SAFETY Broker: Two-figure increase in the first half of the year and plans of extension to Hungary and Bulgaria

Tue, 05/30/2017 - 18:20

The first semester of the current year brought for SAFETY Broker, the leader of the local insurance brokerage market, a two-figure increase, in line with the goals established for this period. “Half-year through, we have a 26% increase, we are in schedule with what we proposed for ourselves”, Viorel VASILE, CEO of SAFETY Broker, specified within the latest edition of XPRIMM Time for Business show, also mentioning that that the mandatory civil liability insurance for motor vehicles (RCA)represents about 70% of the total brokerage.

According to the CEO of SAFETY, the company benefited, over this period, from a share capital increase up to 1 million lei, and, over the following period, it has in plan the extension of the activity outside the country, respectively to Hungary and Bulgaria.

“At this moment, we have in progress at the Financial Supervisory Authority the application for authorization for operation in Bulgaria ad Hungary. Now, in the second part of the year, we are going to try to penetrate first the Hungarian market and then, depending on the remaining time, try a collaboration on the Bulgarian side too”, Viorel VASILE asserted.

Out of the two envisaged markets, for SAFETY, Hungary is currently the priority. “Hungary is a much bigger market, where fees are a little higher as compared to Bulgaria, therefore, it is more tempting. In Bulgaria, things are a little capped, the number of cars is lower”, Viorel VASILE explained.

The extension on the markets from outside Romania is a result of the evolution of the company, being considered a normal stage in the continuous development thereof. “I think this is a natural thing when you have reached the maximum in country – to explore as well the possibility of doing business in the countries around. We have already been in operation in Moldova for two years, successfully, and from as early as two years ago, we had in plan reaching these two markets – Hungary and Bulgaria”, he added.

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