment is, from the very begin- natural catastrophes, as well as for the State budget
ning, more than just a part of the share capital. that would be exposed to smaller pressures.

9. 10.
Significant damages caused Vienna Risk Management Forum
Austria is the most important investor in Romania, pointed out, in the opening session
by the floods of the “EU Accession – a Risk Management Approach. Strategic and Operational Risks”
The numerous floods from 2005 were the conference, Mr. Dumitru Mugurel CERACEANU, President of ASIBAN, the moderator of
most frequent floods to occur in one year in the first debate session. The initiative to organize this conference is highly appreciated and
Romania’s recent history. Without a doubt, the meets an existing need, at a moment when the relations between Austria and Romania are
most damaging ones are those that occurred excellent, stated His Excellency, Traian CHEBELEU, the Romanian Ambassador in Vienna.
in Romania during July – August. In April – Au- The progress of the European Union is a must, and in this respect, the accession of Romanian
gust alone, these natural phenomena caused and Bulgaria to the EU is crucial. This is an idea I supported during the previous administra-
damages exceeding 5.2 billion RON, that is tion as well, states Guido PODESTA’, Co-President of the Romanian-European Union Joint
approximately 1.5 billion EUR (in excess of 2% Parliamentary Committee, as well as important member of the European Parliament.
of the GDP). Romania’s macroeconomic re- The administration’s main role is to enhance the safety of the citizen, while the Government’s
sults, especially its GDP, forecast for 2005 were function is to manage the risks, says Sorin ARDELEAN, Counselor to the President of the
impaired by these floods. The high level of Romanian Senate’s Commission for Budget, Finance and Banks, stating that the main ob-
damages also influenced the insurance field, jective of the Governmental act is Romania’s accession to the European Union in 2007.
by increasing the claims paid by insurance Albin BIRO, member of the Insurance Supervisory Commission’s Board stated that “until
companies. Thus, according to ISC estimates, now, CSA observed the relevant European Directives”. Although penetrating a certain mar-
the volume of paid claims amounted to 10 ket implies a series of risks, such as the political and the economic ones, or those related to all
million EUR. legal amendments, we think that in Romania, the growth is going to overcome the risks. The
progress made so far proves that investing in Romania is a good idea because this country
11. has a prosperous future stated Christian BRANDSTETTER, Director, Board of Management,
WIENER STAEDTISCHE Group, Austria.
The year of private health insurance

The private health insurance market has in-
creased, overcoming the legal limitations. The
year 2005 is the absolute proof in this respect,
5 insurance companies expressing their intent
to expand in this direction. Chronologically
speaking, the first actual health insurance
policies were launched in 2003 by OMNIA-
SIG Addenda. INTERAMERICAN then opened,
in June, the first private hospital in Romania,
EUROCLINIC. The highest point was reached
in October, when ALLIANZ-TIRIAC and GENER-
ALI (in partnership with DIAGNOSIS) launched
their own health insurance products.
The list is constantly expanding, and players like
ASIBAN, GRAWE and, subsequently, ARDAF,
presented, at their turn, their strategies re-
garding the health insurance market (ASIBAN
and GRAWE even finalizing their products).
Discussions concerning the penetration of
this market are also held at GARANTA, accord- We are glad to be partners in this event. This is how the Conference on Strategic and Op-
ing to some voices on the market, and the list erational Risks implied by Romania’s accession to the European Union was characterized
is far from being completed. by Dieter PSCHEIDL, Department of International Relations from the VVO-Austrian As-
sociation of Insurers. He also added Also, this established regional partnership is equally
important for both markets.
12.
Partial MTPL liberalization
13.
2005 saw a partial liberalization of the motor
New provisions on the authorization of insurance brokers
third party liability market. Thus, the insur- The Insurance Supervisory Commission brought new amendments to the regulations on
ance companies had to choose the MTPL pre- the authorization of insurance and/or reinsurance brokers. These amendments concern
miums themselves, with a +/- 10% margin to the conditions that need to be met by all persons who are to fill in positions in the ex-
the benchmark tariff determined by ISC. In ecutive management of insurance brokerage companies. Thus, if according to the initial
2006, MTPL prices could vary between 10 -20% legal provisions, executives had to have a university degree and an experience of at least
from the standard published by the relevant 3 years in an operative management position in the field of insurance or at least 5 years
regulatory body. in an operative management position in the financial and banking field, according to
these amendments, this condition only applies to newly created companies, request-
Also, the authorization granted to insurance
ing authorization. The legal provisions are meant to regulate an emerging market, while
companies to sell MTPL has an undetermined
transforming it into a professional market that requires certain professional skills in view
validity period and it can be withdrawn or sus-
of performing the insurance intermediation activity.
pended by ISC within the limits set by the law.

Risk or opportunity? It’s often a question of perspective. Yet the key to lasting success is
recognising and harnessing the opportunities in risk. Take, for instance, the growing number
of natural disasters: Are they the result of global warming or just a freak of nature? Whatever
the answer, we embrace risk with open arms. Because risk is our business, driving us to look
at the world from new angles and develop fresh solutions that yield the best results for our
customers. Add to that our optimal risk diversification and excellent financial strength and
you will understand even better why we are one of the world’s most successful reinsurers.
www.hannover-re.com
14. 15.
ETHNIKI buys ALPHA Insurance Omniasig merger at the end
The ETHNIKI Asfalistiki Greek insurance com- In October, OMNIASIG signed for the reception of
pany acquired the shares held by ALPHA Bank the universal patrimony from its satellite companies
at ALPHA Insurance Romania. ETHNIKI will also OMNIASIG-AGI and OMNIASIG-ASIRAG, as absorbed
take over 95% of ALPHA Insurance Brokers. companies, this being the last stage of the merger
The buying price was estimated at over 2.7 initiated at the beginning of 2005. Thus, OMNIASIG
million EUR for the insurance company and 2.45 Group includes the OMNIASIG companies (special-
million EUR for the brokerage company. The ized in non-life insurance), OMNIASIG Asigurari de
take over contract includes a provision stipu- Viata (Life Insurance) and OMNIASIG Addenda (ac-
lating that, for a 5-year period, ETHNIKI can tive in the field of private health insurance). These
distribute insurance products through the AL- three companies employ approximately 1,800
PHA Bank’s network. One of objectives estab- people. Constantin TOMA, President of OMNIASIG,
lished by the Greek company ETHNIKI Insurance described the merger as a complex operation that
has entailed numerous resources of all kinds and ap-
preciated the active support offered by the Insur-
ance Supervisory Commission (ISC) during the en-
Constantin TOMA
tire process. The legal proceedings meant to finalize
President, OMNIASIG
the merger between the three companies were con-
cluded at the Bucharest Trade Register, based on the registered deeds and documents. In
2004, OMNIASIG acquired the majority share package at AGI Romania and ASIRAG.
16.
ICAR 2005 - Greater and larger
Although talking about catastrophic risks is distressing, the organizers of this Forum managed
Tassos PAGONIS to set up a professional framework that was appropriate for high level debates, stated Dumi-
General Manager, ETHNIKI Insurance tru Mugurel CERACEANU, President, ASIBAN, during the conclusion session of ICAR 2005
– The International CAtastrophic Risks Forum. I believe that, after this conference, we must
is that of strengthening its presence on the Ro- send a message to all Governments throughout the world, a message saying that catastrophic
manian market told Mr. Tassos PAGONIS, Gen- risks should not be ignored, considering that they can affect anyone, at any moment, con-
eral Manager, in exclusivity to XPRIMM Insur- cluded Mr. CERACEANU. It was a great honor for me to participate as speaker and moderator
ance Newsletters in June. Our operations in
Romania grow profitable. We are aware of the
opportunities and the potential present on the
insurance market in your country, this is why we
intend to grow and develop here and we are re-
solved to accomplish this not only through our
own forces but also with the support of an ac-
quisition he added. ETHNIKI Insurance is pres-
ent on the relevant Romanian market as a majo-
rity shareholder of GARANTA, where it controls
93.62% of the shares.
17.
OTP buys CECCAR-ROMAS
The GARANCIA (Hungary) insurance compa- ICAR Sponsors - Toghether we are stronger
ny, fully owned by OTP Bank acquired, on No-
vember 23rd 2005, 95.81% of CECCAR-ROMAS to this event that has grown, both in terms of discussed topics and representation, and I hope
insurance company shares. The value of the the solutions that resulted from the debates held during these several days become concrete
transaction amounted to 1.92 million EUR. proposals for catastrophic risks management, states Eugene GURENKO, Senior Insurance
At the beginning of this year, CECCAR ROMAS Officer, World Bank. I am glad I attended this event and I am persuaded that these debates are
extended its object of activity with a view to going to have an impact at a legal level, said Osman GURSOY, Area Manager, NASCO Karao-
include life insurance activities and its social glan, France. What I can say upon the conclusion of these works is that Romania is exposed
capital was increased by 3.7 million EUR by to a wide range of catastrophic risks and that finding, as soon as possible, a solution to limit
OTP Garancia, with the endorsement of Ro- their negative effects, is a must. I think this solution is the compulsory home insurance, stated
mania’s Insurance Supervisory Commission. Romeo JANTEA, President of BCR Asigurari. I must thank the participants, the moderators,
CECCAR-ROMAS started its activity in 1998, the speakers, the partners and the team who organized the Forum. All those present there were
its headquarters are located in Pitesti and, aware of the progress made as compared to the previous Edition and I can assure you that
at present, it has its own territorial network ICAR 2006 will outperform this year’s edition, concluded Sergiu COSTACHE, Director General,
which encompasses 42 agencies. Media XPRIMM.

19.
Going above the 1 billion EUR ceiling
According to the Insurance Supervisory Commission (ISC), in the 2005 Romanian market, the volume of
gross underwritten premiums amounted to 1.1 – 1.2 billion EUR. In May, at FIAR , I undertook to go beyond
the 1 billion EUR ceiling for gross underwritten premium volume and this promise was fulfilled declared Nico-
lae Eugen CRISAN, the PRESIDENT of ISC.
Compared to 2004, in 2005 this field increased by 27% in euro. “We estimate that this growth rate will
continue in 2006, if the economic environment is similar to the one form 2005” stated the ISC President. A
significant evolution was also recorded by life insurance, which increased, in 2005, by 26%. From the point
of view of its GDP share, the insurance level of penetration increased in 2005 to 1.7 – 1.8%, as compared
to 1.47% in 2004.
Nicolae Eugen CRISAN

President, Insurance Supervisory Commission
18.
AON buys KaRo
AON started its direct activity in Romania by fully acquiring the insurance brokerage company
KaRo Servicii de Asigurari (Insurance Services). The new company shall be called AON Roma-
nia Insurance- Reinsurance Broker. Its headquarters are located in Bucharest and it employs
32 people. AON’s entry on the Romanian market is part of the strategy to consolidate and
develop its global presence promoted by the company at a regional level. Thus, the inten-
tion is to capitalize on the growth potential existing at the level of the insurance market from
Eastern and Central Europe and to diversify its value added services offered to the business
community, by using innovation and the experience of a global network of specialists. The
Paul JANSEN, Managing Director European Practice fact that KaRo has become part of the AON is a continuation of a professional collaboration
Groups AON, Karina ROŞU and Rim Knaup, CEO Nordics, which extended over more than 10 years, with no changes in what the local company’s team
CEE & FSU, AON and management is concerned.
20.
And the winner is… THE INSURANCE MARKET!
The Gala of the Romanian Insurance Market Awards, presented by the PRIMM Insurance Magazine, acknowledged the performance and
value of the relevant industry and of the financial and banking system. Thus, in an elegant and sumptuous atmosphere, specific to the Royal
Palace, ALLIANZ-TIRIAC Asigurari was awarded the INSURANCE COMPANY OF THE YEAR prize, while the BANK OF THE YEAR award was pre-
sented to the BCR Group. The annual trophy of the PRIMM Insurance Magazine was awarded to the President of the Insurance Supervisory
Commission, Nicolae Eugen CRISAN, for his constant efforts aimed at translating the European Directives on insurance intermediation into
the Romanian legislation and at strengthening the administrative supervisory capacity in insurance. As for the intermediation sector that is
relevant for this industry, the INSURANCE BROKER OF THE YEAR award was granted to MARSH, Romania. During the same Gala, MUNICH Re
was acknowledged as REINSURER OF THE YEAR. Awards for the most competitive insurance and brokerage companies, as well as insurance
products and services were also presented.

THE ROMANIAN INSURANCE MARKET IN 2005
RECONFIRMATION
AND NEW ACHIEVEMENTS
by Daniela GHEŢU On the whole, the Romanian insuran- consideration the PIB’s value of RON by the optional motor insurances
Editorial Director ce market has succeeded a real growth 287,186.3 billion estimated by The CASCO, the class with the most im-
of almost 16%, the total volume of National Institute of Statistics). Also portant weigh, to which adds the ne-
gross written premiums reaching RON the insurance density as average gative variation of the Green Card
4.43 billion. The substantial apprecia- amount spent in 2005 by Romanians insurances and the slow evolution of
tion of the national currency toward for insurances, increased at 56.5 EUR/ the property insurances.
euro, with almost 12% (the average inhabitant (calculated for a popula- Retrospectively, the only classes that
exchange rate was 3.6234 RON/EUR tion of 21,733,556 inhabitants, accor- constantly enhanced their weigh in
in 2005 comparing to 4.053 RON/EUR ding to the most recent available sta- the market structure are the compul-
in 2004) determined a nominal growth tistic from the 1st of July 2003). sory motor liability insurances (Green
rate in euro much more spectacular The general portfolio’s structure of Card and Motor third party liability)
of nearly 41%, the volume of gross the Romanian insurance market regis- and the credit and warranties insu-
written premiums amounting at EUR tered a few changes, without being rances which tripled their weigh in
1.22 billion. very different by the last year one. Af- the last 4 years. In our opinion this
According to the general performan- ter the rebound from 2004, the life portfolio’s changes, contradictory chan-
ce indicators, the registered progress insurances restart their increasing ges if we take into consideration the
shows the insurance market’s supe- trend registering a weigh nearly to market expectation regarding the pro-
rior growth rhythm comparing to the that of 2003 (23.43% in 2005 in com- perty insurances and the spectacular
whole economy. The insurance pene- parison to 23.47% in 2003). The 2 per- increase of auto vehicles sales this
tration degree calculated as weight of cents lost by the general insurances year, reflect only the wakefulness state
insurance field in the Gross Domestic indicate, mainly, the growth rhythm of the market waiting for the changes
Product reached 1.55% (taking into inferior to market average registered brought by the UE integration.
EUR m
GROSS WRITTEN PREMIUMS IN 2005, life insurance and general insurance added up
0 50 100 150 200 250
ALLIANZ-ŢIRIAC
ASIROM
OMNIASIG - Gr WS
ING ASIG. DE VIAŢĂ

ASIBAN
BCR ASIGURARI
UNITA - Gr WS
ARDAF
ASTRA
GENERALI
AIG LIFE*
TOP 10 - MARKET SHARES, 2005
BT ASIGURARI
life insurance and general insurance added up
AIG ROMANIA
No. Company GWP Market share 2005 Nominal PAID
OMNIASIG LIFE* 2005 change in CLAIMS
CARPATICA ASIG EUR 2005
AVIVA EUR m. % EUR m.
INTERAMERICAN 1 ALLIANZ-ŢIRIAC 239,48 19.50 OTHER COMPANIES 33,87 122,55
ASIROM 19.24%
GRAWE
2 158,97 12.94 19,05 NA
3 OMNIASIG Gr. WS 116,36 9.47 - 22,50 46,98
GARANTA
4 ING 108,43 8.83 2005 43,06 24,93
AGRAS - Gr WS OVERALL
5 ASIBAN 96,86 7.88 115,35 37,15
ASITRANS
6 BCR ASIGURĂRI 81,97 6.67 INSURANCE 122,36 31,12
ASITO KAPITAL 7 UNITA Gr. WS 71,45 5.82 MARKET 62,02 NA
RAI 8 ARDAF 64,56 5.26 44,39 32,48
ALPHA INSURANCE 9 ASTRA 49,88 4.06 2,95 24,25
CECCAR ROMAS 10 GENERALI 35,91 2.92 46,90 18,60
*Insurance PROFILE estimation.

