Leader Team Broker, a major player in the European niche insurance market, estimates that 2022 will be the year of professional indemnity and cyber risk insurance, in a growing market in both Europe and Romania. Leader Team Broker, already working with European companies, aims to expand to all EU countries this year, especially with international health insurance, e-commerce insurance, cyber risk insurance and other professional liability (in areas such as oil and gas, maritime industry or construction). The company expects a turnover of EUR 9 million for this year, with brokerage premiums increasing from 2021, when the brokerage premium level reached EUR 7 million.
The year 2021, marked by the pandemic caused by SARS-COV2, has made people and businesses aware of the risks they are exposed to and to purchase insurance, especially health and professional indemnity insurance, for protection. Leader Team Broker estimates a 20% increase in gross written premiums in 2022 compared to the previous year, significant progress as the average increase has been between 8 and 10% each year.
“The pandemic, which has continued over the past year, has made all of us – individuals and companies – more risk-aware and responsible for ourselves and our companies and employees. Under these conditions, the insurance market has grown and developed. For Leader Team Broker, 2021 was a year in which we continued to innovate, in which we launched new products – including liability insurance in different areas: e-commerce or for marketing agents, in which we expanded on a European level and in which we have several international awards won as a result of the innovative products we have created. For 2022, we are working on new packages in the health and professional liability insurance segment and we will continue to expand to strengthen our presence at the European level,” said Răzvan Rusu, founder of Leader Team Broker.
In addition to national and international health insurance, some of the most sought-after products in Leader Team Broker’s portfolio are cyber risk and professional liability insurance, which is a growing trend in both Europe and Romania, where Leader Team Broker has a 20% growth in this segment.
“Certainly, the COVID-19 pandemic has made people more responsible for their own health, both in terms of prevention and insuring against the risk of disease in the future, and so this segment has seen significant growth. Combining insurance products with technology and artificial intelligence, Leader Team Broker has always been one step ahead and permanently connected to international markets, analyzing every possible risk and creating the first of its kind insurance products that companies can rely on. We will continue to focus on health insurance with territorial expansion in 2022. A second segment that we will focus on in our development strategy this year is cyber and liability insurance as new risks and new requirements come to the market,” said Alexandra Elena Durbacă, Leader Team Broker CEO.
The CEO of Leader Team Broker explained that the number of companies interested in cyber risk policy has increased significantly after the incidence of cyber attacks rose by up to 70% in 2020 and 2021. At the same time, 2021 brought another exciting new development to the industry. worldwide – the insurance imposed by Amazon on all sellers who sell above a certain amount on the platform.
“Leader Team Broker was one of the first players in Europe to launch such a product. We currently have over 150 companies in Europe who have already purchased this policy and we aim to expand to as many EU countries as possible. We therefore estimate that the professional and cyber liability segment will grow by 20% by 2022, so we will support our customers with new innovative products,” added Alexandra Elena Durbacă.
Top insurance a company or individual needs
The Top 3 most in-demand products in 2021 were auto insurance (RCA Mandatory Civil Liability Insurance for Car Owners and CASCO Fully Comprehensive Auto Insurance), Professional Indemnity Insurance and Health Policy. In 2022, the ranking will remain approximately the same, with the addition that home contents insurance will also be increasingly demanded.
For businesses, the main insurance policies for a business to take out are real estate and buildings, professional indemnity, employee insurance, and auto insurance (if applicable).
In the case of an individual or family, health and life insurance, property insurance (home and motorcycle), liability insurance, and travel insurance (if applicable) should be at the top of the rankings.
What should Romanians who want to take out insurance in 2022 know
Leader Team Broker specialists recommend that those seeking insurance in 2022 purchase their insurance policy according to the analysis of the risks to which they are exposed and turn their attention to property, home and health insurance (these are basic insurance policies that everyone should have to have).
The Leader Team also advises Romanians to use an experienced broker for the insurance product they need. The market is large, there are many offers and just as many specialists, but in addition to offer and price, the impartial advice aimed at analyzing needs and presenting state-of-the-art solutions can make a significant difference between one or the other estate agent. In addition, assistance in the event of damage is distinctive. The company’s experts also advise Romanians to choose the right insurance product based on their needs and not just price. They should choose insurance products from experienced, reputable and stable insurance companies.