118,5% solvency and new insurance products to be launched for Euroins Romania
Euroins Romania Asigurare Reasigurare S.A announces the completion of the financial audit for 2020 and the first results of Q1 2021, which reflects the repositioning of the company, the appointment of a new general manager and the improvement of risk management.
The financial audit was performed by Grant Thornton, one of the world's leading organizations of independent audit and tax. Grant Thornton auditor's experts confirm the stable solvency position of Euroins Romania. Following the measures undertaken by the management and shareholders within 2020, the audited Solvency Capital Requirement Coverage, under the SII directive reaches 118,5%, and the Minimum Capital Requirement coverage is 278,4%. Thus, the company complies with all legal requirements.
Earlier this year, Euroins Romania started a complex repositioning process on the insurance market, with a strategy centered on three main pillars: value creation, diversification, and digitalization. In line with the strategy of decreasing exposure in the MTPL sector as well as diversifying the portfolio to achieve a healthy and sustainable growth in the Romanian market, Euroins Romania also refreshed its Non-MTPL products, starting with road side assistance, casco start and health products.
The effects of this strategy can be seen in the positive results recorded in 1Q2021. Number of MTPL policies sold by Euroins Romania decreased while the volume of damages paid constantly increased. In 2021, Euroins registered over 60.000 claims and paid for all car repairs and bodily injures over RON 400 million. One of the biggest claims paid in 20201 exceeds RON 3,6 million.
"We are transparent and these results show that Euroins Romania is growing in a sustainable way. Regarding our insurance portfolio, we will continue to diversify it with our products, simple to understand, to bring benefits to our customers and added value to their lives. We will introduce "My first policy", an accident insurance, that focus on our children and accidents that occur as they grow up. We are also collaborating with excellent providers on health and roadside assistance products, that are giving best possible service in case of claim without Euroins intervention. We adopted terms and conditions for Casco start product for all drivers that feel unlucky on the hectic streets of Romania, including large expansion of partner workshops all over the country. So, it is very important to us, that we stand out in offering a very good facultative products, providing extra good services attached to them," stated Tanja Blatnik, General Manager of Euroins Romania.
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