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BAAR has paid nearly RON 200 million for ASTRA and CARPATICA Asig claim files

BAAR - the Romanian Motor Insurance Bureau has paid, in total, claims of nearly RON 200 million lei for more than 10.000 claim files of the bankrupt companies ASTRA Asigurari and CARPATICA Asig, stated Madalin ROSU, BAAR's President, at FIAR 2017.

Thus, until the end of April 2017, The Bureau has paid RON 118.3 million for ASTRA Asigurari and RON 77 million for CARPATICA Asig.

"It's an important payout for the Romanian insurance market and it brought a high pressure on the dues growth from the other members", explained Madalin ROSU.

BAAR's integral solved claim files' share counts for 85% for ASTRA Asigurari and 71% for CARPATICA Asig.

Meanwhile, BAAR has to solve other 1,035 claim files for ASTRA and 1,646 claim files for CARPATICA, for which it put up an additional fund of RON 101.4 million (ASTRA Asigurari) and RON 107.2 million (CARPATICA Asig).

"We need a stable market. We can see that, lately, there've been many, many events. Equilibrium is needed. BAAR shows that it wants to continue the things well done before by the FPVS and BAAR (united this year). Financial discipline needs to stay in our DNA as a vital element. We need to pay our claims", stated Madalin ROSU.

High risk clients' share needs represent a share smaller than 1% from the total MTPL insured

BAAR - the Romanian Motor Insurance Bureau is working right now at the project that defines the major risks on the MTPL segment, added Madalin ROSU.

"BAAR proves that it continues its activity based on the principles FPVS and BAAR (ed. former institutions that merged into the current BAAR) worked on: financial discipline. BAAR can handle maintaining an equilibrium after two huge bankruptcies", explained Madalin ROSU.

Regarding the "Major Risks" project, BAAR must propose a management pattern for these risks. It's a project BAAR still works on, and it includes even defining those risks.

Author: Andreea RADU on 24.05.2017

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