2005 2004 2003 2002 Consolidated insurance portfolio in 2005

Life insurance 23.43 21.61 23.47 22.96
Non-life insurance 76.57 78.39 76.53 77.04 accident and Other lines
sickness insurance 1.13% 1.57%
Motor insurance 51.86 52.31 50.64 49.49
CASCO 29.60 30.31 29.67 30.41 credit & warranties LIFE INSURANCE
Of which 6.12%
MTPL + Green Card 22.26 22.00 20.97 19.08 23.43%
Property insurance 11.37 13.23 12.28 13.30 GTPL
1.58%
GTPL 1.58 1.80 2.23 1.66 Green Card
Credit & warranties insurance 6.12 3.84 4.79 2.12 4.39%
Of which
Travel insurance 0.52 0.43 0.45 0.18
Accident & sickness insurance 1.13 2.63 2.19 3.25 property
compulsory 11.37%
Health insurance 0.47 0.62 0.88 0.81 2005
MTPL 17.87% fire and
Goods insurance, including transported commodities 0.96 0.92 1.07 0.88
Transport insurance, other than terrestrial 1.98 2.08 1.82 4.93
PORTFOLIO allied perils
9.94%
Other 0.58 0.34 1.12 0.42
motor damages
51.86% to propery
mergers and acquisitions took place, 1.43%
The largest companies representing
the pitch for the entire market were one invested for the consolidation of
more preoccupied by the consolida- the capital and so on.
tion of certain results, structures and At the insurance companies’ indivi-
development strategies than by the dual results level, one should observe
immediate performance. New pro- the remarkable results of ASIBAN, GENERAL INSURANCE motor hull
76.57% 29.60%
ducts lines were launched, particu- BCR Asigurări and BT Asigurări, com-
larly the private health insurances. panies that obtained a 5 or 10 times
The sales network was developed; growth.

If ASIBAN has consolidated its share in As regards the companies’ hierarchy

NOTE the motor third party liability’s market one can say that 2005 year reconfir-
and got impressive results for CASCO med the last year top with ALLIANZ-
Currency conversions were calculated for an average exchange rate of insurances, BCR Asigurări, which was ŢIRIAC, ASIROM, OMNIASIG Gr. WS
RON/EUR of: at its beginning in MTPL insurances, and ING Asigurări de Viaţă on top 3.
• RON 3.6234/ EUR – in 2005 • RON 4.0530/EUR – in 2004 Nevertheless, among these, only ING
obtained a powerful impulse in optio-
The following values of 2005’s macroeconomic indicators were taken into Asigurări de Viaţă kept intact the mar-
nal motor insurances. BT Asigurări ket share of 2004. In top 10 on the one
consideration for the calculation of the insurance density and penetration:
added to its remarkable increasing hand 2005 recorded the progress of
POPULATION: 21,733,556 inhabitants INFLATION RATE IN 2005: 8.6%
rates at motor insurances a great per- ASIBAN, BCR Asigurări and UNITA GR.
Sources: formance regarding fire and allied WS and on the other hand the reposi-
National Bank of Romania; National Institute of Statistics perils insurances. tion of ASTRA and ARDAF. 
Life and general insurance lines financial indicators for 2005

No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN PAID CLAIMS
REINSURANCE
2005 2004
Nominal Real 2005 2005 2004 2004
change change Market
EUR m. RON m. EUR m. RON m. in EUR in RON EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m. share 2005
1 ALLIANZ-ŢIRIAC 239.48 867.75 178.90 725.07 33.87 10.20 92.07 333.61 51.36 208.18 122.55 444.05 79.11 320.62 19.50
2 ASIROM 158.97 576.00 133.53 541.18 19.05 -1.99 NA NA 9.31 37.74 NA NA 74.02 300.00 12.94
3 OMNIASIG Gr. WS*** 116.36 421.61 94.99 384.99 22.50 0.84 17.18 62.25 16.54 67.03 46.98 170.23 37.67 152.69 9.47
4 ING Asigurări de Viaţă 108.43 392.89 75.79 307.19 43.06 17.77 0.49 1.78 0.18 0.72 24.93 90.32 19.84 80.41 8.83
5 ASIBAN 96.86 350.96 44.98 182.30 115.35 77.28 16.74 60.65 13.97 56.61 37.15 134.62 21.63 87.67 7.88
6 BCR ASIGURĂRI 81.97 297.02 36.86 149.41 122.36 83.05 23.82 86.33 13.89 56.30 31.12 112.75 10.96 44.42 6.67
7 UNITA Gr. WS 71.45 258.90 44.10 178.74 62.02 33.38 NA NA 10.08 40.85 NA NA 22.87 92.70 5.82
8 ARDAF 64.56 233.92 44.71 181.21 44.39 18.86 2.38 8.63 5.10 20.65 32.48 117.69 18.44 74.72 5.26
9 ASTRA 49.88 180.72 48.45 196.36 2.95 -15.25 NA NA 4.62 18.72 24.25 87.88 17.60 71.31 4.06
10 GENERALI 35.91 130.10 24.44 99.06 46.90 20.93 18.14 65.72 16.09 65.20 18.60 67.40 9.06 36.72 2.92
11 AIG LIFE* 29.45 106.70 19.78 80.17 48.88 22.56 NA NA 1.89 7.66 NA NA 0.39 1.60 2.40
12 BT ASIGURĂRI 28.63 103.74 8.73 35.38 227.96 169.98 5.11 18.51 2.69 10.92 7.94 28.78 4.47 18.10 2.33
13 AIG ROMANIA 21.61 78.32 16.43 66.60 31.53 8.27 19.91 72.15 15.04 60.96 0.96 3.48 0.22 0.90 1.76
14 OMNIASIG LIFE* 17.11 62.00 13.51 54.77 26.63 4.24 NA NA - - NA NA - - 1.39
15 CARPATICA ASIG 15.31 55.47 9.52 38.59 60.78 32.36 2.02 7.32 1.72 6.99 7.09 25.70 4.26 17.25 1.25
16 AVIVA 13.51 48.95 8.36 33.89 61.55 32.99 NA NA 0.07 0.27 NA NA - - 1.10
17 INTERAMERICAN 12.91 46.76 11.64 47.19 10.84 -8.75 3.03 10.97 2.76 11.19 5.40 19.57 4.06 16.47 1.05
18 GRAWE*** 11.47 41.56 7.54 30.54 52.24 25.32 NA NA 0.32 1.29 0.50 1.82 0.08 0.31 0.93
19 GARANTA 10.95 39.67 9.76 39.56 12.17 -7.66 7.07 25.60 4.75 19.24 1.34 4.84 4.11 16.64 0.89
20 AGRAS Gr. WS** 10.09 36.55 8.44 34.20 19.53 -1.60 1.00 3.61 1.59 6.43 5.13 18.60 4.00 16.23 0.82
21 ASITRANS 7.72 27.98 5.29 21.43 46.06 20.24 NA NA 1.35 5.48 NA NA 1.60 6.48 0.63
22 ASITO KAPITAL 7.03 25.46 6.70 27.16 4.86 -13.68 5.98 21.67 5.59 22.65 0.99 3.59 0.60 2.44 0.57
23 RAI 5.56 20.13 4.10 16.63 35.39 11.45 0.18 0.66 0.12 0.49 1.84 6.67 1.04 4.23 0.45
24 ALPHA INSURANCE 3.97 14.39 2.50 10.13 58.87 30.78 2.32 8.40 1.41 5.70 1.33 4.84 0.59 2.40 0.32
25 CECCAR ROMAS 2.61 9.46 1.82 7.36 43.68 18.28 0.05 0.19 0.04 0.16 1.13 4.10 0.55 2.23 0.21
26 DELTA ASIGUĂRI 1.81 6.54 1.69 6.85 6.81 -12.07 NA NA - - 0.23 0.83 0.06 0.24 0.15
27 PETROAS 1.20 4.34 1.34 5.44 -10.71 -26.50 0.05 0.20 0.21 0.83 0.45 1.61 0.40 1.62 0.10
28 ABC ASIGURĂRI 1.00 3.62 0.47 1.90 113.23 75.53 0.33 1.20 0.29 1.19 0.23 0.83 0.12 0.50 0.08
29 CITY INSURANCE 0.99 3.59 0.80 3.25 23.59 1.74 0.04 0.13 0.03 0.10 0.10 0.37 0.11 0.43 0.08
30 GERROMA 0.59 2.15 0.56 2.26 6.47 -12.35 NA NA - - 0.01 0.04 0.01 0.04 0.05
31 EUROASIG 0.43 1.54 - - - - 0.04 0.14 - - 0.05 0.18 - - 0.03
32 IRASIG 0.35 1.26 0.33 1.35 4.27 -14.17 0.08 0.29 0.08 0.32 0.01 0.02 0.00 0.01 0.03
33 CERTASIG 0.15 0.56 0.65 2.63 -76.40 -80.57 - - 0.17 0.68 NA NA 0.05 0.20 0.01
34 CONCORDIA 0.07 0.27 0.10 0.42 -28.92 -41.49 - - - - 0.04 0.16 0.10 0.41 0.01
35 OMNIASIG ADDENDA 0.07 0.26 0.06 0.24 23.99 2.07 - - 0.06 0.26 0.02 0.08 0.01 0.05 0.01
36 MEDAS NA NA 0.27 1.11 NA NA NA NA - - NA NA 0.02 0.08 -
TOTAL TOP 10 1.023.86 3.709.86 726.75 2.945.51 40.88 15.98 170.83 618.98 141.13 572.01 338.06 1.224.93 311.19 1.261.26 83.35
TOTAL 1.228.44 4.451.13 867.15 3.514.57 41.66 16.62 218.03 790.02 181.30 734.82 372.87 1.351.06 338.05 1.370.11 100.00
UNAUDITED DATA *Insurance PROFILE estimation.

Source: the insurance companies’ statements ** non-life insurance portfolio, excepting agricultural insurance, of AGRAS Gr. WS has been cedded to UNITA Gr. WS since November 30, 2005
*** OMNIASIG Group WIENER STAEDTISCHE, OMNIASIG AGI and OMNIASIG ASIRAG merged in the previous year, thus the results presented here are
consolidated for all three companies respectively cumulated for year 2004. Also, GRAWE and SARA MERKUR merged in the preceding year, the results for
2005 respectively for 2004 being also consolidated.

2006 Producer
Organizer
FIAR Consult
With the Official Support
and Participation of
CSA - The Romanian Insurance
Supervisory Commission
With the Special Support of
UNSAR - The National Association of Insurance and
Reinsurance Companies from Romania
UNSICAR - The National Union of Insurance
Brokerage and Consultancy Societies from Romania
VVO - The Austrian Association of Insurance Companies
Official Partners
ASIBAN
BCR Asigurari
BT Asigurari
Main Partners
SWISS Re
MUNICH Re
WILLIS Re
MOSCOW Re
BMS Harris & Dixon Re
Partners
AUDATEX PRODINF FADATA
May 22nd - 26th, 2006

ASIGEST EOS Risq MARSH
CERTINVEST INTERCAPITAL Invest
AIRAS INTERSOFT EUROBROKERS
SAGBIM ASIGEST Agri
Sinaia
General Media Partners
INVESTMENT AND PENSIONS EUROPE
ROMANIA
RUSSIAN POLIS (Russia)
ACH (Russia) www.insur-today.ru
STRAHOVOI Club (Ukraine)
INSURANCE in Belarus (Belarus)
SIGORTA Dünyası (Turkey)
Media Partner
BISER (Russia) www.allinsurance.ru
Official Publication
Insurance Magazine
Media Partners (Romania)

LIFE INSURANCE
GROWTH OVER MARKET’S AVERAGE

The gross written premiums in life pulse given by the substantial devel- that made its debut in the life insur-
insurance in 2005 reached the opment of the bank activity. The esti- ance market relative late, succeeded
amount of 282 billion EUR, the value mates published by the financial through the signed partnerships and
in currency exceeding 1 billion RON. press appreciates that the retail cred- promotions of unit linked products
In real terms the registered enhance- its reached 87%. The enhancement of scoring 54% in real terms.
ment is little over 25%, rate superior the credits for personal needs un- The registered evolution of the life
to the entire market level, which is nominated for which the guarantee insurances in the market illustrates
not more than 16%. consists in a life insurance ceded to the approach to the normal reality of
The main factor responsible for this the bank, transformed this type of mature markets in which integration
performance, which leaded to the in- credits in a constant business source of financial services with multiple in-
crease of life insurances’ share in the for the insurers approved by the terdependences is an already accept-
market’s portfolio till almost 24%, bank. ed concept, appreciated and used to
seems to be the remarkable evolu- its real value.I
The market’s leaders with long and
tion of ASIBAN, BCR Asigurări and BT
traditional activity in field remain two
Asigurări. Taking into account their
companies ING Asigurări de Viaţă and
affiliation to important bank groups,
AIG Life; both have together a 46%
leaders in the retail credits market,
the hypotheses that the enhance- market share.
ment registered by the life insurance It isn’t neglected the increase regis-
market is due especially to the im- tered by ALLIANZ - ŢIRIAC, company 
Life insurance financial indicators for 2005

No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED PAID CLAIMS Market
IN REINSURANCE share
2005
Weight in 2005 2004 Nominal Real 2005 2004 2005 2004
the own change change
insurance in EUR in RON
portfolio EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m.
1 ING Asigurări de Viaţă 98.76 107.09 388.02 75.79 307.19 41.29 16.31 0.48 1.73 0.18 0.72 24.60 89.14 19.84 80.41 37.21
2 AIG LIFE* 100.00 29.45 106.70 19.78 80.17 48.88 22.56 NA NA 1.89 7.66 NA NA 0.39 1.60 10.23
3 ASIBAN 25.32 24.52 88.85 9.26 37.53 164.81 117.99 0.54 1.97 0.15 0.62 1.00 3.63 0.71 2.89 8.52
4 ASIROM 14.41 22.91 83.00 22.21 90.00 3.16 -15.08 NA NA - - NA NA 13.32 54.00 7.96
5 BCR ASIGURĂRI 25.95 21.27 77.08 4.76 19.29 346.88 267.88 - - - - 0.30 1.10 0.02 0.09 7.39
6 ALLIANZ-ŢIRIAC 7.53 18.04 65.35 9.64 39.07 87.08 54.01 1.47 5.32 0.27 1.07 2.60 9.43 0.09 0.37 6.27
7 OMNIASIG LIFE* 100.00 17.11 62.00 13.51 54.77 26.63 4.24 NA NA - - NA NA - - 5.95
8 AVIVA 100.00 13.51 48.95 8.36 33.89 61.55 32.99 NA NA 0.07 0.27 NA NA - - 4.69
9 GRAWE 100.00 11.47 41.56 7.46 30.22 53.85 26.65 NA NA 0.43 1.73 0.50 1.82 0.37 1.49 3.99
10 INTERAMERICAN 47.78 6.17 22.34 5.05 20.45 22.22 0.61 0.76 2.74 0.57 2.31 0.70 2.54 0.32 1.28 2.14
11 GENERALI 15.91 5.71 20.70 3.04 12.34 87.75 54.56 0.25 0.91 1.61 6.52 0.17 0.63 0.22 0.90 1.99
12 UNITA Gr.WS 4.75 3.39 12.30 3.32 13.47 2.15 -15.91 NA NA - - NA NA 1.42 5.74 1.18
13 DELTA ASIGURĂRI 100.00 1.81 6.54 1.69 6.85 6.81 -12.07 NA NA - - 0.23 0.83 0.06 0.24 0.63
14 ARDAF 2.64 1.71 6.19 1.53 6.20 11.55 -8.17 0.02 0.08 0.04 0.15 0.28 1.02 0.24 0.96 0.59
15 BT ASIGURĂRI 5.90 1.69 6.12 0.39 1.58 334.00 257.27 0.02 0.08 0.01 0.03 0.04 0.13 0.00 0.01 0.59
16 GARANTA 7.28 0.80 2.89 0.66 2.69 20.04 -1.18 0.22 0.79 0.09 0.35 0.04 0.14 0.07 0.30 0.28
17 ASTRA 1.37 0.68 2.47 0.57 2.31 19.85 -1.34 NA NA - - 0.09 0.34 0.04 0.15 0.24
18 ASITO KAPITAL 6.68 0.47 1.70 0.38 1.53 24.39 2.40 NA NA - - 0.45 1.64 0.33 1.32 0.16
19 CARPATICA ASIG 0.19 0.03 0.10 0.01 0.05 119.03 80.31 - - - - 0.00 0.00 - - 0.01
20 CERTASIG 0.90 0.00 0.01 0.01 0.05 -88.66 -90.66 - - - - NA NA - - 0.00
21 MEDAS NA NA NA 0.01 0.02 NA NA NA NA - - NA NA 0.01 0.03 -
TOTAL TOP 10 271.53 983.86 175.82 712.58 54.44 27.14 3.25 11.76 3.55 14.38 29.71 107.66 35.07 142.13 94.34
TOTAL 23.43 287.82 1.042.88 187.43 759.67 53.56 26.41 3.76 13.61 5.28 21.42 31.01 112.38 37.45 151.79 00.00
UNAUDITED DATA
Source: the insurance companies’ statements *Insurance PROFILE estimation

