The Romanian insurance market registered 1.83 billion euros in gross premiums in the first nine months of 2008, some 13.56% higher year-on-year, Business Standard reported.

In the first three quarters of 2007 the annual growth amounted to 34.9%.

Insurance segments that led to the lower growth are loan and collateral insurance, auto insurance and life insurance, as a result of the economic crisis which blocked lending.

Growth for loan and collateral insurance was 16% in the first nine months of 2007. One year later, the segment registered a 52.89-percent decline.

Auto insurance alone rose 19.36% year-on-year, compared to 44.58% annual growth in the first three quarters of 2007.

In recent years, the growth of the general insurance segment was boosted by the auto financing segment. However, it is likely that the number of cars purchased through leasing or bank loan will stagnate or even decline, according to Cristian Constantinescu, General Manager of Allianz Tiriac car importer.