Romanian Post wants to become largest insurance broker in a year

The state-owned Romanian Post aims to become the largest insurance broker in the next 12 months, said the Post’s general manager Alexandru Petrescu, at the launch of the brokerage pilot project yesterday. It created a new company, Posta Romana Broker de Asigurari, which now has only 4 employees, but which intends to use the Post’s 27,000 employees who will receive commissions when selling insurances. The Post now sells insurance policies at its headquarters, and at the Office 39 in Bucharest. The Post’s management hopes the company will become one of the three or four largest brokers on the Romanian market in three to four years, said IT&C Minister Razvan Cotovelea. He announced this year’s profit: EUR 14 million, which comes after a long period when the Post was on a loss. In 2013, the Post made a loss of EUR 8 million. The Post has signed brokerage contracts with 7 large insurance companies, and hopes to convince as many of the 12 million clients it servers every month. By year-end, the brokerage activity will expand in Bucharest, and then countrywide, in county capitals. The Post did not say, however, how many of its 27,000 employees are authorized to sell insurance. editor@romania-insider.com