Gross written premiums for life insurance in the 2005

EUR m
0 10 20 30 40 50 60 70 80 90 100 110
ING ASIG. DE VIAŢĂ > Weight in market portfolio: 23.43%
AIG LIFE* > Nominal change (EUR): 53.56%
ASIBAN > Real change (RON): 26.41%
ASIROM
> Concentration degree (first ten companies): 94.34%
BCR ASIGURĂRI
ALLIANZ ŢIRIAC
OMNIASIG LIFE*
AVIVA Top 10 - market shares, 2005 for life insurance
GRAWE
No. Company GWP Market share Nominal PAID
INTERAMERICAN 2005 change in CLAIMS
GENERALI OTHER COMPANIES 4.87% EUR 2005
UNITA - Gr WS EUR m. % % EUR m.
DELTA ASIGURĂRI 1 ING Asigurări de Viaţă 107,09 37.21 41,29 24,60
ARDAF 2 AIG LIFE* 29,45 10.23 48,88 NA
BT ASIGURĂRI 3 ASIBAN 24,52 8.52 164,81 1,00

4 ASIROM 22,91 7.96 3,16 NA
GARANTA
2005
ASTRA 5 BCR ASIGURĂRI 21,27 7.39 346,88 0,30
LIFE
ASITO KAPITAL 6 ALLIANZ-ŢIRIAC 18,04 6.27 87,08 2,60
INSURANCE
7 OMNIASIG LIFE* 17,11 5.95 26,63 NA
8 AVIVA 13,51 4.69 61,55 NA
9 GRAWE 11,47 3.99 53,85 0,50
10 INTERAMERICAN 6,17 2.14 22,22 0,70

GENERAL INSURANCE
THE SECOND ECHELON

ATTACKS IN FORCE
Analyzing the results obtained by the cial business, capable of getting a the market share. Though the men-
general insurances line, one can say reasonable profitability rate on con- tioned decreases are insignificant as
that 2005 is the year of offensive for dition that the financial security rat- value referred to the cumulated
the share market of medium compa- ings remained at optimums parame- weigh of this companies and corre-
nies. Upholding on the motor insur- ters. Regarding the future perspectives lated with the small increase of the
ances’ results, ASIBAN, BCR Asigurări “2006 will be a year of regulation the concentration degree of the general
and BT Asigurări registered the most improvement of our quality services”. insurance market calculated as total
important increase rate in 2005( The main competitors of ALLIANZ weigh of Top 10’s components, they
66.7%, 55.64% and 165.90% in real ŢIRIAC, ASIROM and OMNIASIG Gr. can point out a potential restraint of
terms) having as results a growth cor- WS crossed a year of “inner clarifica- the market much more the own capi-
responding to the weigh of this 3 tion”. If at ASIROM the process of tal’s dimension tasks will become in
companies. A 1% share got UNITA Gr. modernization and reorganization of 2006 harder to be fulfilled by the
WS with a real growth of 37%. the management is in full swing, the small companies. Tough till the ap-
fusion between OMNIASIG Gr. WS, pearance of the audited results, this
OMNIASIG - AGI and OMNIASIG tendency can’t be characterized than
The main market’s operators seem to
ASIRAG made only in November last a simple invalidated hypothesis.
concentrate on the consolidation of
year, is relative distant to produce its
previous quantitative accumulation.
real effects. In conclusion 2006 will be
As regards ALLIANZ ŢIRIAC, this pre-
the consolidation year.
occupation was declared opened by
the general manager Cristian CON- In the classification corresponding to
STANTINESCU: “We reached the lead- the 2% lower market share ASITRANS,
er position in the insurance market, ALPHA Insurance and ABC Asigurări
on the circumstance that our offer are the only companies that regis-
covers all important insurance class- tered a growth. In the same time they
es. Our results of the previous years are the only in this part of the classifi-
show that we built a constant finan- cation that hadn’t registered a fall of 
GROSS WRITTEN PREMIUMS for general insurance in 2005 EUR m
0 25 50 75 100 125 150 175 200 225

ALLIANZ-ŢIRIAC
ASIROM
OMNIASIG Gr. WS
ASIBAN
UNITA Gr. WS
ARDAF
BCR ASIGURĂRI
TOP 10 - MARKET SHARES, 2005
ASTRA
for general insurance
No. Company GWP Market share Nominal PAID
GENERALI
2005 change CLAIMS
BT ASIGURĂRI in EUR 2005
AIG ROMANIA EUR m. % % EUR m.
CARPATICA ASIG 1 ALLIANZ-ŢIRIAC 155.65 23,54 30,84 119,95
GARANTA 2 ASIROM 114.69 14,47 OTHER COMPANIES 22,22 NA
13.05%
AGRAS Gr. WS* 3 OMNIASIG Gr. WS 80.80 12,37 22,50 46,98
ASITRANS 4 ASIBAN 53.72 7,69 102,53 36,15
2005
INTERAMERICAN 5 UNITA Gr. WS 53.65 7,24 66,90 NA
GENERAL
ASITO KAPITAL 6 ARDAF 51.26 6,68 45,55 32,20
INSURANCE
RAI 7 BCR ASIGURĂRI 41.62 6,45 89,07 30,81
ALPHA INSURANCE 8 ASTRA 39.48 5,23 2,75 24,16
CECCAR ROMAS 9 GENERALI 20.56 3,21 41,09 18,43

10 BT ASIGURĂRI 17.70 2,86 223,01 7,91

General insurance financial indicators for 2005

2005
Weight in 2005 2004 2005 2004 2005 2004
the own
insurance
portfolio Nominal Real
change change
EUR m. RON m. EUR m. RON m. in EUR in RON EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m.
1 ALLIANZ-ŢIRIAC 92.47 221.45 802.40 169.26 686.00 30.84 7.71 90.60 328.29 51.10 207.11 119.95 434.62 79.02 320.25 23.54
2 ASIROM 85.59 136.06 493.00 111.32 451.18 22.22 0.62 NA NA 9.31 37.74 NA NA 60.70 246.00 14.47
3 OMNIASIG 100.00 116.36 421.61 94.99 384.99 22.50 0.84 17.18 62.25 16.54 67.03 46.98 170.23 37.67 152.69 12.37
4 ASIBAN 74.68 72.34 262.11 35.72 144.77 102.53 66.72 16.20 58.69 13.82 56.00 36.15 130.99 20.92 84.78 7.69
5 UNITA Gr. WS 95.25 68.06 246.60 40.78 165.27 66.90 37.39 NA NA 10.08 40.85 NA NA 21.46 86.96 7.24
6 ARDAF 97.36 62.85 227.73 43.18 175.01 45.55 19.82 2.36 8.56 5.06 20.50 32.20 116.67 18.20 73.76 6.68
7 BCR ASIGURĂRI 74.05 60.70 219.94 32.10 130.12 89.07 55.64 23.82 86.33 13.89 56.30 30.81 111.64 10.94 44.32 6.45
8 ASTRA 98.63 49.19 178.25 47.88 194.05 2.75 -15.42 NA NA 4.62 18.72 24.16 87.54 17.56 71.16 5.23
9 GENERALI 84.09 30.19 109.39 21.40 86.73 41.09 16.15 17.89 64.81 14.48 58.69 18.43 66.77 8.84 35.81 3.21
10 BT ASIGURĂRI 94.10 26.94 97.62 8.34 33.80 223.01 165.90 5.09 18.43 2.69 10.89 7.91 28.65 4.46 18.09 2.86
11 AIG ROMANIA 100.00 21.61 78.32 16.43 66.60 31.53 8.27 19.91 72.15 15.04 60.96 0.96 3.48 0.22 0.90 2.30
12 CARPATICA ASIG 99.81 15.28 55.36 9.51 38.53 60.70 32.29 2.02 7.32 1.72 6.99 7.09 25.70 4.26 17.25 1.62
13 GARANTA 92.72 10.15 36.78 9.10 36.87 11.59 -8.14 6.85 24.82 4.66 18.89 1.30 4.71 4.03 16.35 1.08
14 AGRAS Gr. WS* 100.00 10.09 36.55 8.44 34.20 19.53 -1.60 1.00 3.61 1.59 6.43 5.13 18.60 4.00 16.23 1.07
15 ASITRANS 100.00 7.72 27.98 5.29 21.43 46.06 20.24 NA NA 1.35 5.48 NA NA 1.60 6.48 0.82
16 INTERAMERICAN 52.22 6.74 24.42 6.60 26.74 2.14 -15.92 2.27 8.23 2.19 8.88 4.70 17.04 3.75 15.19 0.72
17 ASITO KAPITAL 93.32 6.56 23.76 6.32 25.63 3.70 -14.64 5.98 21.67 5.59 22.65 0.54 1.95 0.28 1.11 0.70
18 RAI 100.00 5.56 20.13 4.10 16.63 35.39 11.45 0.18 0.66 0.12 0.49 1.84 6.67 1.04 4.23 0.59
19 ALPHA INSURANCE 100.00 3.97 14.39 2.50 10.13 58.87 30.78 2.32 8.40 1.41 5.70 1.33 4.84 0.59 2.40 0.42
20 CECCAR ROMAS 100.00 2.61 9.46 1.82 7.36 43.68 18.28 0.05 0.19 0.04 0.16 1.13 4.10 0.55 2.23 0.28
21 ING Asigurari de Viaţă 1.24 1.34 4.86 - - 0.02 0.05 - - 0.33 1.19 - - 0.14
22 PETROAS 100.00 1.20 4.34 1.34 5.44 -10.71 -26.50 0.05 0.20 0.21 0.83 0.45 1.61 0.40 1.62 0.13
23 ABC ASIGURĂRI 100.00 1.00 3.62 0.47 1.90 113.23 75.53 0.33 1.20 0.29 1.19 0.23 0.83 0.12 0.50 0.11
24 CITY INSURANCE 100.00 0.99 3.59 0.80 3.25 23.59 1.74 0.04 0.13 0.03 0.10 0.10 0.37 0.11 0.43 0.11
25 GERROMA 100.00 0.59 2.15 0.56 2.26 6.47 -12.35 NA NA - - 0.01 0.04 0.01 0.04 0.06
26 EUROASIG 100.00 0.43 1.54 - - - - 0.04 0.14 - - 0.05 0.18 - - 0.05
27 IRASIG 100.00 0.35 1.26 0.33 1.35 4.27 -14.17 0.08 0.29 0.08 0.32 0.01 0.02 0.00 0.01 0.04
28 CERTASIG 99.10 0.15 0.55 0.64 2.58 -76.16 -80.38 - - 0.17 0.68 NA NA 0.05 0.20 0.02
29 CONCORDIA 100.00 0.07 0.27 0.10 0.42 -28.92 -41.49 - - - - 0.04 0.16 0.10 0.41 0.01
30 OMNIASIG ADDENDA 100.00 0.07 0.26 0.06 0.24 23.99 2.07 - - 0.06 0.26 0.02 0.08 0.01 0.05 0.01
31 MEDAS NA NA NA 0.27 1.09 NA NA NA NA - - NA NA 0.01 0.05 -
TOTAL TOP 10 844.14 3.058.65 604.96 2.451.92 39.54 14.87 173.14 627.35 141.58 573.83 316.58 1.147.11 279.75 1.133.84 89.74
TOTAL 76.57 940.62 3.408.25 679.64 2.754.59 38.40 13.93 214.28 776.41 176.13 713.84 341.86 1.238.68 300.89 1.219.51 100.00
*non-life insurance portfolio, excepting agricultural insurance, of AGRAS Gr. WS has been cedded to UNITA Gr. WS UNAUDITED DATA
since November 30, 2005 Source: the insurance companies’ statements
www.1asig.ro Citiţi, în premieră, ştirile interne şi externe, începând

cu ora 10.30, direct pe www.1asig.ro!

GENERAL INSURANCE
MOTOR INSURANCE
OVERALL MOTOR INSURANCE 2005: MOTOR HULL, MOTOR COMPULSORY THIRD PART LIABILITY
AND GREEN CARD INSURANCE INCLUDED
2005
Weight in 2005 2004 2005 2004 2005 2004
the own Nominal Real
insurance change change
portfolio EUR m. RON m. EUR m. RON m. in EUR in RON EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m.
1 ALLIANZ-ŢIRIAC 69.12 165.53 599.80 128.53 520.94 28.79 6.02 NA NA 24.37 98.75 NA NA 60.10 243.60 25.98
2 ASIROM* 69.44 110.39 400.00 90.46 366.62 22.04 0.46 40.02 145.00 3.85 15.60 NA NA 52.99 214.75 17.33
3 OMNIASIG Gr. WS 60.69 70.61 255.86 61.72 250.16 14.41 -5.82 2.21 8.02 3.07 12.42 37.83 137.09 32.67 132.41 11.08
5 ARDAF 77.38 49.96 181.01 32.54 131.88 53.53 26.39 0.81 2.94 0.39 1.57 28.38 102.83 16.26 65.91 7.84
6 ASIBAN 43.51 42.14 152.70 15.35 62.23 174.48 125.95 0.18 0.64 0.84 3.42 NA NA 9.88 40.06 6.62
7 ASTRA 73.53 36.67 132.88 33.17 134.44 10.56 -8.98 NA NA 0.74 3.02 21.57 78.15 15.75 63.82 5.76
8 BCR ASIGURĂRI 35.03 28.72 104.05 12.58 51.00 128.21 87.86 0.59 2.12 0.62 2.50 15.62 56.61 6.63 26.88 4.51
9 BT ASIGURĂRI 74.05 21.20 76.82 5.91 23.96 258.69 195.28 4.25 15.41 2.45 9.94 4.97 17.99 4.14 16.79 3.33
10 GENERALI 46.51 16.70 60.51 10.54 42.72 58.44 30.43 8.28 30.02 6.18 25.03 11.67 42.27 7.99 32.39 2.62
11 CARPATICA ASIG 77.87 11.92 43.19 6.94 28.11 71.85 41.46 1.68 6.07 1.50 6.07 6.66 24.14 3.89 15.78 1.87
12 AGRAS Gr. WS 58.79 5.93 21.49 4.84 19.63 22.44 0.79 0.47 1.69 0.49 2.00 3.23 11.71 2.18 8.82 0.93
13 INTERAMERICAN 38.52 4.97 18.01 5.05 20.47 -1.55 -18.96 1.43 5.18 1.02 4.14 4.16 15.08 3.41 13.82 0.78
15 RAI 34.87 1.94 7.02 1.31 5.30 48.04 21.87 0.03 0.11 0.03 0.11 1.49 5.40 0.76 3.08 0.30
16 CECCAR ROMAS 71.81 1.87 6.79 1.32 5.33 42.55 17.35 0.03 0.09 0.02 0.08 1.09 3.94 0.52 2.12 0.29
17 ALPHA INSURANCE 38.88 1.54 5.59 0.99 4.01 56.12 28.52 0.77 2.77 0.57 2.30 0.87 3.17 0.42 1.70 0.24
18 GARANTA 9.02 0.99 3.58 0.95 3.85 3.92 -14.46 0.39 1.43 0.38 1.54 0.41 1.48 0.78 3.15 0.16
19 ABC ASIGURĂRI 81.97 0.82 2.97 0.26 1.07 209.91 155.12 0.22 0.81 0.18 0.74 0.10 0.35 0.12 0.47 0.13
20 ASITO KAPITAL 8.35 0.59 2.13 0.43 1.74 36.39 12.27 0.46 1.67 0.33 1.35 0.38 1.36 0.11 0.44 0.09
21 PETROAS 43.52 0.52 1.89 0.65 2.65 -20.21 -34.31 0.39 1.42 0.11 0.44 0.39 1.42 0.35 1.42 0.08
22 EUROASIG 58.66 0.25 0.91 - - - - 0.03 0.12 - - 0.05 0.17 - - 0.04
23 CERTASIG 19.46 0.03 0.11 0.15 0.61 -80.16 -83.67 - - 0.07 0.28 NA NA 0.04 0.15 0.00
24 CITY INSURANCE 0.20 0.00 0.01 0.00 0.01 32.71 9.25 - - - - 0.00 0.01 0.00 0.02 0.00
TOTAL TOP 10 601.10 2.178.04 426.98 1.730.55 40.78 15.89 56.34 204.15 50.92 206.40 120.04 434.95 227.30 921.26 94.36
TOTAL 51.86 637.05 2.308.30 452.70 1.834.80 40.72 15.84 62.24 225.54 55.77 226.03 138.87 503.17 241.42 978.47 100.00
*Insurance PROFILE estimation. UNAUDITED DATA
Source: the insurance companies’ statements
BT ASIGURARI GENERALI OTHER TOP 10

3.33% 2.62% 5.64% 94.36% > Weight in market portfolio: 51.86%
BCR Asigurari > Nominal change (EUR): 40.72%
4.51%
ALLIANZ-ŢIRIAC > Real change (RON): 15.84%
25.98%
ASIBAN
6.62%
> Concentration degree (first ten companies): 94.36%
2005
ASTRA TOP 10
5.76%
MOTOR
ARDAF INSURANCE
7.84%
UNITA - Gr WS OMNIASIG - Gr WS ASIROM*

