The Romanian insurance market continues to offer growth opportunities, both through product diversification and by increasing the level of financial protection.

As a guest on ZF Live, Valentin Coroiu, CEO of BT Broker de Asigurare, spoke about the company’s growth drivers and the outlook for a market that still has significant catch-up potential versus the European average.

On the outlook for BT Broker de Asigurare:

• The first half of the year was above the market average for BT Broker. The market saw growth of about 15% in the first quarter, and we are already at 20%. I hope we can not only maintain but improve this pace.
  
  
• The momentum is part of an upward trend: we have recently rolled out new distribution capabilities, we have added RCA motor liability insurance in BT Pay, and we are launching new partnerships with franchisees.
  
  
• We have a corporate business development project already under way that is starting to contribute to our growth. In addition, we believe in the organic development of the leasing business, where the trend from the first part of the year should continue. All these factors should lead to a better result than in the first six months.
  
  
• We are investing heavily in diversifying the portfolio, and we want to do that across different areas, from corporate and the franchise system to the options the market offers.
  
  
• The franchise model launched this year gives us the opportunity to expand geographically together with partners who benefit from BT Broker’s expertise and capabilities, backed by the strongest brand in Romania’s financial market.
  
  

On the potential of the insurance market:

• Romania’s insurance market has strong growth potential. Two indicators remain among the lowest in Europe: insurance penetration in GDP and insurance density. If we compare ourselves with neighbouring markets, we see that in many segments there is still room to double or even triple the current market size.
  
  
• We need to do a better job of explaining to clients that the cost of insurance, which is often not very high, can turn into an outright catastrophic impact for a company if an uninsured risk occurs.
  
  
• Diversification in the insurance market matters for both distributors and clients. The market is starting to understand that insurance goes far beyond RCA, and life and health insurance addresses real needs for financial protection, savings and financial discipline. That is why these remain segments with very significant development potential in the period ahead.
  
  

The full video interview can be watched here.