Insurance |
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Romania's parliament has voted Nicu MARCU as President of the Financial Supervisory Authority (ASF), www.1asig.ro informed here. Previously, Nicu MARCU served as Vice-President of Romania's Court of Accounts.
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Romanians will no longer be able to conclude insurance contracts in EUR, according to a bill adopted by Romanian Senate and debated these days in Chamber of Deputies, informed the Romanian insurance portal www.1asig.ro here. According to the quoted source, among the most common insurance contracts concluded in European currency are the life, MoD and HH policies.
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Romanian subsidiary of the German ALLIANZ Group, ALLIANZ-TIRIAC Insurance, recorded solid results in Q1, with increasing sales on all business lines and the consolidation of operational profitability, the company announced.
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Following the reduced incomes and the changes on the employment segment, the COVID-19 pandemic also produced changes in Romanians' perception of risks and consumption behavior, according to the latest UNSAR-IRES Barometer.
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The National Association of Insurance and Reinsurance Companies in Romania - UNSAR announced that last year, the local insurance market paid daily insurance compensations and benefits of over EUR 3.46 million, informed 1asig.ro.
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Romanian insurance market saw a 5.6% y-o-y growth in 2019, to EUR 2.29 billion. Life insurance sector's growth pace stayed at 4.7% y-o-y, while on the non-life side, GWP went up by 5.87% y-o-y. Yet, despite the different dynamics, the shares in the market portfolio of the two segments remained almost unchanged y-o-y.
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As a result of the periodic control performed at the largest Romanian insurer as GWP - CITY Insurance, the ASF Board decided to sanction the company with a fine of RON 100 k (about EUR 20 k), after finding a series of violations of the law regarding the methodology of calculating the technical reserves, as the market authority annouced in a statement published on its website.
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The Board of the Financial Supervisory Authority (A.S.F.) approved, at the meeting on April 1st, the termination of the mandate of the Insurance Guarantee Fund - FGA as temporary administrator at the insurer EUROINS Romania Asigurare Reasigurare, the Romanian www. 1asig.ro informed.
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The High Court of Cassation and Justice of Romania (ICCJ) decided in favour of insurers regarding the application of RON 450,000 ceiling (~EUR 100,000) per insurer when recovering claims from ASTRA Asigurari and CARPATICA Asig following their bankruptcies informed the insurance news portal 1asig.ro.
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Only one in five Romanian homes is insured, 43 years after the largest earthquake that hitted the country in 1977, although the earthquake is the second risk that Romanians are worried about when it comes to their homes (57%), after the fire (65% ), according to the study prepared by IRES for UNSAR - The National Association of Insurance and Reinsurance Companies in Romania, informed 1asig.ro.
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The Board of the Financial Supervisory Authority (ASF) has decided, during the meeting on 19.02.2020, to withdraw the operating authorisation of the company CERTASIG Societate de Asigurare si Reasigurare S.A (CERTASIG), due to the fact that the company did not restored the level of eligible own funds covering the minimum capital requirement (MCR) within the term provided by law, wrote Romanian insurance portal 1asig.ro.
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The Financial Supervisory Authority of Romania (ASF) and the European Insurance and Occupational Pensions Authority (EIOPA) announced their intention to launch an independent assessment of the Romanian insurance sector through a balance sheet review.
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Last year, the Traffic Police sanctioned more than 12 thousand drivers without MTPL insurance, according to the the figures submitted to the portal 1asig.ro by IGPR - The General Inspectorate of the Romanian Police.
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Last year, the Romanian insurance market advanced by 8% y-o-y in GWP to about RON 11 billion (EUR 2.25 billion), according to Cristian ROSU, Vice President, Insurance - Reinsurance Sector, ASF.
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The Board of the Romanian Financial Supervisory Authority (ASF) decided to amend EUROINS Romania with RON 500,000 (more than EUR 100,000), as a result of violation of some provisions of MTPL Law as the procedures for solving the MTPL claim files, deficiencies regarding the internal control mechanisms at the company level, irregularities regarding the establishment of technical reserves and data quality, as the market authority annunce in a statement.
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At the end of the first nine months of 2019, Romanian motor insurance lines' combined ratio continued to follow the uphill road, both Motor Hull and MTPL exceeding once again the 100% threshold of profitability at market level.
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Romanian insurance market has achieved a 6.7% y-o-y growth in GWP terms, reaching a total volume of EUR 1.7 billion at the end of Q3. At the same time, claims paid by the insurers went up by 13%, to EUR 1.04 billion, mostly because of the increasing claims expenses on the MTPL line.
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The value of total assets under administration, at the level of the entire private pension system, reached RON 61.53 billion (EUR 12.95 billion), as of September 30, 2019, up 24.04% from December 2018. The share of private pensions in Gross Domestic Product was, at the end of September 2019, 6.22% compared to 5.22% in December 2018.
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The Board of the Financial Supervisory Authority (ASF) announced the results of the unannounced control carried out at the non-life insuer CertAsig Asigurare Reasigurare, sanctioning the company with a fine in the amount of RON 65,000 (about EUR 13,500) on the grounds the company have not corectly calculated the solvency indicators requested by the market regulator, informed 1asig.ro.
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OMNIASIG Vienna Insurance Group, one of the largest non-life insurers in Romania, won for the second year in a row the largest aviation insurance account in the country, by providing CASCO and TPL coverage for TAROM airline's fleet.
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