9.29% 11.08% 17.33%

GENERAL INSURANCE
MOTOR INSURANCE
MOTOR HULL INSURANCE CLASS 2005
No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN REINSURANCE PAID CLAIMS Mar-
ket
share
the own change in change in
2005
insurance EUR RON
2 ASIROM* 25.17 40.02 145.00 42.71 173.09 -6.30 -22.86 40.02 145.00 2.38 9.63 NA NA 28.07 113.75 11.01
3 OMNIASIG Gr. WS 32.51 37.82 137.05 29.63 120.10 27.65 5.08 0.84 3.04 0.77 3.13 22.73 82.37 17.23 69.83 10.40
4 ASIBAN 33.84 32.78 118.77 12.76 51.71 156.93 111.50 0.18 0.64 0.84 3.42 NA NA 8.41 34.08 9.01
6 BCR ASIGURĂRI 29.18 23.92 86.67 12.58 51.00 90.09 56.48 0.59 2.12 0.62 2.50 13.56 49.14 6.63 26.88 6.58
7 GENERALI 46.36 16.64 60.31 10.54 42.72 57.92 30.00 8.28 30.02 6.18 25.03 11.67 42.27 7.99 32.39 4.58
8 ARDAF 21.69 14.00 50.73 12.29 49.80 13.96 -6.19 0.08 0.29 0.39 1.57 13.28 48.11 8.52 34.54 3.85
9 ASTRA 20.83 10.39 37.65 8.96 36.33 15.92 -4.57 NA NA - - 7.46 27.03 6.24 25.29 2.86
10 BT ASIGURĂRI 30.26 8.66 31.39 4.92 19.95 76.01 44.89 4.25 15.41 2.45 9.94 4.97 17.99 3.46 14.02 2.38
11 CARPATICA ASIG 23.52 3.60 13.05 2.37 9.60 52.05 25.17 1.36 4.92 1.20 4.88 3.13 11.36 1.70 6.90 0.99
12 INTERAMERICAN 23.11 2.98 10.81 2.86 11.58 4.39 -14.06 1.43 5.18 1.02 4.14 2.66 9.63 2.04 8.25 0.82
13 RAI 34.87 1.94 7.02 1.31 5.30 48.04 21.87 0.03 0.11 0.03 0.11 1.49 5.40 0.76 3.08 0.53
14 ALPHA INSURANCE 38.88 1.54 5.59 0.99 4.01 56.12 28.52 0.77 2.77 0.57 2.30 0.87 3.17 0.42 1.70 0.42
15 AGRAS Gr. WS 13.27 1.34 4.85 1.17 4.73 14.59 -5.67 0.43 1.55 0.47 1.89 0.95 3.43 0.46 1.87 0.37
16 GARANTA 9.02 0.99 3.58 0.95 3.85 3.91 -14.46 0.39 1.43 0.38 1.54 0.41 1.48 0.78 3.15 0.27
17 ASITRANS 8.85 0.68 2.48 0.51 2.05 35.21 11.31 NA NA 0.14 0.58 - - 0.89 3.60 0.19
18 ASITO KAPITAL 8.35 0.59 2.13 0.43 1.74 36.39 12.27 0.46 1.67 0.33 1.35 0.38 1.36 0.11 0.44 0.16
19 PETROAS 43.52 0.52 1.89 0.65 2.65 -20.21 -34.31 0.39 1.42 0.11 0.44 0.39 1.42 0.35 1.42 0.14
20 CECCAR ROMAS 16.31 0.43 1.54 0.29 1.18 46.88 20.91 0.03 0.09 0.02 0.08 0.26 0.93 0.14 0.57 0.12
21 ABC ASIGURĂRI 36.34 0.36 1.32 0.26 1.07 37.38 13.09 0.22 0.81 0.18 0.74 0.10 0.35 0.12 0.47 0.10
22 EUROASIG 58.66 0.25 0.91 - - - - 0.03 0.12 - - 0.05 0.17 - - 0.07
23 CERTASIG 19.46 0.03 0.11 0.15 0.61 -80.16 -83.67 NA NA 0.07 0.28 NA NA 0.04 0.15 0.01
24 CITY INSURANCE 0.20 0.00 0.01 0.00 0.01 32.71 9.25 NA NA - - 0.00 0.01 0.00 0.02 0.00
TOTAL TOP 10 348.37 1.262.28 253.19 1.026.17 37.59 13.27 54.24 196.53 45.92 186.12 73.67 266.92 159.20 645.22 95.81
TOTAL 29.60 363.62 1.317.54 265.12 1.074.55 37.15 12.90 59.78 216.61 50.44 204.45 84.35 305.62 167.00 676.84 100.00
UNAUDITED DATA Source: the insurance companies’ statements * Insurance PROFILE estimation
ASTRA BT Asigurări OTHER TOP 10

2.86% 2.38% 4.19% 95.81% > Weight in market portfolio: 29.60%
ARDAF > Nominal change (EUR): 37.15%
3.85% *ALLIANZ-ŢIRIAC > Real change (RON): 12.90%
GENERALI 36.63%
4.58% > Concentration degree (first ten companies): 95.81%
BCR Asigurari
6.58% 2005
TOP 10
UNITA-Gr WS FACULTATIVE
8.51% MOTOR
INSURANCE
ASIBAN
9.01%
OMNIASIG-Gr WS *ASIROM
10.40% 11.01%

MOTOR TPL No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN REINSUR-
ANCE
PAID CLAIMS Market
share
INSURANCE CLASS Weight in 2005 2004 Nomi- Real 2005 2004 2005 2004 2005
the own nal change
2005 insurance change in RON
portfolioEUR m. RON m. EUR m. RON m. in EUR EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m.
> Weight in market portfolio: 1 ASIROM* 40.80 64.86 235.00 42.96 174.10 50.98 24.29 NA NA 0.34 1.39 NA NA 23.44 95.00 29.55
17.87% 2 ARDAF 45.62 29.45 106.71 14.00 56.75 110.33 73.15 - - - - 13.21 47.87 6.65 26.96 13.42
> Nominal change (EUR): 3 OMNIASIG Gr. WS 20.95 24.38 88.33 19.68 79.78 23.85 1.95 0.63 2.28 1.06 4.28 13.29 48.17 11.60 47.02 11.11
4 ASTRA 44.65 22.27 80.69 19.56 79.28 13.85 -6.28 NA NA - - 12.41 44.97 8.55 34.67 10.15
60.39%
5 ALLIANZ-ŢIRIAC 8.17 19.56 70.88 14.52 58.84 34.75 10.93 NA NA - - NA NA - - 8.91
> Real change (RON): 32.03% 6 UNITA Gr. WS 26.77 19.13 69.30 12.83 51.98 49.12 22.76 NA NA 0.02 0.06 NA NA 7.38 29.91 8.71
> Concentration degree (first 7 BT ASIGURĂRI* 35.03 10.03 36.34 0.99 4.01 914.58 735.21 NA NA - - NA NA 0.68 2.76 4.57
ten companies): 95.61% 8 ASIBAN 9.67 9.36 33.93 2.60 10.52 260.78 196.99 - - - - NA NA 1.47 5.98 4.27
9 CARPATICA ASIG 39.44 6.04 21.87 2.43 9.85 148.47 104.54 - - - - 3.05 11.06 1.38 5.60 2.75
10 BCR ASIGURĂRI 5.85 4.80 17.38 - - - - - - - - 2.06 7.47 - - 2.19
11 AGRAS Gr. WS 41.80 4.22 15.28 3.34 13.53 26.33 3.99 - - - - 2.04 7.39 1.69 6.86 1.92
12 INTERAMERICAN 15.41 1.99 7.21 2.19 8.89 -9.30 -25.34 - - - - 1.49 5.41 1.37 5.57 0.91
13 ASITRANS 19.01 1.47 5.32 0.74 3.00 98.32 63.26 - - - - NA NA 0.40 1.60 0.67
14 CECCAR ROMAS 55.50 1.45 5.25 1.03 4.16 41.32 16.34 - - - - 0.83 3.02 0.38 1.55 0.66
15 ABC ASIGURĂRI 45.63 0.46 1.65 - - - - - - - - NA NA - - 0.21
UNAUDITED DATA 16 GENERALI 0.15 0.06 0.20 - - - - - - - - NA NA - - 0.03
Source: the insurance companies’ TOTAL TOP 10 209.87 760.44 129.56 525.11 61.99 33.35 61.16 247.90 95.61
statements TOTAL 17.87 219.50 795.34 136.86 554.67 60.39 32.03 65.01 263.48 100.00
GREEN CARD No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN PAID CLAIMS Mar-
REINSURANCE ket
INSURANCE CLASS Weight in 2005 2004 Nomi- Real 20052005 2004
2004 share
2005 the own
insurance
nal change
change in RON
2005
> Weight in market portfolio: portfolio EUR m. RON m. EUR m. RON m. in EUR EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m.
4.39% 1 ALLIANZ-ŢIRIAC 5.34 12.78 46.31 11.40 46.22 12.08 -7.74 NA NA - - NA NA - - 23.70
> Nominal change (EUR): 2 UNITA Gr. WS* 12.75 9.11 33.01 7.16 29.03 27.19 4.70 NA NA 0.48 1.94 NA NA 0.97 3.92 16.89
6.33% 3 OMNIASIG Gr. WS 7.23 8.41 30.48 12.41 50.28 -32.20 -44.18 0.74 2.70 1.24 5.01 1.81 6.55 3.84 15.56 15.60
> Real change (RON): 4 ARDAF 10.08 6.50 23.57 6.25 25.33 4.07 -14.33 0.73 2.65 - - 1.89 6.85 1.09 4.41 12.06
5 ASIROM* 3.47 5.52 20.00 4.79 19.43 15.14 -5.22 NA NA 1.13 4.58 NA NA 1.48 6.00 10.23
-12.47%
6 ASTRA 8.04 4.01 14.54 4.65 18.83 -13.62 -28.89 NA NA 0.74 3.02 1.70 6.16 0.95 3.86 7.44
7 BT ASIGURĂRI* 8.76 2.51 9.09 - - - - NA NA - - NA NA - - 4.65
8 ASITRANS 31.38 2.42 8.78 1.58 6.41 53.15 26.07 NA NA - - NA NA 0.25 1.03 4.49
9 CARPATICA ASIG 14.92 2.28 8.28 2.14 8.67 6.74 -12.13 0.32 1.16 0.29 1.19 0.48 1.72 0.81 3.29 4.23
UNAUDITED DATA
Source: the insurance companies’ 10 AGRAS Gr. WS 3.73 0.38 1.36 0.34 1.37 11.17 -8.49 0.04 0.14 0.03 0.11 0.25 0.89 0.02 0.09 0.70
statements TOTAL 4.39 53.93 195.41 50.72 205.58 6.33 -12.47 1.83 6.64 3.91 15.84 6.12 22.17 9.41 38.15 100.00
BCR ASIGURĂRI OTHER CARPATICA ASIG

2.19% 4.39% 4.23% AGRAS GR. WS
CARPATICA ASIG TOP 10 0.70%
ASITRANS
2.75% 95.61% 4.49%
ASIBAN ASIROM
4.27% BT ASIGURARI
29.55% 4.65%
BT ASIGURARI*
4.57% ASTRA
7.44% ALLIANZ-ŢIRIAC
UNITA - Gr WS 2005 23.70%
8.71%
TOP 10 2005
ALLIANZ-ŢIRIAC* COMPULSORY
8.91% GREEN CARD
MTPL
UNITA - Gr WS
ASIROM* 16.89%
10.23%
ARDAF
13.42%
ASTRA OMNIASIG - Gr WS ARDAF OMNIASIG - Gr WS
10.15% 11.11% 12.06% 15.60%

GENERAL INSURANCE
PROPERTY INSURANCE
TOTAL PROPERTY, FIRE AND ALLIED PERILS INSURANCE AND DAMAGES TO PROPERTY INSURANCE INCLUDED
No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN REIN- PAID CLAIMS Market UNAUDITED DATA
SURANCE share
Source: the
the own change in change insurance companies’
insurance EUR in RON statements
* Insurance PROFILE
1 ALLIANZ-ŢIRIAC 11.46 27.44 99.42 26.05 105.60 5.31 -13.31 NA NA 17.21 69.74 NA NA 4.72 19.13 19.65 estimation
2 AIG ROMANIA 82.26 17.78 64.43 11.68 47.34 52.22 25.31 17.52 63.47 11.42 46.30 0.72 2.62 0.06 0.25 12.73
3 OMNIASIG Gr. WS 14.54 16.91 61.28 13.87 56.21 21.95 0.39 5.95 21.55 6.65 26.97 3.14 11.38 1.94 7.86 12.11
4 ASIROM* 9.55 15.18 55.00 12.53 50.78 21.15 -0.27 NA NA 3.53 14.32 NA NA 4.36 17.67 10.87
5 GENERALI 29.41 10.56 38.27 8.09 32.79 30.54 7.46 8.30 30.07 6.70 27.14 6.41 23.22 0.49 2.01 7.56
6 BCR ASIGURĂRI 11.88 9.74 35.29 6.64 26.91 46.68 20.75 5.80 21.00 3.42 13.86 0.97 3.53 0.21 0.87 6.97
8 ASIBAN 7.60 7.36 26.68 5.23 21.21 40.68 15.81 3.68 13.35 3.27 13.24 0.82 2.98 0.48 1.93 5.27
9 ARDAF 8.34 5.39 19.51 4.06 16.45 32.67 9.21 0.52 1.88 2.19 8.89 0.74 2.68 0.49 1.99 3.86
10 ASITO KAPITAL 72.03 5.06 18.34 5.13 20.80 -1.37 -18.81 4.94 17.92 4.97 20.13 0.15 0.55 0.14 0.57 3.62
11 AGRAS Gr. WS 38.99 3.93 14.25 3.39 13.73 16.07 -4.45 0.51 1.84 1.05 4.27 1.84 6.65 1.81 7.32 2.82
12 BT ASIGURĂRI 10.70 3.06 11.10 1.32 5.35 132.22 91.17 0.62 2.25 0.22 0.88 0.36 1.32 0.14 0.56 2.19
13 ASTRA 5.90 2.94 10.66 2.53 10.24 16.40 -4.18 NA NA 1.08 4.39 1.04 3.77 1.07 4.34 2.11
14 GARANTA 15.78 1.73 6.26 1.37 5.56 26.01 3.73 1.40 5.08 1.14 4.60 0.10 0.35 0.40 1.61 1.24
15 ALPHA INSURANCE 42.68 1.69 6.14 0.97 3.92 75.21 44.23 1.43 5.16 0.73 2.94 0.22 0.80 0.05 0.20 1.21
16 INTERAMERICAN 7.30 0.94 3.41 1.27 5.14 -25.74 -38.87 0.70 2.54 1.01 4.10 0.24 0.87 0.23 0.95 0.67
17 CARPATICA ASIG 5.08 0.78 2.82 0.49 1.99 58.83 30.75 0.23 0.82 0.18 0.75 0.05 0.18 0.03 0.13 0.56
18 PETROAS 38.65 0.46 1.68 0.44 1.80 4.24 -14.19 0.01 0.05 0.06 0.24 0.01 0.05 0.01 0.04 0.33
19 CECCAR ROMAS 10.51 0.27 0.99 0.15 0.59 87.21 54.11 0.03 0.10 0.02 0.08 0.01 0.04 0.01 0.05 0.20
20 IRASIG 72.98 0.25 0.92 0.30 1.20 -14.76 -29.83 0.07 0.26 0.07 0.29 0.01 0.02 0.00 0.00 0.18
22 RAI 2.95 0.16 0.59 0.10 0.42 56.92 29.18 0.13 0.48 0.09 0.36 0.01 0.04 0.00 0.02 0.12
23 ABC ASIGURĂRI 12.34 0.12 0.45 0.19 0.78 -35.80 -47.15 0.09 0.32 0.10 0.42 0.13 0.48 0.01 0.03 0.09
24 CERTASIG 31.53 0.05 0.18 0.10 0.40 -50.79 -59.49 - - 0.08 0.34 - - 0.00 0.01 0.03
25 EUROASIG 10.14 0.04 0.16 - - - - 0.01 0.02 - - - - - - 0.03
26 CITY INSURANCE 1.12 0.01 0.04 0.01 0.03 63.89 34.92 0.01 0.04 0.01 0.03 - - - - 0.01
TOTAL TOP 10 123.01 445.71 96.50 391.12 27.47 4.93 46.70 169.23 60.63 245.71 12.96 46.96 13.07 52.99 88.07
TOTAL 11.37 139.66 506.06 109.24 442.76 27.85 5.25 51.94 188.20 66.55 269.74 16.98 61.53 16.84 68.26 100.00
ASITO KAPITAL
3.62%
OTHER
11.93%
TOP 10
88.07%
ALLIANZ-ŢIRIAC
19.65%
> Weight in market portfolio: 11.37%
> Nominal change (EUR): 27.85%
ARDAF
3.86% > Real change (RON): 5.25%
ASIBAN > Concentration degree (first ten companies): 88.07%
5.27%
2005
UNITA - Gr WS
5.43% TOP 10
PROPERTY
BCR Asigurari INSURANCE
6.97% AIG ROMANIA
12.73%
GENERALI ASIROM* OMNIASIG - Gr WS

