The Romanian insurance sector has mirrored the general economic downturn in the last couple of years, but legislative changes, especially in the decision to make home insurance a compulsory product has helped to drive demand in this sector.
Other sectors have seen substantial drops, including MTPL, which even into 2012 was showing significant decline among several leading carriers. Recent developments in motor hull insurance are facing challenges due to the lack of a common real time database that can be used to validate claims data.
Investment still flowing
Foreign Direct investment continues to flow into Romania. In 2013 we expect to see as much as $8bn rising to $11bn in 2015.
Most of this investment is aimed at infrastructure projects, a key speciality of the MAI CEE group, with a focus on renewable energy and upgrading heavy industrial plants.
The country is also enjoying a renaissance in tourism from the West and other parts of the CEE region, which is leading to the development of a growing services sector.
Within Romania MAI is developing a number of interesting product offerings in association with specific customers.
We are working with one major retail group to provide comprehensive outsourced management service for electronic goods warranty claims. We are also developing a range of Employee Benefit packages tailored to suit the specific needs of Romanian businesses designed to help recruit and retain key employees.