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ROMANIA: In Q1, gross claims paid by local insurers reached EUR 371 million, up 14.2% y-o-y

In 1Q2020, Romanian insurers reported gross paid indemnities (excluding maturities and partial and total redemptions), cumulated for life and non-life insurance, to the amount of EUR 371 million, up 14.17% y-o-y. Excluding maturities and partial and total redemptions, the amount was of EUR 327.4 million. more...

STATISTICS: ROMANIA, 1Q2020: Private health insurance expanded by 44% y-o-y

Between January-March 2020, the Romanian insurance market wrote a gross amount of premiums of RON 2.95 billion (~EUR 612 million*), up 8.8% year-on-year, and paid a total volume of claims in amount of RON 1.79 billion (~EUR 370 million*), 14.2% more y-o-y, the latest figures from the Financial Supervisory Authority (ASF) show. more...

ASF announced the start of the BSR of the Romanian insurance sector in the second half of 2020

The Financial Supervisory Authority of Romania (ASF) together with the European Insurance and Occupational Pensions Authority (EIOPA), announce the start of the Balance Sheet Review of the Romanian insurance sector in the second semester of 2020. more...

ROMANIA: The small-sized corporate non-life insurer CertAsig went bankrupt

The Bucharest Tribunal admitted, on Monday - June 29th 2020, the bankruptcy request of the Financial Supervisory Authority (ASF) in the case of small-sized corporate non-life insurer CertAsig - Societate de Asigurare si Reasigurare SA, informed www.1asig.ro. more...

Romania's Parliament has voted Nicu MARCU as ASF President

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. more...

Romanians may no longer be able to conclude insurances in European currency

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. more...

ROMANIA: ALLIANZ-TIRIAC saw a 43% increase in the operational profit in 1Q2020

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. more...

ROMANIA: COVID-19 pandemic changes populantion's perception of risks, reduces revenues, and changes consumer behavior

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. more...

ROMANIA: UNSAR: The insurance industry pays daily compensations of about EUR 3.5 million

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. more...

STATISTICS: ROMANIA, FY2019: Motor insurance lines determined market hierarchy and trends

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. more...

ROMANIA: ASF fines CITY Insurance for violating the methodology for reserves

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. more...

ROMANIA: FGA ended its term as temporary administrator at EUROINS

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. more...

Romanian insurers to recover from FGA all the payments made after ASTRA and CARPATICA bankruptcies

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. more...

ROMANIA: Only one in five homes are insured

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. more...

ROMANIA: ASF has withdraw the operating authorisation of CERTASIG

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. more...

ROMANIA: ASF and EIOPA to launch an independent assessment of the local insurance sector

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. more...

ROMANIA: uninsured cars number constantly increasing — more than 12k fines in 2019

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. more...

ROMANIA: insurance market increased by 8% in 2019, MTPL combined ratio rose to 116.6%

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. more...

EUROINS Romania was fined by ASF with more than EUR 100 k. FGA assigned as temporary administrator

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. more...

ROMANIA: Motor combined ratios continue to rise

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. more...

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