7.56% 10.87% 12.11%

FIRE AND ALLIED No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN
REINSURANCE
PAID CLAIMS Market
share
PERILS INSURANCE Weight in 2005 2004 Nominal Real 2005 2004 2005 2004 2005
the own change in change
insurance EUR in RON
> Weight in market portfolio EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m.
portfolio: 9.94% 1 ALLIANZ-ŢIRIAC 10.46 25.05 90.75 24.44 99.06 2.47 -15.64 NA NA 16.24 65.83 NA NA 3.92 15.87 20.51
2 AIG ROMANIA 77.26 16.70 60.51 10.88 44.10 53.48 26.35 16.49 59.75 10.66 43.19 0.68 2.46 0.06 0.23 13.67
> Nominal change 3 OMNIASIG Gr. WS 13.60 15.82 57.33 13.82 56.02 14.47 -5.77 5.88 21.31 6.65 26.97 2.78 10.09 1.92 7.77 12.96
(EUR): 25.41% 4 ASIROM* 7.81 12.42 45.00 10.38 42.08 19.61 -1.53 NA NA 3.35 13.56 NA NA 3.26 13.23 10.17
5 BCR ASIGURĂRI 10.18 8.34 30.23 6.64 26.91 25.66 3.45 5.01 18.15 3.42 13.86 0.94 3.41 0.21 0.87 6.83
> Real change (RON): 6 GENERALI 21.79 7.82 28.35 5.92 23.99 32.18 8.81 6.01 21.77 5.08 20.58 6.00 21.74 0.36 1.46 6.41
3.24% 7 UNITA Gr. WS 10.62 7.59 27.50 3.22 13.03 136.05 94.32 NA NA 1.27 5.13 NA NA 0.18 0.72 6.21
8 ASIBAN 7.18 6.95 25.18 4.98 20.18 39.57 14.90 3.52 12.74 3.17 12.85 0.67 2.43 0.46 1.86 5.69
> Concentration degree 9 ASITO KAPITAL 72.03 5.06 18.34 5.13 20.80 -1.37 -18.81 4.94 17.92 4.97 20.13 0.15 0.55 0.14 0.57 4.14
(first ten companies): 10 ARDAF 7.29 4.71 17.06 3.45 14.00 36.34 12.24 0.25 0.91 1.74 7.06 0.61 2.21 0.36 1.46 3.86
11 BT ASIGURĂRI 10.49 3.00 10.89 1.29 5.23 133.01 91.81 0.62 2.25 0.22 0.88 0.36 1.32 0.14 0.56 2.46
90.45% 12 ASTRA 5.26 2.62 9.50 2.21 8.94 18.86 -2.15 NA NA 0.99 4.03 1.00 3.62 0.28 1.12 2.15
13 GARANTA 15.27 1.67 6.06 1.31 5.33 27.16 4.68 1.37 4.95 1.10 4.45 0.09 0.32 0.40 1.61 1.37
14 ALPHA INSURANCE 29.37 1.17 4.23 0.62 2.51 88.34 55.05 0.97 3.50 0.48 1.93 0.09 0.31 0.03 0.13 0.96
15 INTERAMERICAN 7.30 0.94 3.41 1.27 5.14 -25.74 -38.87 0.70 2.54 1.01 4.10 0.24 0.87 0.23 0.95 0.77
16 CARPATICA ASIG 5.06 0.77 2.81 0.48 1.96 59.80 31.55 0.23 0.82 0.18 0.74 0.05 0.17 0.03 0.13 0.63
17 AGRAS Gr. WS 4.04 0.41 1.48 0.37 1.51 9.67 -9.72 0.12 0.43 0.14 0.58 0.15 0.55 0.08 0.32 0.33
18 CECCAR ROMAS 10.51 0.27 0.99 0.15 0.59 87.21 54.11 0.03 0.10 0.02 0.08 0.01 0.04 0.01 0.05 0.22
19 IRASIG 72.98 0.25 0.92 0.30 1.20 -14.76 -29.83 0.07 0.26 0.07 0.29 0.01 0.02 0.00 0.00 0.21
20 RAI 2.94 0.16 0.59 0.10 0.42 56.66 28.96 0.13 0.48 0.09 0.36 0.01 0.04 0.00 0.02 0.13
22 ABC ASIGURĂRI 12.34 0.12 0.45 0.19 0.78 -35.80 -47.15 0.09 0.32 0.10 0.42 0.07 0.26 0.01 0.03 0.10
23 CERTASIG 31.53 0.05 0.18 0.10 0.40 -50.79 -59.49 NA NA 0.08 0.34 NA NA 0.00 0.01 0.04
24 EUROASIG 10.14 0.04 0.16 - - - - 0.01 0.02 - - - - - 0.04
UNAUDITED DATA 25 CITY INSURANCE 1.12 0.01 0.04 0.01 0.02 120.41 81.44 0.01 0.04 0.01 0.02 - - - - 0.01
Source: the insurance companies’ TOTAL TOP 10 110.46 400.25 88.86 360.17 24.31 2.33 42.10 152.55 56.54 229.17 11.84 42.89 10.87 44.04 90.45
TOTAL 9.94 122.12 442.49 97.38 394.67 25.41 3.24 46.43 168.25 61.12 247.73 13.91 50.41 12.09 49.00 100.00
statements *Insurance PROFILE estimation.
DAMAGES TO No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN

REINSURANCE
PAID CLAIMS Market
share
PROPERTY Weight in
the own
2005 2004 Nominal Real
change in change
2005 2004 2005 2004 2005
INSURANCE, insurance
portfolio EUR m. RON m. EUR m. RON m.
EUR in RON
EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m.
AGRICULTURAL 1 AGRAS Gr. WS 34.94 3.52 12.77 3.02 12.22 16.86 -3.80 0.39 1.42 0.91 3.69 1.68 6.10 1.73 7.00 20.09
2 ASIROM* 1.74 2.76 10.00 2.15 8.70 28.57 5.84 NA NA 0.19 0.76 NA NA 1.10 4.44 15.73
INSURANCE 3 GENERALI 7.62 2.74 9.92 2.17 8.80 26.07 3.79 2.29 8.30 1.62 6.56 0.41 1.49 0.14 0.55 15.61
INCLUDED 5 BCR ASIGURĂRI 1.70 1.40 5.06 - - - - 0.79 2.85 - - 0.03 0.12 - - 7.95
6 OMNIASIG Gr. WS 0.94 1.09 3.95 0.05 0.19 2.228.31 1.816.68 0.07 0.24 - - 0.36 1.29 0.02 0.09 6.22
7 AIG ROMANIA 5.00 1.08 3.92 0.80 3.25 35.04 11.17 1.03 3.72 0.77 3.11 0.04 0.16 0.00 0.02 6.17
> Weight in market 8 ARDAF 1.05 0.68 2.45 0.61 2.46 11.73 -8.03 0.27 0.96 0.45 1.83 0.13 0.47 0.13 0.53 3.86
portfolio: 1.43% 9 ALPHA INSURANCE 13.31 0.53 1.92 0.35 1.41 51.84 25.00 0.46 1.67 0.25 1.01 0.14 0.49 0.02 0.06 3.01
10 PETROAS 38.65 0.46 1.68 - - - - 0.01 0.05 - - 0.01 0.05 - - 2.64
> Nominal change 11 ASIBAN 0.43 0.41 1.49 0.25 1.03 62.35 33.64 0.17 0.61 0.10 0.39 0.15 0.55 0.02 0.07 2.35
(EUR): 53.64% 12 ASTRA 0.64 0.32 1.15 0.32 1.30 -0.55 -18.13 NA NA 0.09 0.36 0.04 0.15 0.79 3.22 1.82
13 BT ASIGURĂRI 0.21 0.06 0.22 0.03 0.12 98.84 63.69 - - - - - - - - 0.34
> Real change (RON): 14 GARANTA 0.51 0.06 0.20 0.06 0.23 -0.82 -18.36 0.04 0.13 0.04 0.15 0.01 0.02 0.00 0.00 0.32
26.48% 15 ASITRANS 0.55 0.04 0.15 0.00 0.02 857.74 688.42 NA NA 0.00 0.00 NA NA - - 0.24
16 CARPATICA ASIG 0.02 0.00 0.01 0.01 0.02 -31.41 -43.54 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.02
> Concentration degree TOTAL TOP 10 16.65 60.33 10.75 43.56 54.92 27.53 5.30 19.21 5.15 20.86 2.81 10.17 3.93 15.94 94.91
TOTAL 1.43 17.54 63.57 11.42 46.28 53.64 26.48 5.51 19.95 5.37 21.76 3.01 10.91 4.74 19.23 100.00
(first ten companies): *Insurance PROFILE estimation.
94.91%
ARDAF OTHER TOP 10 ALLIANZ-ŢIRIAC ALPHA
3.86% 9.55% 90.45% 20.51% INSURANCE PETROAS OTHER TOP 10
ARDAF 3.01% 2.64% 5.09% 94.91%
3.86%
ASITO KAPITAL
4.14% AIG ROMANIA
6.17% AGRAS Gr. WS
20.09%
ASIBAN
5.69%
OMNIASIG - Gr WS
2005 6.22%
UNITA GR. WS
TOP 10 2005
6.21%
TOP 10
FIRE AND ALLIED DAMAGES TO
GENERALI PERILS INS. BCR ASIGURARI PROPERTY
6.41% 7.95%
AIG ROMANIA INSURANCE
BCR ASIGURARI 13.67%
6.83%
UNAUDITED DATA
Source: the insurance companies’ ASIROM* OMNIASIG- Gr WS
ASIROM*
10.17% 12.96% ALLIANZ - ŢIRIAC GENERALI
statements 13.63% 15.61% 15.73%

With the Official Support and Participation of
The Romanian Insurance are pleased to invite you to attend

Supervisory Commission
With the Special Support of
The National Association of Insurance and

The International CAtastrophic Risks Forum
Reinsurance Companies from Romania
The National Union of Insurance Brokerage and

Consultancy Societies from Romania
Official Partners
3rd Edition
October 2nd - 3rd, 2005
Bucharest, Romania
“CATASTROPHIC RISKS – A PRO-ACTIVE APPROACH”
Day I
 Risk control as first priority: loss prevention and loss reduction methods
 Public administration – a key role in NatCat risks control

Partners
 Risk financing - main solutions
 Models used for risk assessment
Day II
 Dealing with the catastrophic risks
 Actual trends in the NatCat reinsurance market: risk pricing, available capacity, type of contracts
 Agricultural catastrophic risks management – assessment and financing methods
 Insurability of environmental risks in the emerging economies
Wardrobe by Official Publication Media Partners (Romania)
www.icarforum.ro
GENERAL INSURANCE
LIABILITY INSURANCE (GTPL)
UNAUDITED DATA No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN REIN- PAID CLAIMS Market
Source: SURANCE share
the insurance Weight in 2005 2004 Nominal Real 2005 2004 2005 2004
2005
companies’ statements the own change in change in
insurance EUR RON
1 ALLIANZ-ŢIRIAC 1.41 3.38 12.24 3.48 14.11 -2.95 -20.11 NA NA 4.77 19.32 NA NA 0.10 0.39 17.41
2 OMNIASIG Gr. WS 2.24 2.60 9.44 1.99 8.08 30.65 7.55 0.87 3.17 0.49 2.00 0.05 0.19 0.03 0.11 13.43
3 ASTRA 5.07 2.53 9.17 3.11 12.59 -18.57 -32.96 NA NA 0.52 2.10 0.18 0.65 0.17 0.70 13.04
4 AIG ROMANIA 10.24 2.21 8.02 3.39 13.73 -34.63 -46.19 1.69 6.13 3.12 12.66 0.02 0.06 0.05 0.19 11.41
5 ASIBAN 2.09 2.02 7.33 1.25 5.08 61.62 33.05 1.63 5.89 1.02 4.15 0.07 0.27 0.04 0.18 10.43
6 ASIROM* 1.22 1.93 7.00 2.08 8.41 -6.90 -23.36 NA NA 1.29 5.21 NA NA 0.06 0.25 9.96
7 GENERALI 2.58 0.93 3.36 1.05 4.24 -11.29 -26.97 0.42 1.54 0.79 3.21 0.02 0.06 0.04 0.15 4.78
9 BCR ASIGURARI 0.94 0.77 2.78 0.64 2.59 19.93 -1.27 0.52 1.89 0.59 2.40 0.01 0.02 0.01 0.04 3.95
10 ARDAF 1.07 0.69 2.50 1.57 6.35 -56.04 -63.81 0.24 0.86 0.77 3.12 0.04 0.14 0.03 0.14 3.55
11 ASITO KAPITAL 6.04 0.42 1.54 0.11 0.43 301.93 230.87 0.38 1.39 0.06 0.25 - - 0.00 0.00 2.19
12 CARPATICA ASIG 1.77 0.27 0.98 0.10 0.40 176.05 127.25 0.00 0.01 0.00 0.00 0.01 0.05 0.00 0.00 1.39
13 BT ASIGURĂRI 0.55 0.16 0.57 0.04 0.15 340.10 262.29 0.01 0.03 - - 0.00 0.02 0.00 0.01 0.81
14 CECCAR ROMAS 5.88 0.15 0.56 0.10 0.41 51.54 24.75 - - - - 0.01 0.04 0.01 0.03 0.79
15 GARANTA 0.91 0.10 0.36 0.08 0.33 24.19 2.24 0.08 0.29 0.07 0.28 0.01 0.03 0.00 0.02 0.51
16 AGRAS Gr. WS 0.83 0.08 0.30 0.01 0.05 602.03 477.92 0.01 0.05 - - 0.05 0.20 0.00 0.00 0.43
17 INTERAMERICAN 0.63 0.08 0.30 0.11 0.46 -28.14 -40.85 0.05 0.20 0.07 0.30 0.00 0.00 0.00 0.00 0.42
18 RAI 0.96 0.05 0.19 0.03 0.13 63.16 34.31 0.01 0.02 0.00 0.00 0.00 0.00 0.01 0.04 0.28
19 ALPHA INSURANCE 1.27 0.05 0.18 0.02 0.08 169.91 122.19 0.05 0.17 0.01 0.06 - - - - 0.26
20 CITY INSURANCE 3.63 0.04 0.13 0.02 0.07 122.34 83.04 - - 0.00 0.01 - - 0.00 0.02 0.19
21 IRASIG 9.29 0.03 0.12 0.03 0.13 -1.85 -19.20 0.01 0.03 0.01 0.04 - - - - 0.17
22 PETROAS 2.20 0.03 0.10 0.01 0.06 81.94 49.78 0.00 0.01 - - 0.00 0.01 0.00 0.01 0.14
23 EUROASIG 3.76 0.02 0.06 - - - - - - - - - - - - 0.08
24 ABC ASIGURĂRI 0.55 0.01 0.02 0.00 0.01 177.16 128.16 0.00 0.01 0.00 0.01 - - - - 0.03
25 CERTASIG 1.62 0.00 0.01 0.00 0.01 89.94 56.36 - - - - - - - - 0.01
TOTAL TOP 10 17.91 64.88 18.93 76.73 -5.42 -22.14 5.37 19.47 13.36 54.16 0.38 1.38 0.54 2.20 92.30
TOTAL 1.58 19.40 70.29 19.60 79.42 -1.00 -18.50 5.97 21.65 13.59 55.09 0.48 1.73 0.57 2.33 100.00
* Insurance PROFILE estimation

ARDAF OTHER TOP 10
> Weight in market portfolio: 1.58% 3.55% 7.7% 92.30%
>Nominal change (EUR): -1.00%
BCR ASIGURARI ALLIANZ-ŢIRIAC
>Real change (RON): -18.50% 3.95% 17.41%
>Concentration degree (first ten companies): 92.30% ASITRANS
4.33%
OMNIASIG
GR.WS
GENERALI 13.43%
4.78%
2005
TOP 10
ASIROM* LIABILITY
9.96% INSURANCE
ASTRA
13.04%
ASIBAN AIG ROMANIA
10.43% 11.41%

