For personal financial protection or protection for their property, over 62% of Romanians would opt for the services provided by insurance companies as opposed to banks.
For personal financial protection or protection for their property, over 62% of Romanians would opt for the services provided by insurance companies as opposed to banks.
The evolution of the financial market has led to a rich portfolio of financial products and services, both on the part of insurance companies, and the banks which have widened their area of coverage to include this sector too. In spite of this, over half of Romanians have acknowledged that they choose the tradition and experience of insurance companies for their personal security, as opposed to the 20% of Romanians who would opt for banks with similar insurance products. These are the findings of the survey conducted by Henley Centre Headlight Vision for Aviva plc at the end of 2008.
Those who have the greatest trust in insurance companies are the residents of the Banat-Crişana-Maramureş and Oltenia areas, with 78% and 75% respectively stating that they would opt for these institutions, whilst Bucharest residents come in in bottom place with a percentage of 37%. As far as age group is concerned, 69% of those who made this choice are aged between 45 and 55, these being people with a direct interest in life insurance and pension products.
The same thing happens with regard to mandatory or voluntary private pensions, with over half of Romanians questioned (53%) preferring to date the services provided by insurance companies and only a quarter (25%) would choose a similar service provided by banks.
Amongst the main factors which lead Romanians to choose companies for personal protection or that of their property, 26% of them acknowledged that they are influenced by family or friends, whilst the reputation and tradition of a company in the insurance sector plays a significant role for 13% and 12% respectively.
As far as financial consultancy provided by brokers is concerned, Romanians have not yet tired of using this type of service; only 4% would opt for broker agencies for advice about investments, 7% for life insurance products and 8% if they wanted to choose their pension.
“The diversification of life insurance and pensions portfolios, offered by both insurance companies and banking institutions, demonstrates a huge requirement for robust insurance solutions and the significant market potential. Despite the fact that this also leads to increased competitiveness in the market, the survey carried out by Aviva plc demonstrates the fact that Romanians give priority to, and choose, the experience and tradition of insurance companies in order to benefit from financial protection," Shah Rouf, CEO of Aviva Romania stated.
“We are delighted that in the tough conditions of the financial crisis, Romanians maintain a degree of trust in the increase in financial products offered by insurance companies. For Aviva Romania, this encourages an increase in professionalism and the continuation of our tradition of providing products adapted to the needs of our customers, regardless of the point in time and financial context which we are all going through. At the same time, we will continue to develop partnerships with banks and broker agencies in Romania in order to provide together the products needed by those customers who are choosing to benefit from life insurance products brokered by these institutions,” Shah Rouf went on.
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The point of contact for further information:
Lavinia Pavel – Brand Communication Coordinator
Telephone: 0723 310 378
E-mail: lavinia.pavel@aviva.ro
Notes for editors:
None of the findings of the Aviva survey may be reproduced without acknowledging the source: Aviva Life Insurance.
The Consumer Attitudes to Savings survey was undertaken in 2004 in 11 countries, in 2005 in 16 countries, in 21 countries in 2006 and in 2008 in 25 countries. Starting in 2006, Romania was included in the survey. The countries in which the research was carried out in 2008 are: Romania, France, Ireland, Lithuania, Spain, Hungary, the Czech Republic, Italy, Poland, Russia, Turkey.
About the Aviva group
Aviva is the oldest insurance group in the world and the largest in Great Britain, dating back to 1696. Today, Aviva has 57,000 employees and 45 million customers in 27 countries across the world.
The group is the market leader for life insurance and pensions in Europe, leading on the majority of the markets in which it operates.
Aviva has revenue from insurance premiums* and investments totalling €49.2 billion and manages over £359 billion worth of funds**, putting Aviva in fifth place in the top flight of international insurance companies.
Aviva Romania
Aviva Romania includes three companies: Aviva Life Insurance, Aviva Management Company for a Private Pension Fund, Aviva Investors Romania (purchased on 13 September 2007).
About Aviva Life Insurance and Aviva Management Company for a Private Pension Fund
Aviva began operating as a provider of life insurance in Romania in 2000, currently holding a portfolio of over 1,100,000 customers. On 26 July 2007, Aviva received approval from the Oversight Committee for the System of Private Pensions to set up a company to administer private pensions (Aviva Management Company for a Private Pension Fund SA), and on 25 August 2007 received authorisation to administer its mandatory pension fund – Pensia Viva.
About Aviva Investors Romania
Aviva Investors Romania currently administers €15 million in four mutual funds, each based around a different type of investment: Aviva Investors (AI) Intercapital (a shares fund), AI Capital Plus (a diversified fund), AI Orizont (a fixed-income – bonds – fund) and AI Tezaur (a monetary fund). Aviva Investors Romania also administers individual investment accounts.
Aviva Investors Romania has shown throughout the years that it is one of the most dynamic and innovative administrators in the market. The company launched the first commission-free sales fund on the Romanian market (AI Tezaur) and the first bonds fund in Romania (AI Orizont). Aviva Investors Romania is also proud to support the growing investment funds market in Romania.
* according to data of 31 December 2007
** according to data recorded on 20 June 2007