OMNIASIG, the new non-life leader
 OMNIASIG, member of VIENNA Insurance Group, has maintained its business, in the first three months of the year in progress, at the same level correspondent to the equivalent period of 2008. Thus, the insurer has ended the first quarter with revenues from underwritings of RON 331.6 million (EUR 77.7 million), with 0.13% below the value registered in Q1/2008. So, OMNIASIG has become the new leader of the Romanian general insurance market, surpassing by EUR 1.82 million (equivalent to 0.4 percentage points market share) the former leader of general insurance, ALLIANZ-TIRIAC, according to company's reports for the INSURANCE Profile Specialty Review.
Regarding the value of claims paid by the company in first quarter of the current year, they have increased by 60.65%, up to RON 248 million.
The largest share in the company's portfolio, of 80%, was held by motor insurance. Motor Hull insurance rose by 6.9% compared to first quarter of last year, up to a volume of gross written premiums of RON 162.8 million, while on the MTPL segment, the value of underwritings was RON 103.3 million, 0.9% less than in Q1/2008. Both Motor Hull and MTPL insurance recorded significant increases of the value of paid claims, of 88.6% and, respectively, of 81.5%, compared to the same period of the previous year.
Meanwhile, the class of property insurance fell by 5.7%, down to a value of underwritings of over RON 46.8 million.
Also, in the first three months of the current year, the company earned a gross profit that was 23.8% higher, according to IFRS standards, up to RON 14.7 million, under the circumstances of continuing the processes of cost efficiency and activity optimization.
Author: Andreea IONETE
on 01.06.2009
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