GENERAL INSURANCE
CREDIT & WARRANTIES INSURANCE
CREDIT AND WARRANTIES INSURANCE 2005 > Weight in market portfolio: 6.12%
No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN PAID CLAIMS Market
REINSURANCE share >Nominal change (EUR): 83.53%
Weight in 2005 2004 Nominal Real 2005 2004 2005 2004 2005 >Real change (RON): 51.09%
the own change change
insurance in EUR in RON >Concentration degree (first ten companies):
portfolio EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m. 98.12%
1 BCR ASIGURĂRI 24.77 20.30 73.57 11.42 46.30 77.73 46.31 16.55 59.98 8.80 35.67 14.01 50.76 4.02 16.31 27.01
ASTRA ASITRANS
2 ASIBAN 18.76 18.17 65.85 10.98 44.50 65.52 36.26 10.31 37.35 6.55 26.55 14.35 52.00 10.46 42.41 24.17 0.67% 0.63%
3 OMNIASIG Gr. WS 14.59 16.98 61.53 5.07 20.53 235.25 175.98 3.37 12.23 0.01 0.04 5.06 18.32 1.78 7.21 22.59 ARDAF OTHER
1.25% 1.88%
4 ALLIANZ-ŢIRIAC 3.20 7.65 27.73 4.11 16.64 86.40 53.45 NA NA 1.95 7.90 NA NA 0.39 1.58 10.18 TOP 10
ASIROM*
5 GARANTA 50.71 5.55 20.12 4.36 17.66 27.45 4.92 4.69 16.99 2.49 10.10 0.76 2.75 2.85 11.55 7.39 1.47% 98.12%
6 BT ASIGURĂRI 7.25 2.08 7.52 0.93 3.77 123.28 83.81 -0.00 -0.01 0.01 0.03 0.41 1.49 0.18 0.71 2.76 BT Asigurari BCR Asigurari
2.76% 27.01%
7 ASIROM* 0.69 1.10 4.00 0.86 3.50 27.84 5.24 NA NA 0.18 0.73 - - 2.63 10.65 1.47
GARANTA
8 ARDAF 1.45 0.94 3.40 0.31 1.27 198.82 145.99 - - - - 0.07 0.25 0.13 0.52 1.25 7.39%
9 ASTRA 1.01 0.51 1.83 0.46 1.86 10.02 -9.43 NA NA - - 0.01 0.04 0.05 0.19 0.67 ALLIANZ TIRIAC
10.18%
10 ASITRANS 6.15 0.48 1.72 1.64 6.64 -70.99 -76.12 NA NA 0.83 3.35 - - 0.01 0.05 0.63 2005
11 UNITA Gr. WS* 0.65 0.46 1.68 0.05 0.22 758.43 606.67 NA NA - - - - 0.00 0.01 0.62
TOP 10
CREDIT&
12 GENERALI 1.11 0.40 1.45 0.50 2.04 -20.64 -34.67 0.07 0.26 0.04 0.17 0.12 0.45 0.07 0.29 0.53 WARRANTIES
13 ALPHA INSURANCE
5.71 0.23 0.82 0.14 0.56 64.04 35.04 - - - - 0.20 0.73 0.09 0.36 0.30
INSURANCE
14 CARPATICA ASIG 0.94 0.14 0.52 0.03 0.11 448.79 351.77 - - - - 0.06 0.20 0.03 0.14 0.19
15 PETROAS OMNIASIG
7.09 0.09 0.31 0.08 0.34 0.54 -17.24 0.03 0.11 - - 0.03 0.11 0.03 0.12 0.11
- Gr WS ASIBAN
16 CITY INSURANCE 5.33 0.05 0.19 - - - - - - - - - - - - 0.07 22.59% 24.17%
17 CECCAR ROMAS 1.37 0.04 0.13 0.01 0.03 373.66 289.92 - - - - - - - - 0.05
18 RAI 0.05 0.00 0.01 0.00 0.01 36.41 12.29 - - - - - - - - 0.00
19 AGRAS Gr. WS 0.01 0.00 0.01 0.00 0.01 11.65 -8.09 - - - - - - 0.00 0.00 0.00 UNAUDITED DATA
20 CERTASIG 0.90 0.00 0.01 0.01 0.03 -83.40 -86.34 - - - - - - - - 0.00
21 IRASIG 0.29 0.00 0.00 - - - - - - - - - - - - 0.00
TOTAL TOP 10 73.76 267.27 40.14 162.67 83.79 51.30 34.93 126.55 20.82 84.37 34.67 125.62 22.50 91.19 98.12
TOTAL 6.12 75.18 272.40 40.96 166.02 83.53 51.09 35.03 126.93 20.86 84.54 35.08 127.12 22.73 92.10 100.00
*Insurance PROFILE estimation
No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN

REINSURANCE
PAID CLAIMS Market
share
GENERAL INSURANCE
Weight in
the own
insurance
2005 2004 Nominal Real
change change
in EUR in RON
2005 2004 2005 2004 2005
TRAVEL INSURANCE
1 RAI 55.34 3.07 11.14 2.38 9.65 29.07 6.25 - - - - 0.30 1.09 0.25 1.02 47.76 INTERAMERICAN CERTASIG
2.04% 0.83%
2 CITY INSURANCE 89.40 0.88 3.21 0.77 3.13 14.72 -5.56 0.02 0.09 0.02 0.07 0.10 0.37 0.10 0.39 13.74
BCR ASIGURARI OTHER
3 ASIROM* 0.35 0.55 2.00 - - - - NA NA - - NA NA - - 8.57 3.28% 0.66%
4 UNITA Gr. WS* 0.71 0.51 1.84 - - - - NA NA - - NA NA - - 7.88 CECCAR ROMAS TOP 10
3.26% 99.34%
ASIBAN
6 ASIBAN 0.26 0.26 0.93 0.15 0.62 68.70 38.88 0.06 0.21 - - 0.02 0.06 - - 3.98 3.98%
7 CECCAR ROMAS 8.77 0.23 0.83 0.12 0.47 95.58 61.00 - - - - 0.02 0.07 0.01 0.03 3.56
ASITRANS
8 BCR ASIGURĂRI 0.26 0.21 0.76 0.04 0.16 445.97 349.45 0.00 0.02 0.00 0.01 0.03 0.10 0.01 0.02 3.28 7.70% 2005
9 INTERAMERICAN 1.02 0.13 0.48 - - - - 0.05 0.18 - - 0.02 0.06 - - 2.04 TRAVEL
10 CERTASIG 34.77 0.05 0.19 0.24 0.99 -78.20 -82.06 - - - - - - 0.01 0.04 0.83
UNITA INSURANCE
GR. WS*
11 ABC ASIGURĂRI 2.42 0.02 0.09 - - - - 0.00 0.01 - - 0.00 0.00 - - 0.38 7.88%
RAI
12 EUROASIG 3.10 0.01 0.05 - - - - - - - - - - 0.21 47.76%
13 GERROMA 0.93 0.01 0.02 0.00 0.02 14.72 -5.56 - - - - - - - - 0.09 ASIROM* CITY INSURANCE
TOTAL 0.52 6.44 23.33 3.96 16.04 62.72 33.95 0.14 0.51 0.03 0.14 0.48 1.75 0.39 1.58 100.00 8.57% 13.74%
*Insurance PROFILE estimation
UNAUDITED DATA

ROMANIAN INSURANCE MARKET life insurance

non-life insurance, of which
Statistics 2004 Accidents and illness insurance, including health insurance
Land vehicles other than rail insurance
Third party liability motor insurance (compulsory TPL and Green Card)
Third party liability motor insurance, other than compulsory
Aircraft and ships insurance and goods in tranzit insurance
> The results of the Structural Survey 2004, conducted by the National Fire and natural catastrophe insurance
General civil liability insurance
Institute of Statistics with Romanian insurance companies, were available
Credit and warranties insurance
at the end of January.
Financial loss insurance
Here is a synthesis of the data provided by INS. other non-life insurances
Gross operating expenses for direct insurance contracts Gross claims for direct insurance contracts
1.61% 3.26% 3.16% 6.56% 4.31% 6.89% 1.62% 4.46%

11.73% 0.79% 4.32%
0.59%
1.26%
3.30%
2.35% 27.97%
26.27% 36.68% 52.89%

93.44% 95.54%


ASSETS
No. Company TOTAL, Placements, UNAUDITED DATA
of which Intangible Bank deposits of which Lands and State titles State titles Securities traded Receivables Other Source: the
assets and cash in building issued by central issued by local on a regulated resulting insurance companies’
hand administration administration market from gross statements
written
premiums
EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m.
1 ABC ASIGURĂRI 3.06 0.02 1.26 1.29 - - 1.29 - 0.23 -
2 AGRAS 7.21 0.02 1.10 4.98 4.95 - - 0.03 1.11 -
3 AIG ROMANIA 17.65 0.01 3.39 2.45 - - 2.45 - 1.94 9.86
4 ALPHA INSURANCE 1.91 - 0.98 0.30 - - 0.30 - 0.63 -
5 ARDAF 51.54 0.63 7.06 14.69 14.49 - 0.20 0.14 17.81 11.34
6 ASIBAN 161.82 87.54 27.75 39.37 3.74 0.06 32.76 2.82 55.46 7.16
7 BCR ASIGURARI 68.93 0.11 25.76 29.03 10.91 3.81 11.59 2.73 12.14 1.88
8 BT ASIGURĂRI 39.66 0.02 4.94 10.83 0.32 - - 10.50 9.20 14.68
9 CARPATICA ASIG 15.10 0.10 4.98 1.48 0.49 - 0.71 - 3.33 5.21
10 CECCAR ROMAS 6.54 0.01 0.72 4.53 0.83 - 3.69 - 1.10 0.19
11 CITY INSURANCE 1.78 0.03 1.12 0.25 0.25 - - - 0.01 0.38
12 CONCORDIA 1.98 - 1.37 0.58 0.36 - 0.22 - 0.03 0.01
13 DELTA ASIGURARI 3.84 0.00 1.59 - - - - - 0.17 2.08
14 GARANTA 9.99 - - - - - - - - -
15 GENERALI 58.81 0.11 3.10 23.98 2.09 - 21.51 0.39 14.67 16.94
16 ING Asigurări de Viaţă 236.22 1.15 61.14 167.10 - - 144.53 22.57 6.70 0.15
17 INTERAMERICAN 30.23 0.07 7.34 7.18 4.54 0.14 1.42 1.08 3.94 11.71
18 IRASIG 2.75 - 0.62 1.99 1.59 - 0.14 0.08 0.12 0.03
19 LUKOIL ASITO 7.19 0.00 0.78 1.85 0.52 - 1.20 0.13 0.69 3.87
20 OMNIASIG 142.49 0.09 54.43 53.12 16.45 1.27 - 0.55 32.23 2.61
21 OMNIASIG ADDENDA 0.22 0.11 0.09 - - - - - 0.02 -
22 PETROAS 2.03 0.04 1.37 - - - - - 0.42 0.20
23 RAI 8.24 0.01 3.00 3.89 2.13 - - 1.75 1.03 0.31
24 EUROASIG 0.50 - 0.50 - - - - - - -
* The table shows only the companies which provided data regarding the structure of their assets
ACADEMIA de ASIGURĂRI
Gianina UNGUREANU şi Alexandru CIUNCAN, moderatorii emisiunii, vă invită să aflaţi opiniile celor mai reputaţi specialişti ai pieţei de asigurări
100,6 FM O emisiune produsă de

www.1asig.ro
În fiecare luni, de la 19.00!

THE ROMANIAN INSURANCE MARKET

TECHNICAL RESERVES
No. Company* TECHNICAL RESERVES - NON-LIFE INSURANCE
TOTAL Premium Reserve Damages Reserve Unadvised Damages Reserve for non- Equalizing reserve Disaster reserve
Reserve expired risks
Gross Net value Gross Net value Gross Net value Gross Net value Gross Net value Gross Net Gross Net
value value value value value value value value value
EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m. EUR m.
1 ABC ASIGURĂRI 0.52 0.33 0.33 0.17 0.07 0.03 0.00 0.00 - - 0.01 0.01 0.11 0.11
2 AGRAS 1.84 1.83 1.76 1.76 0.04 0.04 0.00 0.00 - - - - 0.04 0.04
3 AIG ROMANIA 10.65 1.66 6.18 0.71 1.56 0.22 1.41 0.44 - - 0.22 0.02 1.29 0.28
4 ALLIANZ-ŢIRIAC 160.55 98.73 102.98 60.16 39.69 24.66 12.88 8.89 - - - - 5.01 5.01
5 ALPHA INSURANCE 4.06 1.19 1.96 0.63 0.32 0.15 0.07 0.04 - - - - 1.70 0.36
6 ARDAF 18.60 14.02 10.43 8.38 6.95 4.66 0.88 0.64 - - - - 0.34 0.34
7 ASIBAN 67.41 48.82 50.78 33.75 11.38 9.82 0.00 0.00 - - - - 5.25 5.25
8 BCR ASIGURARI 39.50 33.66 23.26 19.68 9.71 7.44 2.50 2.50 - - 0.07 0.07 3.96 3.96
9 BT ASIGURĂRI 11.36 8.84 8.74 6.80 2.27 1.72 0.08 0.05 - - - - 0.27 0.27
10 CARPATICA ASIG 10.02 7.00 4.11 2.89 5.08 3.27 - - - - - - 0.84 0.84
11 CECCAR ROMAS 0.69 0.66 0.38 0.36 0.21 0.21 0.05 0.04 0.01 0.01 0.01 0.01 0.03 0.03
12 CERTASIG 0.10 0.10 0.02 0.02 0.01 0.01 0.00 0.00 0.00 0.00 - - 0.07 0.07
13 CITY INSURANCE 0.18 0.17 0.15 0.14 0.03 0.03 0.00 0.00 - - 0.01 0.01 0.00 -
14 CONCORDIA 0.29 0.29 - - 0.00 0.00 - - 0.29 0.29 - - - -
15 GARANTA 13.70 6.06 10.91 4.53 1.30 0.65 0.79 0.19 - - - - 0.70 0.70
16 GENERALI 27.78 15.11 15.53 7.01 5.74 2.55 0.56 0.27 - - 0.21 - 5.75 5.28
17 GERROMA 259.66 259.66 27.32 27.32 154.89 154.89 77.45 77.45 - - - - - -
18 ING Asigurări de
1.07 1.07 0.97 0.97 0.08 0.08 0.02 0.02 - - - - - -
Viaţă
19 INTERAMERICAN 12.01 3.69 2.49 1.54 8.76 1.44 0.36 0.34 0.06 0.03 - - 0.34 0.34
UNAUDITED
DATA 20 IRASIG 0.39 1.50 0.18 0.12 0.01 0.01 0.00 0.00 - - - - 0.20 1.36
Source: 21 LUKOIL ASITO 4.05 0.37 0.71 0.11 1.72 0.08 - - - - 0.01 0.01 1.61 0.18
the insurance
companies’ 22 OMNIASIG 99.69 85.86 53.15 48.21 38.14 29.25 7.84 7.84 - - - - 0.56 0.56
statements 23 PETROAS 1.00 0.85 0.57 0.52 0.23 0.18 - - - - - - 0.20 0.15
24 RAI 3.12 2.92 1.46 1.39 0.92 0.86 0.01 0.01 - - 0.08 0.02 0.65 0.65
25 EUROASIG 0.31 0.31 0.20 0.20 0.08 0.08 0.01 0.01 - - - - 0.01 0.01
* The table shows only the companies which provided data regarding the structure of their assets
No. Company* TECHNICAL RESERVES - LIFE INSURANCE

TOTAL Mathematical Benefits and risturn Premium reserve Claims reserve Reserve for non-
reserve reserve expired risks
Gross Net value Gross Net value Gross Net value Gross Net value Gross Net value Gross Net value
value value value value value value
1 ALLIANZ-ŢIRIAC 21.02 20.09 18.16 18.16 0.05 0.05 2.77 1.87 0.04 0.02 - -
2 ARDAF 2.49 2.49 1.95 1.95 0.23 0.23 0.29 0.29 0.01 0.01 - -
3 ASIBAN 23.89 23.73 0.88 0.72 0.03 0.03 22.95 22.95 0.04 0.04 - -
4 BCR ASIGURARI 14.96 14.96 10.44 10.44 - - 4.30 4.30 0.22 0.22 - -
5 BT ASIGURĂRI 1.66 1.62 1.12 1.11 0.28 0.28 0.25 0.22 0.01 0.01 - -
6 CARPATICA ASIG 0.04 0.04 0.02 0.02 0.01 0.01 0.01 0.01 - - - -
7 CERTASIG 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 - - - -
8 DELTA ASIGURARI 0.29 - - - - - 0.18 - 0.12 - - -
9 GARANTA 0.84 0.55 0.26 0.11 0.02 0.00 0.56 0.43 0.00 0.00 - -
UNAUDITED 10 GENERALI 6.79 6.72 3.57 3.57 0.17 0.17 2.98 2.91 0.06 0.06 - -
DATA
Source: 11 ING Asigurări de Viaţă 449.62 449.62 431.18 431.18 15.87 15.87 1.53 1.53 1.04 1.04 - -
the insurance
companies’ 12 INTERAMERICAN 8.66 8.19 5.03 5.03 0.17 0.17 3.42 2.99 0.04 0.01 0.01 0.00
statements * The table shows only the companies which provided data regarding the structure of their assets


ROMANIAN INSURANCE COMPANIES
PORTFOLIOS
ABC Asigurări AGRAS Gr. WS AIG Romania
2.58% 12.34% 0.91% 4.04%
2.42% 1.31% 2.21%
0.55% 3.73% 5.28%
81.97% 38.99%
10.24%
5%
34.94%
45.63% 36.34%
77.26%
41.80% 82.26%
100% 100%
100% 58.79%
13.27%
ALLIANZ-ŢIRIAC ALPHA INSURANCE ARDAF

