Historical territorial expansion: ASTRA Asigurari opens branch in Hungary

"We are witnessing a historic moment in the existence of our company, but, at the same time, we are witnessing a very interesting experience for the insurance market in Romania. According to a market study on the profile Hungarian market, we found that it shows many similarities to the Romanian one. So, we decided to expand to the West and implement the Romanian know-how, doubled by the experience that we have in handling claims files, on the Hungarian market. This experience will be very important in elaborating the company's future development strategy", said Radu MUSTATEA, President of the Directorate, ASTRA Asigurari.

The new branch will operate in accordance with the insurance legislation, currently in force in Hungary. Financial reporting, transfer of liability, solvency, logistical support, implementing the electronic issuing and tarrifs programs will be supported by ASTRA Asigurari Romania.

The selling of ASTRA Asigurari insurance policies in Hungary will be done through conventional methods of sale, as well as through brokers networks, through individual agents, but also through online brokers, a successful distribution channel, widespread in Hungary.

The ASTRA Asigurari branch in Hungary will be coordinated by Bela TOROK, graduate of the Civil Engineering Faculty in Cluj and of an MBA program at the Polytechnic Institute in Budapest. Since 1991, he held management positions, occupying positions of Branch Manager and Regional Director in GENERALI Providencia Ungaria, and in 2010 he joined ASTRA Insurance team.

The Hungarian market has some advantages, among which price, the bigger degree of insurance penetration on the property segment, of 80% (compared to 20% in our country) and a lower frequency of claims than in Romania on the motor segment.

On the profile market in Hungary, a total of 31 insurers operate, the most important players being ALLIANZ and GENERALI Providencia, followed by GROUPAMA, AEGON and ING.

Source: www.1asig.ro

Date: 14-10-2010