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Insurance

Romania: The Bucharest Court opens bankruptcy proceedings against City Insurance

After several postponements in the last four months, the Bucharest Court admitted on February 9th, 2022, the request by the Romanian Financial Supervisory Authority (ASF) to open bankruptcy proceedings against the country's leading insurer City Insurance, informed 1asig.ro. more...

Romania: 24% y-o-y GWP growth in 2021; housing, health and suretyship insurance expected to be the market drivers in 2022

According to preliminary data provided by the Financial Supervisory Authority (ASF), the Romanian insurance market saw, in 2021, a 24% y-o-y GWP growth, to approx. EUR 2.86 billion. Non-life insurance line account for about 74% of the total market GWP. more...

French insurer Axeria IARD entered the Romanian MTPL market

French insurer Axeria IARD, headquartered in Lyon, became active on the Romanian MTPL market on the right of the Freedom of Establishment, being greenlighted by the French and Romanian supervisory authorities: ACPR (Autorite de controle prudentiel et de resolution) and ASF (Autoritatea de Supraveghere Financiara), as 1asig.ro informed here. more...

Romania: insurers will increase the minimum compensation limits for Motor TPL contracts

By 23 December 2023, Romanian insurers will increase the minimum compensation limits for MTPL policies, after the European Parliament amended the Directive on motor third party liability insurance, informed 1asig.ro here. more...

Two insurers in "Top 10 brands in Romania - 2021" in terms of customer experience

According to "The Romanian Customer Experience Excellence Report - 2021", released in mid-December by KPMG Romania here, two insurance companies - Allianz and Groupama ranked in Top 10 among the most appreciated companies in terms of customer experience. more...

Romania: Allianz-Tiriac greenlighted as the main direct shareholder of Gothaer

Romanian FSA (Financial Supervisory Authority) announced that on December 22, 2021, the FSA Board decided to approve Allianz-Tiriac Asigurari as main direct shareholder of Gothaer Asigurari Reasigurari. more...

Polish insurance broker Unilink to buy 80% shares in Romanian market leader Safety Broker

SAFETY Insurance Broker, the largest insurance broker in Romania and the Republic of Moldova, agrees to sell 80% shares to the UNILINK Group, the largest insurance broker in Poland. more...

STATISTICS: Romania, 9M2021: Top 10 insurers provided together for 88% of total GWP

The Romanian insurance market is characterized by a medium to high degree of concentration. In 9M2021, approximately 88% of the total volume of GWP was carried out by 10 companies, according to the ASF - Financial Supervisory Authority report. See the rankings of the players as calculated by XPRIMM and what the changes were compared to the same period last year. more...

Romanian insurer Allianz-Tiriac is heading for a historic year in terms of sales and profitability

Allianz-Tiriac Insurance reported for 9M2021 GWP worth EUR 239 million, by over 19% up y-o-y. Sales grew significantly on all business lines, driven by the accelerated increase of the number of customers, the company stated in a press release. Operating profit for 9M 2021 stood at approx. EUR 22.6 million. more...

Romania: The insurance market grew by 15% in the first 9 months of 2021, to RON 9.8 billion

The Romanian insurance market grew by 15% y-o-y, in 9M 2021, reaching a GWP volume of RON 9.8 billion, Cristian ROSU, Vice President Insurance - Reinsurance, ASF - Financial Supervisory Authority stated for XPRIMM in an interview. more...

Romania: Only 7 insurers remained active on MTPL market after the voluntary exit of the smallest one and the opening of the bankruptcy procedures against the biggest

The Council of the Romanian Financial Supervision Authority (ASF) decided las week to approve the upon request, the exit of UNIQA Asigurari from Romanian MTPL insurance market, wrote www.1asig.ro here. more...

Romania: ALLIANZ-TIRIAC to finalize the integration of GOTHAER operations by the end of 2022

Romanian insurer ALLIANZ-TIRIAC Asigurari announced that it has received the necessary approvals from the Financial Supervisory Authority (ASF) and the Competition Council for the acquisition of the majority stake in GOTHAER Asigurari Reasigurari, 1asig.ro informed here. Until the merger is completed, the two insurers will operate as two independent entities, according to the rules of such an acquisition. more...

CITY Insurance bankruptcy case settlement prolonged

The Bucharest Court did not pronounce on Wednesday - 17th November 2021 -, regarding the initiation of bankruptcy proceedings in the case of the insurance-reinsurance company CITY Insurance SA, according to 1asig.ro. A solution to CITY's request to suspend the process until the solution of the appeal made against the ASF's decision to withdraw the authorization is expected, legal sources told 1asig.ro. more...

POLL: What do Romanians think about climate change, recycling, and home insurance?

Half of Romanians see climate change as a natural phenomenon, not a man-made one, according to a survey of more than 3,200 respondents conducted as part of the APPA (the Association for the Promotion of Insurance)'s "Home Insurance Month" campaign. According to the same survey, 1 in 2 are willing to reduce their electricity consumption and 4 in 10 are very willing to reduce their heating consumption to help fight climate change. more...

Study: 3 out of 4 Romanians say they are interested in insuring their home. Only 1 in 5 has insurance

74% of Romanians say they are interested in home and property insurance, according to an opinion poll conducted by UNSAR with IRES. The figure confirms the results of the 2020 survey, but there is an increase in the number of those who say they are very interested in this type of insurance - 24%, compared to 19% in 2020. more...

UNSAR: 1 out of 2 Romanians is worried about fire risk

Fire remains the danger most often mentioned by Romanians when referring to the risks that can affect their homes (56%), according to a new opinion poll conducted by UNSAR together with IRES. more...

Ileana DAMIAN to become the new COO in Generali Romania

Ileana DAMIAN has received the Romanian insurance regulator's approval to take over the position of Chief Operations Officer within Generali Romania, as Generali CEE Holding announced in a statement. She is replacing Daniela COVACESCU who resigned from her position. Ileana DAMIAN is becoming a member of the Board as well. more...

STATISTICS: ROMANIA, 1H2021: double digit GWP market growth, but on the verge of significant changes in the market structure

Romanian insurers reported GWP worth EUR 1.29 billion at the end of 1H2021, which is by 11,66% more y-o-y. As the Romanian Leu lost some weight against Euro in the last 12 months, the growth rate in local currency looks even better, reaching 13.6% y-o-y. more...

Romania: One in 20 cars causes each year an accident covered by MTPL insurance; the highest frequency of claims is in the cargo transport sector

Annually, out of every 20 cars registered in Romania, at least one produces a road accident resulting in material damage or personal injury and death*. This frequency can vary significantly, reaching values of over 22% in the area of cargo transport, UNSAR - the Romanian insurers' professional association has stated. more...

Life insurance, a support for Romanians during the COVID-19 pandemic

Almost two years have passed since the beginning of the COVID-19 pandemic, during which time the Romanian insurance industry has constantly adapted to consumers' needs, in some cases even by extending the coverage existing in the original policy wording. more...

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