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Insurance

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...

Romania: health insurance expected to further grow in 2021, especially on the corporate segment

Except for the eventuality of the Covid-19 health crisis worsening, Romanian insurers display a moderate optimism with regard to the market evolution this year, hoping for a 5% to 10% growth throughout the year, top market professionals have revealed yesterday at the market gathering organized by XPRIMM. more...

Romania: introduction of the mandatory direct reimbursement procedure in motor insurance is the hot spot for 2021

Despite the challenging pandemic context, Romanian insurers managed to end 3Q2020 with an overall GWP growth of 4.8%, Cristian ROSU, Vice President for the Insurance - Reinsurance Sector within the market supervising authority (ASF) said on the occasion of the traditional forecast meeting organized by XPRIMM each year. more...

Romania: ASF fined the two largest MTPL insurers

Following the control actions conducted by ASF, CITY Insurance and EUROINS Romania - the two insurers accounting for almost 75% of the MTPL insurance portfolio in Romania - were sanctioned by the local insurance market supervisor, www.1asig.ro wrote. more...

Romania: ASF fined small insurer ASIMED and withdrawed the company's operating license

The Financial Supervision Authority (ASF) fined local non-life insurer ASIMED RON 50,000 (about EUR 10 k), withdrew the operating license, declared the insolvency and asked for the bankruptcy of the insurer, wrote profit.ro here. more...

DELOITTE assisted VIG in taking over AEGON's units in Hungary, Poland, Romania and Turkey

DELOITTE assisted the Austrian insurer VIG in taking over the units of the Dutch financial group AEGON in Hungary, Poland, Romania and Turkey, informed the Romanian insurance news portal www.1asig.ro here more...

STATISTICS: Romania, Q3: Two insurers control almost three quarters of MTPL market

In the first 9 months of 2020, the insurance market in Romania posted GWP of RON 8.52 billion (~EUR 1.74 billion), increasing by approximately 4.77% y-o-y, shows in the report published at the end of December by Romanian ASF - Financial Supervisory Authority, according to the Romanian insurance portal www.1asig.ro here. more...

ROMANIA: Agreement signed for the takeover of Gothaer Asigurari Reasigurari by Allianz-Tiriac Asigurari

Allianz-Tiriac Asigurari and Gothaer Group have announced the signing of a purchase agreement regarding the takeover of Gothaer Asigurari Reasigurari, this being the first acquisition of an insurance company made by Allianz-Tiriac after more than 25 years of organic growth. more...

ROMANIA, MTPL: The direct settlement clause may become mandatory

The MTPL legislation in Romania is in the process of being amended, the insurance portal 1asig.ro wrote here. more...

STATISTICS: ROMANIA, 1H2020: The market grew 3.5%; Motor insurance increased by 2.2% despite pandemic restrictions on movement

Between January-June 2020, the insurance market of Romania totaled RON 5.6 billion (~EUR 1.2 billion) in gross written premiums (GWP), 3.5% more in local currency (+1.2% in EUR) when compared to the same period of prior year. The overall claims paid went up to RON 3.3 billion (down to EUR 691 million), 1.5% more in local currency (-0.8% in EUR). more...

ROMANIA, UNSAR-IRES study: 9 out of 10 Romanians say that climate change is real

90% of Romanians believe that climate change is a real fact, according to the latest sociological research conducted by UNSAR in partnership with IRES. The percentage is similar to the one that emerges from the analysis made in the previous year, a sign that Romanians continue to be concerned about the reality of climate change. more...

ROMANIA, Private Pensions, Pillar II, H1 2020: payments of RON 71.25 million for 5,188 participants and beneficiaries

The value of the total assets under management, at the level of the entire Romanian private pensions system, has reached the amount of RON 68.57 billion, at the date of 30.06.2020, exceeding in European currency equivalent the value of EUR 14 billion, increasing by 6.31%, as compared to December, 2019. more...

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