1.24% 6.05% 7.53% 11.46% 9.11% 2.64% 7.29%
8.77% 2.69% 42.68%
3.20% 1.45% 97.36%
10.46% 5.71%
1.41% 8.34%
1.07% 1.05%
5.34% 1.27%
1%
8.17% 10.08%
29.37%
38.88% 21.69%
55.62% 45.62%
69.12% 13.31%
92.47% 100%
77.38%
ASIBAN ASIROM* ASITO KAPITAL

2.68%
5.38% 4.22%
3.15%
6.68%
1.22%
7.81% 6.04%
3.47% 14.41%
25.32% 9.55%
18.76%
2.09% 8.35%
7.18% 1.74%
33.84% 40.80% 25.17%

9.67%
72.03%
43.51%
69.44%
74.68%
85.89%
93.32%
ASITRANS ASTRA BCR Asigurări

1.98% 59.23% 2.69% 11.08% 1.37% 5.26% 1.44%
1.01% 24.77%
8.85% 20.83%
13.77%
5.07%
1.56% 19.01%
6.42% 25.95%
6.15% 8.04% 0.94%
31.38% 5.85% 10.18%

44.65%
35.03% 11.88%
73.53%
10.88% 98.63% 74.05% 1.70%
100% 29.18%

property fire and allied perils insurance

Legend life insurance
motor insurance damages to property insurance
general insurance liability insurance motor hull
credit & warranties insurance motor TPL
travel insurance green card
accident and sickness insurance, including profesional accident and sickness
* Insurance PROFILE estimation other
BT Asigurări CARPATICA Asig CECCAR-ROMAS

2.31% 5.90% 1.92% 0.19% 1.34% 0.32%
7.25% 8.77% 10.51%
13.19% 5.06%
10.49% 1.37%
8.76%
23.52%
1.77% 5.88% 16.31%
14.92%
30.26%
35.03% 39.44%
55.50%
74.05% 77.87% 71.81%

73.01%
94.10% 99.81% 100%
CERTASIG CITY Insurance EUROASIG

8.08% 0.90%
0.53% 1.12% 0.33% 10.14%
3.64% 3.63%
5.33%
24.02%
31.53%
34.77%
3.10%
19.46% 89.40% 58.66%
3.76%
99.10%
100% 100%
1.62%
GARANTA GENERALI GERROMA

3.42% 7.28% 2.25% 2.36% 0.98%
1.11%
14.30%
2.58%
15.91%
15.27%
9.02% 21.79%
50.71% 46.36%
99.02%
29.41%
92.72% 84.09%
7.62%
ING Asigurări de Viaţă INTERAMERICAN IRASIG

4.21% 1.18%
1.24%
17.73% 72.98%
1.02%
15.41%
38.52%
9.29 %
47.78%
23.11%
98.76% 52.22%
100%
7.30% 7.90%

OMNIASIG Gr. WS PETROAS RAI

8.88% 13.60% 3.52% 6.84% 2.95%
5.02%
14.59% 7.09%
2.20%
2.24% 38.65% 34.87%

32.51%
7.23%
43.52% 55.34%
100% 100% 100%

20.95% 60.69%
UNITA Gr. WS Legend

1.81% 4.75%
12.75% 10.62% life insurance * Insurance PROFILE estimation
general insurance
fire and allied perils insurance
property
liability insurance
26.77% motor hull
43.30% credit & warranties insurance
travel insurance motor TPL
82.82% accident and sickness insurance, including profesional accident and sickness green card
95.25% other
AIG Life ASIROM - CONCORDIA GRAWE

 100% life insurance  100% accident and illness insurance  100% life insurance
AVIVA DELTA Asigurări OMNIASIG ADDENDA

 100% life insurance  100% life insurance  100% health insurance
OMNIASIG LIFE
 100% life insurance
COCKTAILURI, DINEURI, RECEPŢII
Tel.: +40 21 252 2879

Fax: +40 21 252 2877
e-mail: gala@gala.ro

Romanian insurance companies portfolios in 2005

No. Company PROPERTY MOTOR
GOODS INSURANCE, INCLUDING TRANS-

TRANSPORT INSURANCE OTHER THAN
ACCIDENT AND SICKNESS INSURANCE
FINANCIAL LOSSES INSURANCE

MOTOR THIRD PART LIABILITY
FIRE AND ALLIED PERILS
DAMAGES TO PROPERTY
CREDIT AND WARRANTIES
PORTED COMMODITIES
TURISTIC INSURANCE
HEALTH INSURANCE
MOTOR HULL
GREEN CARD
NON-LIFE
TERESTRIAL
LIABILITY
OTHERS
TOTAL
TOTAL
LIFE
% % % % % % % % % % % % % % % % %
1 ABC ASIGURĂRI - 100.00 12.34 12.34 - 81.97 36.34 45.63 - 0.55 - 2.42 2.58 - - 0.13 - -
2 AGRAS Gr. WS - 100.00 38.99 4.04 34.94 58.79 13.27 41.80 3.73 0.83 0.01 - 1.31 - - 0.02 - 0.04
3 AIG LIFE 100.00 - - - - - - - - - - - - - - - - -
4 AIG ROMANIA - 100.00 82.26 77.26 5.00 - - - - 10.24 - - 5.28 - - 0.38 1.83 -
5 ALLIANZ-ŢIRIAC 7.53 92.47 11.46 10.46 1.00 69.12 55.62 8.17 5.34 1.41 3.20 - 1.14 - 4.55 1.04 - 0.55
6 ALPHA INSURANCE - 100.00 42.68 29.37 13.31 38.88 38.88 - - 1.27 5.71 - 8.77 - - 2.42 0.26 -
7 ARDAF 2.64 97.36 8.34 7.29 1.05 77.38 21.69 45.62 10.08 1.07 1.45 - 0.68 1.67 5.95 0.28 0.04 0.50
8 ASIBAN 25.32 74.68 7.60 7.18 0.43 43.51 33.84 9.67 - 2.09 18.76 0.26 0.63 0.01 0.31 0.69 0.22 0.59
9 ASIROM 14.41 85.59 9.55 7.81 1.74 69.44 25.17 40.80 3.47 1.22 0.69 0.35 - 0.17 0.87 2.60 - 0.69
10 ASITO KAPITAL 6.68 93.32 72.03 72.03 - 8.35 8.35 - - 6.04 - - 3.94 - 0.73 2.23 - -
11 ASITRANS - 100.00 2.53 1.98 0.55 59.23 8.85 19.01 31.38 10.88 6.15 6.42 1.56 0.03 - 0.72 - 12.46
12 ASTRA 1.37 98.63 5.90 5.26 0.64 73.53 20.83 44.65 8.04 5.07 1.01 - 2.65 2.12 5.06 1.52 0.94 0.83
13 AVIVA 100.00 - - - - - - - - - - - - - - - - -
14 BCR ASIGURĂRI 25.95 74.05 11.88 10.18 1.70 35.03 29.18 5.85 - 0.94 24.77 0.26 0.20 - 0.27 0.64 0.01 0.06
15 BT ASIGURĂRI 5.90 94.10 10.70 10.49 0.21 74.05 30.26 35.03 8.76 0.55 7.25 - 0.30 0.93 0.01 0.05 0.26 -
16 CARPATICA ASIG 0.19 99.81 5.08 5.06 0.02 77.87 23.52 39.44 14.92 1.77 0.94 - 13.17 - - 0.05 - 0.93
17 CECCAR ROMAS - 100.00 10.51 10.51 - 71.81 16.31 55.50 - 5.88 1.37 8.77 1.34 - 0.21 0.11 - -
18 CERTASIG 0.90 99.10 31.53 31.53 - 19.46 19.46 - - 1.62 0.90 34.77 3.60 - - 7.21 - -
19 CITY INSURANCE - 100.00 1.12 1.12 - 0.20 0.20 - - 3.63 5.33 89.40 0.33 - - - - -
20 CONCORDIA - 100.00 - - - - - - - - - - 100.00 - - - - -
21 DELTA ASIGURARI 100.00 - - - - - - - - - - - - - - - - -
22 EUROASIG - 100.00 10.14 10.14 - 58.66 58.66 - - 3.76 - 3.10 24.02 - - 0.33 - -
23 GARANTA 7.28 92.72 15.78 15.27 0.51 9.02 9.02 0.00 - 0.91 50.71 - 13.26 0.31 0.08 0.63 2.02 0.01
24 GENERALI 15.91 84.09 29.41 21.79 7.62 46.51 46.36 0.15 - 2.58 1.11 - 1.90 - 0.05 2.09 - 0.43
25 GERROMA - 100.00 - - - - - - - - - 0.93 99.02 - - - 0.05 -
26 GRAWE 100.00 - - - - - - - - - - - - - - - - -
27 ING Asigurări de Viaţă 98.76 1.24 - - - - - - - - - - - 1.24 - - - -
28 INTERAMERICAN 47.78 52.22 7.30 7.30 - 38.52 23.11 15.41 - 0.63 - 1.02 2.20 2.31 - 0.26 - -
29 IRASIG - 100.00 72.98 72.98 - - - - - 9.29 0.29 - 0.23 - 17.20 - - 0.02
30 OMNIASIG Gr. WS - 100.00 14.54 13.60 0.94 60.69 32.51 20.95 7.23 2.24 14.59 - 0.89 1.00 4.28 1.34 0.04 0.40
31 OMNIASIG ADDENDA - 100.00 - - - - - - - - - - - 100.00 - - - -
32 OMNIASIG LIFE 100.00 - - - - - - - - - - - - - - - - -
33 PETROAS - 100.00 38.65 - 38.65 43.52 43.52 - - 2.20 7.09 - 5.02 - 2.35 1.17 - -
34 RAI - 100.00 2.95 2.94 0.01 34.87 34.87 - - 0.96 0.05 55.34 0.74 2.59 0.02 0.23 1.92 0.32
35 UNITA Gr. WS 4.75 95.25 10.62 10.62 - 82.82 43.30 26.77 12.75 - 0.65 0.71 0.20 - - 0.25 - -
TOTAL 23.43 76.57 11.37 9.94 1.43 51.86 29.60 17.87 4.39 1.58 6.12 0.52 1.13 0.47 1.98 0.96 0.13 0.45
* Insurance PROFILE estimation
UNAUDITED DATA

THE INSURANCE MEDIATION MARKET
A QUARTER BILLION
A quarter billion euro1 is the total amount ing of the mediation market is the unprec- by motor insurance classes. PORSCHE
of the mediated premium in the Roma- edented increasing of the Romanian auto BROKER mediates 100% motor insurance
nian insurance mediation market during market. respectively 72.5% for ASIGEST. The mar-
the previous year, increasing by EUR 82 According with APIA (Automotive Manu- ket leader, MARSH realized 47% from its
million compared with the value recorded facturers and Importers Association) the total amount of mediated premium from
at the end of 2004. new motor vehicle market has grown in motor insurance. As far as Insurance PRO-
More than 20.5% of the gross premiums the previous year into an unseen manner FILE is able to estimate, the mediated pre-
written in the analyzed period have been for the Romanian market: the total market miums from motor insurance represent
mediated by insurance brokerage compa- grew up by 41.7% but especially the pas- about 60% from the total amount of the
nies, slightly increasing (with about 1%) as senger cars by 48.5%. Thus, during the an- mediated premiums.
compared with the similar figure of 2004. alyzed period 256,000 new motor vehicles As Insurance PROFILE forecasted after the
Alex ROŞCA have been sold of which about 215,000 first 9 months of the previous year short
Editor in Chief The framework of this increase is repre-
were passenger cars. term changes happened in the upper hi-
sented by a sum of favorable factors of
New passenger cars sales have reached erarchy of the mediation companies, here
which we can emphasize: new and im-
a psychological threshold: one new pas- it is, in the last quarter of the preceding
proved financial services provided by
senger car to every 100 inhabitants, figure year the changes took place.
banks in the past year consisting in lower
interests mixed with easy terms of credit that places the Romanian motor market With a market share of about 9% and a
granting and indemnification. Neverthe- closer to the other countries in the area total amount of mediated premium total-
less, the establishment of the unique in- (Hungary – one new passenger car to ev- izing more than EUR 22 million, MARSH
come tax starting 2005 has provided sup- ery 100 inhabitants, Czech Republic one is the leader of the insurance mediation
plemental incomes to some contributors, to 78 and Poland one to 153). market in 2005. The company recorded a
combined with the strengthening of the The direct link between motor market de- real growth in RON of about 6.5% and a
national currency (RON) conducted to the velopment and the insurance mediation nominal increase in euro of 29%.
increasing of the consumption level. Last one can not be neglected. Two of the first PORSCHE BROKER, the market leader af-
but not least, maybe the most important three companies in the market have their ter the first nine months of the preceding
factor that forced up to such an increas- mediated premium structure dominated year, is placed in the second place, even
1
Insurance PROFILE estimation.

if it succeeded in achieving the most sig- ACTIV ASIGURĂRI, INK; HVB Insurance, increasing rate of the motor market for
nificant rate of growth from the first three MILLENIUM Insurance and EUROBROKERS about 5-10% comparing 2005 figures. This
companies in the market (about 43% in GROUP. aspect will lead to a decrease of incomes
EUR respectively 17.6% real growth in What will bring 2006? In the first place from motor insurance in the mediation
RON). The company mediated premiums much more stability for the national cur- market. Thus, we anticipate a moderate
totalizing EUR 21 during the analyzed rency (RON) as compared to euro. This increase of the mediated premium from
period and owns a market share of about fact will lead to less spectacular growth of motor insurance and the position im-
8.5%. the financial indicators expressed in EUR, provement of the insurance brokerage
KaRo, now AON Romania, (the company as the financial analysts are predicting an companies which portfolio is mainly fo-
was acquired by AON at the end of the average exchange rate of 3.48 RON for 1 cused on other classes than motor insur-
preceding year) owns a market share of EUR. ance.
5.6% increasing with more than 70.5% On the other hand, the credit granting
in EUR comparing with 2004 results. The process will slow down in the 2006 after
company mediated premiums amounting the peak recorded in the previous year we
about EUR 14 million in the previous year. may witness a credit saturation phenom-
Among the first 15 companies in the mar- enon. Much more, and perhaps the most
ket we can emphasize positive trends of important thing, it is predicted a slower
The insurance mediation market - mediated premium in 2005

