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Insurance

Romania: Measures to protect the CITY Insurance victims

The bankruptcy of CITY Insurance - the largest player on the Romanian market, with a 20% share of the total industry and 45% in the MTPL segment, continues to be the hot topic of the week. more...

UNSAR: The largest compensation paid in 2020 on a home insurance amounted EUR 400k

The largest compensation paid last year by UNSAR insurers to cover the damages occurred on a voluntary home insurance policy was about EUR 400,000 (RON 1.9 million), 145% higher than in 2019. "It was paid in order to cover the damages caused by a fire", states UNSAR - the National Union of Insurance and Reinsurance Companies in Romania, wrote 1asig.ro here. more...

Kuldeep Kaushik appointed Chief Executive Officer of NN in Romania

NN Group announces that Kuldeep Kaushik will be appointed as CEO of NN in Romania, effective 1 November 2021, subject to regulatory approval and work authorization. Kuldeep takes over from Gerke Witteveen, Chief Financial Officer of NN in Romania, who has held the interim CEO role for the past period. more...

UNSAR: More and more Romanians choose life insurance. How to reduce the financial protection gap of the population

In Q1 2021, Romanians chose the protection offered by life insurance more than they did in any of the similar periods in the last five years. Thus, gross written premiums for this segment went up by 11.6% y-o-y, exceeding RON 688 million (~EUR 139.8) million. more...

STATISTICS: Romanian insurance market totaled almost EUR 650 m at the end of March

In Q1 2021, the Romanian insurance market totaled RON 3.19 billion (EUR 648.7 million), increasing by approximately 8.2% y-o-y, according to the quarterly report published by ASF - Financial Supervisory Authority, wrote 1asig.ro here. more...

Romania: Fires caused 66% of the largest paid claims under home insurance

In 2020, insurers member of UNSAR (the National Union of Insurance and Reinsurance Companies in Romania) paid aggregate claims of over RON 11 million (~EUR 2.2 million) for the 50 largest claims related to home insurance - up by 16% compared with from 2019, two thirds of these claims being caused by fires, according to data published by the association, 1asig.ro informed here. more...

UNSAR-IRES survey: 2 out of 3 Romanians would pay more for better medical services

Romanians want faster access and higher quality of medical services, according to the latest UNSAR-IRES survey, informed the insurance news portal www.1asig.ro here. more...

UNSAR-IRES Barometer: Pandemic has increased Romanians' interest in health, housing and life insurance

The COVID-19 pandemic changed Romanians' perception of risks, increasing their interest in insurance protection. The most significant change was observed in health insurance, 4 out of 10 Romanians stating that the pandemic has increased their interest in the matter, according to a UNSAR-IRES Barometer on Risk Perception and Insurance Culture in Romania. more...

Total assets managed by Romanian private pension funds increased by 33% at the end of March

At the end of March 2021, the Romanian private pension funds (Pillar II and Pillar III) accumulated RON 83.34 billion in total assets, 33% more compared to the previous year, according to the quarterly figures published by ASF. The total assets of the private pension system were 7.9% of the GDP. more...

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. more...

COFACE expands its portfolio in Romania and launches surety bonds

Credit insurer COFACE announced in a statement published on its website it expands its portfolio on Romanian insurance market entering surety bonds segment- "a viable alternative to the letter of credit and are dedicated to companies involved in public procurement contracts". more...

Romanian insurance market's leader to be sold to global investor I3CP

Romanian largest insurer CITY Insurance announced in a statement that local investment firm Vivendi International has reached an agreement with the Netherlands-based I3CP Holdings to sell its entire majority stake in the insurance company. more...

STATISTICS: Romanian largest 10 insurers accounted for 90% of total market

GWP of Romanian insurers reached RON 11.50 billion (EUR 2.36 billion), up by 4.64% y-o-y, according to the YE2020 market figures published on the Romanian FSA website. Overall paid claims totaled RON 6.92 billion (EUR 1.42 billion), up by 1.5% y-o-y. more...

Romanian insurance brokerage market expanded by more than half billion RON

Romanian brokerage market totaled RON 7.9 billion (EUR 1.6 billion) last year, more than half billion RON as compared with 2019, according to the most recent statistics published by Romanian FSA. more...

EU branches' business on Romanian market has crossed the threshold of RON 1 billion

The GWP related to the branches of EU insurers active on Romanian insurance market, has crossed last year the threshold of RON 1 billion for the first time, according to the YE2020 figures released last week by Romanian FSA. more...

Romania 2020: 5.4% GWP growth y-o-y and improving combined ratio

GWP by Romanian insurers, including branches of foreign companies operating on FOE, reached RON 12.5 billion (EUR 2.56 billion), up by 5.4% y-o-y (local currency). Insurers domiciled in Romania have provided for about 92% of this total, recording a 4.6% y-o-y growth rate, the market authority said. more...

French insurer AXA is active on Romanian health insurance market after a partnership with MEDIHELP

MEDIHELP International and AXA Partners, with the support of AXA Global Healthcare - announced an strategic partnership offering to Romanian insureds new private health insurance with international coverage, with a limit of up to EUR 3 million - depending on the chosen plan among five plans - informed www.1asig.ro here. more...

Generali Romania introduces new services to improve customers' claims experience

Generali Romania further simplifies the compensation processes with the help of new digital tools and dedicated partnerships, in order to shorten the time necessary to solve the claims and thus improve customers' claims experience. more...

Romanian ASF: The insurance market grew by 5% in 2020, to RON 11.5 billion

In 2020, the gross premiums written by the Romanian insurance companies reached RON 11.5 billion (~EUR 2.3 billion), increasing by approximately 5% compared to the previous year, declared Nicu MARCU, President of ASF - Financial Supervisory Authority cited by Romanian insurance news portal www.1asig.ro. more...

ASF fined the management of the largest Romanian insurer EUR 780 k

The ASF Board decided to fine the Management Board and the Supervisory Board of the Romanian largest insurer - CITY Insurance with a total RON 3.78 million lei (almost EUR 780 k), because fallowing a control, the insurer failed to submit the requested documents in due time, as the Romanian insurance news portal www.1asig.ro informed. more...

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