Euroins Romania more than doubled its non-MTPL business in Q2 2022
Euroins Romania, the MTPL market leader in Romania, with an almost 32% market share on this LoB, increased its effort to extend the company business on the facultative insurance side. Non-MTPL GWP and number of contracts more than doubled in Q2 2022, the company said.
The company recorded the largest y-o-y increase in GWP in Q2 2022 on non-MTPL insurance for which premiums went up by 239%, to RON 95 million (EUR 19.2 million), while total GWP reached RON 1,53 billion (EUR 309.2 million). The high growth rate on the non-MTPL segment led to a significant increase of the non-MTPL business' share in the company's portfolio, to 10% in July 2022, from 4.4% a year earlier.
"Euroins is committed to proper risk management with a long-term vision. These significant increases represent a target achieved ahead of schedule. This confirms that our process of modernization and digitalization, together with the steady capital influx, have contributed to the improvement of the financial indicators of our company", said Tanja Blatnik, CEO of Euroins Romania
By the end of H1 2022, the number of clients in the company's MTPL portfolio reached 1.54 million (11% up y-o-y), while the number of clients choosing Euroins for non-MTPL insurance policies was of 533 thousand, almost double y-o-y. Motor Hull, travel and health insurance are the business lines that saw strongest increase.
In the first 7 months of 2022, the Motor Hull insurance portfolio increased to 15% in total non-MTPL product volume, from 8% share in non-MTPL gross written premiums in the first 7 months of 2021.
On the other side, the MTPL portfolio seems to have stabilized, the number of policies increasing by only 3.2% y-o-y, while the company's market share on this LoB advanced to 31.8% in 2022, from 31.15% the previous year. The company estimated that by the end of the year its market share may descend to 29%, contributing therefore to a more balanced distribution in the Romanian MTPL market.
To further improve its customers' journey, Euroins has increased the number of working contracts with car repair workshops, reaching almost 900 partnerships, 42% more y-o-y. A proof of the improving quality of services acquires is the decrease of the number of complaints registered with the company by 84% inQ2.
About Euroins Insurance Group (EIG)
Euroins Insurance Group AD (EIG) is one of the leading insurance groups operating in Central, Eastern and Southeastern Europe. Euroins Insurance Group provides a full range of insurance products, serves over 4 million customers in 14 countries and has over 3,000 employees. EIG is part of Eurohold Bulgaria AD, a large financial and energy group operating in the region and active in the area of electricity distribution, supply and trade, insurance, leasing, car sales, investment services and asset management. Eurohold is listed on the Bulgarian and Warsaw Stock Exchange. In 2021, Eurohold acquired through its unit Eastern European Electric Company the subsidiaries of the Czech energy company CEZ Group in Bulgaria, which have over 3,000 employees and serve almost 3 million consumers in the country.