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Insurance - archive

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...

Romanian FSA authorised NN Asigurari as non-life insurer and aprooved its management

The Romanian new created non-life insurer NN Asigurari, part of Dutch NN Group received from the Financial Supervisory Authority - the authorization to operate as non-life insurer on local market. more...

ROMANIA: The MTPL policy to be valid also in digital format

After a series of debades on the way a driver can prove the alidity of MTPL policy, on August 26th, the Council of the Romanian Financial Supervision Authority approved the changes and amended the Norm no 20/2017 on MTPL insurance in Romania. more...

ROMANIA: The insurance market exceeded RON 6 billion at the end of June

The Romanian insurance market had an evolution above expectations in the first half of 2020, exceeding the threshold of RON 6 billion, said Cristian ROSU, Vice President on Insurance - Reinsurance, FSA (Financial Supervisory Authority), wrote www.1asig.ro here. more...

Who were the winners of the 20th edition of the Romanian Insurance Market Awards Gala?

The 20th edition of the Romanian Insurance Market Awards Gala took place on Wednesday, 26 August, in an original format, which focused on maintaining all the safety requirements imposed by the threat of the global COVID-19 pandemic. The traditional event, organized yearly by XPRIMM, celebrates the best results of the local insurance companies, as well as the most innovative products and the best insurance professionals activating on the Romanian market. more...

Carmen Daniela RADU reappointed President of the Romanian Policyholders Guarantee Fund

Carmen Daniela RADU was appointed by the Financial Supervisory Authority for a second five years term as President of the Council of Administration at The Policyholders Guarantee Fund (FGA). Her mandate will start on August 27, 2020. more...

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...

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