No. Company1 TOTAL Nominal Real LIFE INSURANCE NON-LIFE INSURANCE
2005 2004 change change 2005 2004 2005 2004
in EUR in RON
EUR m. RON m. EUR m. RON m. % % EUR m. RON m. EUR m. RON m. EUR m. RON m. EUR m. RON m.
1 MARSH* 22.16 80.30 17.09 69.27 29.67 6.74 0.08 0.30 0.02 0.06 22.03 80.00 17.08 69.21
2 PORSCHE BROKER 20.86 75.58 14.60 59.19 42.83 17.57 - - - - - - 14.60 59.19
3 ASIGEST 16.93 61.35 13.16 53.34 28.65 5.90 0.08 0.29 0.06 0.26 16.85 61.06 13.10 53.08
4 AON ROMANIA 13.80 50.00 8.09 32.79 70.59 40.42 0.07 0.25 0.04 0.16 13.73 49.75 8.05 32.62
5 ACTIV ASIGURARI 11.46 41.54 4.56 18.48 151.39 106.93 0.00 0.00 - - 11.46 41.53 4.56 18.48
6 GRAS SAVOYE ROMANIA 7.08 25.65 7.16 29.04 -1.19 -18.66 0.05 0.19 - - 7.03 25.46 7.16 29.04
7 INK 6.48 23.47 3.37 13.65 92.38 58.36 0.00 0.01 - - 6.47 23.46 3.37 13.65
8 FORUM ASIGURARI 5.55 20.12 5.27 21.34 5.43 -13.21 0.01 0.03 0.02 0.06 5.54 20.08 5.25 21.28
9 HVB INSURANCE BROKER 5.36 19.41 2.37 9.59 126.49 86.44 - - - - 5.36 19.41 2.37 9.59
10 SAFE INVEST 4.43 16.05 3.06 12.38 44.97 19.33 4.43 16.05 3.05 12.38 - - 0.00 0.00
11 EOS RISQ 3.59 13.00 3.20 12.98 12.02 -7.79 - - - - - - 3.20 12.98
12 EUROBROKERS GROUP 3.19 11.57 1.91 7.76 66.79 37.30 0.73 2.66 NA NA 2.46 8.91 NA NA
13 MILLENIUM INSURANCE 3.15 11.43 0.56 2.27 463.20 363.61 0.10 0.38 0.05 0.22 - - 0.51 2.05
14 LONDON BROKERS* 3.04 11.00 1.67 6.76 81.93 49.76 NA NA 0.43 1.74 - - 1.24 5.02
15 EPM ROMANIA* 2.82 10.21 1.11 4.50 153.80 108.92 1.24 4.50 4.50 - - - -
16 HSI INSURANCE BROKER* 2.35 8.50 1.19 4.82 97.36 62.46 - - - - - - 1.19 4.82
17 EURO ARC INSURANCE 2.21 8.01 1.00 4.06 120.76 81.72 0.00 0.01 NA NA 2.21 8.00 NA NA
18 FAST BROKERS* 2.07 7.50 2.05 8.33 0.77 -17.05 - - - - - - 2.05 8.33
19 FAIRWAY 1.96 7.11 0.56 2.28 248.18 186.61 - - - - 1.96 7.11 0.56 2.28
20 INTERCAM BROKER D'ASSURANCE 1.79 6.50 0.48 1.95 273.13 207.15 0.09 0.33 0.03 1.70 6.18 0.47 1.92
21 AVUS** 1.67 6.04 1.30 5.27 28.13 5.48 - - - - - - 1.30 5.27
22 GLOBAL RISK SERVICES 1.36 4.94 0.20 0.81 585.58 464.35 - - NA 1.36 4.94 NA NA
23 NB BROKER 1.17 4.25 0.45 1.84 158.86 113.09 - - - - 1.17 4.25 0.45 1.84
24 NORD BROKER 1.13 4.09 0.03 0.12 3,591.42 2,938.66 - - - - 1.13 4.09 0.03 0.12
25 EUROGROUP INSURANCE 0.98 3.56 1.24 5.04 -21.05 -35.01 - - - - 0.98 3.56 1.24 5.04
26 MAXYGO 0.97 3.52 0.34 1.39 181.92 132.07 0.05 0.18 0.03 0.92 3.34 0.34 1.37
27 TOTAL ADVISOR 0.92 3.33 0.55 2.24 66.07 36.70 0.00 0.01 0.00 0.92 3.33 0.55 2.24
28 UNIPET BROKER 0.80 2.91 - - - - 0.02 0.06 - - 0.79 2.85 - -
29 SRBA 0.80 2.89 0.93 3.75 -13.76 -29.01 0.00 0.01 0.03 0.80 2.88 0.92 3.73
30 SILGA ASIGURARI 0.67 2.44 0.47 1.90 43.33 17.98 - - - 0.67 2.44 0.47 1.90
31 ERSTE BROKERS* 0.56 2.02 0.26 1.03 118.35 79.74 - - - - - - 0.26 1.03
32 OPTIMASIG 0.53 1.92 0.29 1.19 79.67 47.90 0.00 0.01 - 0.00 0.53 1.91 0.29 1.19
33 ROMASIG 0.31 1.13 0.66 2.68 -52.98 -61.29 0.01 0.02 0.03 0.30 1.10 0.65 2.65
34 ACE BROKER DE ASIGURARE 0.29 1.06 0.20 0.80 47.28 21.24 - - - - 0.29 1.06 0.20 0.80
TOTAL TOP 10 114.11 413.46 78.72 319.07 44.95 19.32 4.73 17.12 3.19 12.93 88.52 320.76 75.53 306.14
TOTAL MARKET* 246.35 892.62 164.23 665.66 50.00 23.48
The table shows only companies that provided data. UNAUDITED DATA
NOTES:
*Insurance PROFILE estimation for 2005 results. Source:
**AVUS is a loss adjuster for which the indicators above are to be understood as: commisions earned = administration fee; mediated premium = paid claims; the insurance
(1) The table is based on the figures supplied by 34 brokerage companies, including the most relevant companies in the market. broking companies’
statements

Financial indicators of the brokerage companies - 2005

No. COMPANY1 COMISSIONS INCOMES
2005 2004 Nominal Real 2005 2004 Nominal Real
change change change change
in EUR in RON in EUR in RON
EUR m. RON m. EUR m. RON m. % % EUR m. RON m. EUR m. RON m. % %
1 PORSCHE BROKER 3.19 11.55 1.80 7.31 76.65 45.42 3.73 13.51 2.29 9.29 62.62 33.86
2 MARSH* 2.77 10.05 1.96 7.93 41.71 16.65 2.77 10.05 1.96 7.93 41.71 16.65
3 ASIGEST 1.99 7.21 1.37 5.54 45.67 19.91 16.93 61.35 1.37 5.56 1,133.53 915.41
4 SAFE INVEST 1.80 6.52 1.02 4.12 76.87 45.59 1.80 6.52 1.02 4.12 76.81 45.55
5 AON ROMANIA 1.56 5.65 0.97 3.92 61.11 32.62 1.57 5.67 0.90 3.63 74.80 43.89
6 ACTIV ASIGURARI 1.44 5.22 0.57 2.32 151.67 107.16 1.47 5.33 0.58 2.36 152.22 107.62
7 GRAS SAVOYE ROMANIA 0.84 3.06 0.74 3.01 13.67 -6.43 0.84 3.06 0.74 3.01 13.67 -6.43
8 HVB INSURANCE BROKER 0.83 3.01 0.32 1.29 162.13 115.78 0.83 3.01 0.32 1.29 162.13 115.78
9 INK 0.82 2.96 0.33 1.32 150.09 105.86 NA NA 0.36 1.48 NA NA
10 EUROBROKERS GROUP 0.78 2.83 0.48 1.93 64.12 35.10 0.78 2.83 0.48 1.93 64.12 35.10
11 FORUM ASIGURARI 0.71 2.57 0.63 2.57 11.86 -7.92 NA NA 0.67 2.73 NA NA
12 EOS RISQ 0.55 2.00 0.42 1.69 32.57 9.13 NA NA 0.41 1.64 NA NA
13 MILLENIUM INSURANCE* 0.47 1.71 0.08 0.33 477.93 375.73 NA NA 0.08 0.33 NA NA
14 FAIRWAY 0.46 1.66 0.08 0.31 491.86 387.20 0.47 1.71 0.09 0.36 423.16 330.65
15 LONDON BROKERS* 0.46 1.65 0.51 2.07 -10.76 -26.54 NA NA 0.52 2.10 NA NA
16 EPM ROMANIA* 0.42 1.53 1.13 4.58 -62.64 -69.25 NA NA 1.13 4.59 NA NA
17 AVUS** 0.38 1.37 0.33 1.34 14.72 -5.56 0.52 1.89 0.45 1.84 15.29 -5.10
18 INTERCAM BROKER D'ASSURANCE 0.29 1.06 0.08 0.32 266.00 201.28 0.29 1.06 0.09 0.36 226.41 168.69
19 HSI INSURANCE BROKER* 0.26 0.94 0.13 0.52 102.65 66.81 NA NA 0.22 0.90 NA NA
20 EURO ARC INSURANCE 0.25 0.89 0.14 0.56 78.15 46.65 0.25 0.89 0.15 0.62 60.95 32.49
21 FAST BROKERS* 0.21 0.75 0.21 0.84 -0.19 -17.84 NA NA 0.82 3.31 NA NA
22 GLOBAL RISK SERVICES 0.19 0.69 0.03 0.12 521.58 411.67 NA NA 0.03 0.12 NA NA
23 SRBA 0.18 0.66 0.14 0.57 29.91 6.93 NA NA 0.14 0.57 NA NA
24 EUROGROUP INSURANCE 0.17 0.62 0.14 0.56 23.09 1.33 0.17 0.63 0.14 0.56 24.38 2.39
25 TOTAL ADVISOR 0.17 0.61 0.06 0.24 189.47 138.28 0.92 3.33 0.08 0.31 1,084.66 875.17
26 NB BROKER 0.17 0.61 0.07 0.28 142.64 99.73 0.18 0.66 0.10 0.39 86.82 53.79
27 SILGA ASIGURARI 0.17 0.60 0.08 0.34 99.64 64.34 0.17 0.60 0.08 0.34 99.64 64.34
28 ERSTE BROKERS 0.15 0.53 0.07 0.27 119.06 80.32 0.15 0.53 0.09 0.37 62.23 33.54
29 MAXYGO 0.14 0.50 0.07 0.28 98.97 63.78 NA NA 0.07 0.28 NA NA
30 NORD BROKER 0.13 0.48 0.01 0.02 2,302.18 1,877.39 0.00 0.02 0.01 0.02 -14.32 -29.47
31 UNIPET BROKER 0.10 0.38 - - - - 0.13 0.46 - - 0.00 0.00
32 ROMASIG 0.08 0.31 0.09 0.35 -2.02 -19.34 0.12 0.45 0.09 0.38 31.19 7.99
33 OPTIMASIG 0.06 0.21 0.03 0.13 84.55 51.92 0.06 0.21 0.03 0.13 85.20 52.45
34 ACE BROKER DE ASIGURARE 0.03 0.12 0.02 0.10 40.94 16.02 0.03 0.13 0.02 0.10 43.35 18.00
TOTAL TOP 10 16.02 58.05 9.55 38.69 67.83 38.15
TOTAL MARKET* 38.89 140.91 25.29 102.50 53.78 26.59
The table shows only companies that provided data.

NOTES:
*Insurance PROFILE estimation for 2005.
**AVUS is a loss adjuster for which the indicators above are to be understood as: commisions earned = administration fee; mediated premium = paid claims;
(1) The table is based on the figures supplied by 34 brokerage companies, including the most relevant companies in the market.
CUSTOMERS PORTFOLIO IN 2005

ASIGEST MAXYGO
EURO ARC INSURANCE NB BROKER
EUROBROKERS GROUP NORD BROKER
FAIRWAY OPTIMASIG
FORUM ASIGURARI PORSCHE BROKER
GLOBAL RISK SERVICES SAFE INVEST
GRAS SAVOYE ROMANIA SILGA ASIGURARI
HVB INSURANCE BROKER SRBA
INK TOTAL ADVISOR
MARSH UNIPET BROKER
0 10 20 30 40 50 60 70 80 90 100 0 10 20 30 40 50 60 70 80 90 100
Note: The table shows only the companies which provided data Legal persons Natural persons

PORTFOLIO OF MEDIATED PREMIUMS THROUGH THE COMPANIES THAT HAVE SUBSCRIBED THE RISKS*
LEGEND: <5% 5-15% 15-25% 25-35% 35-45% >45% Non-specified
OMNIASIG Gr. WS
ALPHA Insurance
INTERAMERICAN
ALLIANZ-TIRIAC
CECCAR ROMAS
AGRAS Gr. WS
BCR Asigurari
UNITA Gr. WS
AIG Romania
Company
BT Asigurari
ASITRANS
GENERALI
GARANTA
ASIROM
OTHERS
AIG Life
ASIBAN
GRAWE
ARDAF
ASTRA
AVIVA
RAI
1 ASIGEST
2 EURO ARC INSURANCE
3 EUROBROKERS GROUP
4 FAIRWAY
5 FORUM ASIGURARI
6 GRAS SAVOYE ROMANIA
7 GLOBAL RISK SERVICES
8 HVB INSURANCE BROKER
9 MARSH**
10 MAXYGO
11 NB BROKER
12 NORD BROKER
13 OPTIMASIG
14 PORSCHE BROKER
15 SAFE INVEST
16 SRBA
17 TOTAL ADVISOR
18 UNIPET BROKER
*The table above is based only on figures from the brokers that have supplied answers to our inquiry;
** According Insurance PROFILE issue 4/2005.

ROMANIAN INSURANCE MEDIATION COMPANIES
PORTFOLIOS
ACTIV ASIGURĂRI AON ROMANIA ASIGEST
5.24% 0.82% 0.01% 99.18% 2.40% 0.50% 30.00% 1.62% 0.47% 22.30% 21.07%
2.17% 0.90 %
1.40% 2.15%
2.50%
6.40%
7.80% 23.94%
1.23%
91.77 % 49.00%
3.63% 44.98 %
56.80% 72.55%
99.99% 99.50%
99.53%
EUROBROKERS Group FORUM ASIGURARI GLOBAL RISK SERVICES

5.25% 22.99% 22.60% 0.17% 12.35% 4.02% 1.78% 7.84%
2.95% 1.59% 6.14%
1.70%
1.10%
2.40% 50.99%
60.05% 7.66%
17.82% 74.01%
70.66% 73.24%
77.01% 4.43% 99.83% 100%
GRAS SAVOYE ROMANIA INK INTERCAM

5.77% 0.75% 0.52% 0.04% 9.50% 4.75% 5.00 % 14.25%
3.70% 3.36% 3.65%
1.22%
10.99% 9.82%
4.09%
47.56%
27.13% 81.40%
92.43% 66.50%
31.22% 99.96% 33.25% 95.36% 33.25%
MARSH* MAXYGO MILLENIUM INSURANCE

13.38% 0.37% 30.20% 2.06% 2.33 % 5.04% 1.45% 3.30% 18.48%
2.75% 1.58%
1.58% 17.04%
1.23%
14.96% 8.65%
1.87%
7.49% 1.44%
40.72% 16.09%
2.75%
41.93% 65.09%
72.84% 75.32%
46.68% 94.96%
55.52% 96.70 %
43.93% 99.63%

property fire and allied perils insurance

Legend life insurance
general insurance liability insurance motor hull
credit & warranties insurance motor TPL
travel insurance green card
accident and sickness insurance, including profesional accident and sickness
* Insurance PROFILE estimation other
OPTIMASIG PORSCHE BROKER ROMASIG

1.43% 6.18% 0.53% 0.41% 33.37% 17.00% 3.35% 1.55% 2.09%
3.47%
1.97%
20.51%
29.61%
83.00% 67.05%
59.51% 89.53%
99.59% 28.46% 100% 97.91%
SILGA ASIGURĂRI SRBA TOTAL ADVISOR

1.79% 15.30% 16.33% 0.49% 16.36% 14.30% 0.16% 19.43%
1.92% 17.96%
2.30%
1.83%
20.47%
1.47%
2.59%
25.62% 38.42% 25.39%
60.52%
82.90% 62.39% 63.81%

36.77% 99.84%
100% 99.51%
READ
NEWS Mihaela CÎRCU
The Romanian Insurance Market’s Newsletter Editor In Chief
Thursday, every two weeks
Free subscriptions at www.fiar.ro


Regional Statistics 2004 Year IV - no. 1/2006 (10)
Gross written premium by counties (ROL b.)

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year IV - issue 1/2006 (10)

Produced by Media XPRIMM MARCH 2006

ROMANIAN INSURANCE MEDIATION MARKET

3. I think it is highly unlikely for the

2 Insurance PROFILE Review - industry quarterly

www.1asig.ro 3 Year IV - no. 1/2006 (10)

balance of the involved insurance

4 Insurance PROFILE Review - industry quarterly

1. I could not say that the previ-

2. The ISC norms, alongside those

www.1asig.ro 5 Year IV - no. 1/2006 (10)

2. national insurance associations from 33 European

6 Insurance PROFILE Review - industry quarterly

5. 6. FIAR 2005 - Allmost 500 attendees!

www.1asig.ro 7 Year IV - no. 1/2006 (10)

The year of private health insurance

8 Insurance PROFILE Review - industry quarterly

10 Insurance PROFILE Review - industry quarterly

Nicolae Eugen CRISAN

www.1asig.ro 11 Year IV - no. 1/2006 (10)

THE ROMANIAN INSURANCE MARKET IN 2005

ING ASIG. DE VIAŢĂ

*Insurance PROFILE estimation.

12 Insurance PROFILE Review - industry quarterly

2005 2004 2003 2002 Consolidated insurance portfolio in 2005

www.1asig.ro 13 Year IV - no. 1/2006 (10)

If ASIBAN has consolidated its share in As regards the companies’ hierarchy

Life and general insurance lines ﬁnancial indicators for 2005

UNAUDITED DATA *Insurance PROFILE estimation.

14 Insurance PROFILE Review - industry quarterly

May 22nd - 26th, 2006

Media Partners (Romania)

GROWTH OVER MARKET’S AVERAGE

Life insurance ﬁnancial indicators for 2005

16 Insurance PROFILE Review - industry quarterly

Gross written premiums for life insurance in the 2005

ARDAF 2 AIG LIFE* 29,45 10.23 48,88 NA

BT ASIGURĂRI 3 ASIBAN 24,52 8.52 164,81 1,00

www.1asig.ro 17 Year IV - no. 1/2006 (10)

THE SECOND ECHELON

GROSS WRITTEN PREMIUMS for general insurance in 2005 EUR m

0 25 50 75 100 125 150 175 200 225

CECCAR ROMAS 9 GENERALI 20.56 3,21 41,09 18,43

18 Insurance PROFILE Review - industry quarterly

General insurance ﬁnancial indicators for 2005

www.1asig.ro Citiţi, în premieră, ştirile interne şi externe, începând

www.1asig.ro 19 Year IV - no. 1/2006 (10)

BT ASIGURARI GENERALI OTHER TOP 10

UNITA - Gr WS OMNIASIG - Gr WS ASIROM*

www.1asig.ro 21 Year IV - no. 1/2006 (10)

ASTRA BT Asigurări OTHER TOP 10

22 Insurance PROFILE Review - industry quarterly

BCR ASIGURĂRI OTHER CARPATICA ASIG

24 Insurance PROFILE Review - industry quarterly

GENERALI ASIROM* OMNIASIG - Gr WS

www.1asig.ro 25 Year IV - no. 1/2006 (10)

DAMAGES TO No. Company GROSS WRITTEN PREMIUM PREMIUMS CEDDED IN

26 Insurance PROFILE Review - industry quarterly

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