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Insurance - archive

Romania: fiscal incentives may convince more homeowners to buy the mandatory home insurance policy

While 82% of Romanians are aware of the obligation to have a mandatory insurance policy against natural disasters for their home, only 20% of the 9.6 million homes are protected by a compulsory PAD policy. more...

Euroins Romania more than doubled its non-MTPL business in Q2 2022

Euroins Romania, the MTPL market leader in Romania, with an almost 32% market share on this LoB, increased its effort to extend the company business on the facultative insurance side. Non-MTPL GWP and number of contracts more than doubled in Q2 2022, the company said.

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STATISTICS: ROMANIA 1H2022: Close to the EUR 2 billion threshold, growing by 36.5% y-o-y

Romanian insurers achieved GWP worth RON 8.76 billion (EUR 1.77 billion), in 1H2022, data provided by the supervising authority show. Considering also GWP by companies operating in Romanian based on the Freedom of Service (FOS) and Freedom of Establishment (FOE) rights, the total value of the local market climbs to EUR 1,92 billion. more...

Alexandru Ciuncan is the new PDG of the Romanian Insurers Association

The General Assembly of UNSAR - the National Union of Insurance and Reinsurance Companies in Romania, an organization to which 20 insurance companies representing about 90% of the insurance market belong - appointed on Thursday, by vote, the members of the Board of Directors for the next three years. more...

Romania: Allianz-Tiriac launches the first motor insurance product fully dedicated electric cars

Allianz-Tiriac, one of the largest insurers in Romania, has developed the first complete car insurance product (MTPL and MoD insurance), intended for plug-in electric and hybrid cars. more...

ROMANIA: Euroins is the non-life insurance market leader after Q1

According to Financial Supervisory Authority's latest report, Euroins Romania ranks first in the non-life insurance market hierarchy after Q1 2022, with a market share of 23.2%. The company has sold by 36% more policies in Q1 2022 as compared to Q1 2021, reaching a total of 1,2 million policies. more...

STATISTICS: ROMANIA, 1Q 2022: Due to strongly increasing MTPL tariffs, the market saw a 46% y-o-y increase in GWP

The gross premiums written by the insurance companies in Romania, in Q1 2022, reached almost RON 4.66 billion lei (EUR 941.5 million), the highest quarterly value recorded in the history of the insurance market in Romania, increasing by 46% compared to similar period last year. more...

Romania: EBRD supports insurance market's development

The EBRD is optimistic about the development of the Romanian and regional insurance market, after record-breaking results for 2021 from Bulgaria's Euroins Insurance Group (EIG), led by the strong performance of its largest entity, Euroins Romania Asigurare Reasigurare, the bank said in a press release. more...

Romania: Competition Council's 2018 sanctions against UNSAR permanently removed by justice

The Romanian High Court of Cassation and Justice decided this week to upheld the reasoning of the Bucharest Court of Appeal on the annulment of the Competition Council's sanctioning decision against UNSAR - the National Union of Insurance and Reinsurance Companies of Romania. more...

Underpricing MTPL policies for three years in a row - the main cause for the City Insurance bankruptcy

One of the main causes of the Romanian MTPL market's leader CITY Insurance bankruptcy was the RON 1.2 billion deficit resulting from the sale of insurance policies below the notified tariff between 2018-2021, in order to increase market share, CITR, the judicial liquidator of City Insurance said today. more...

Romania: SIGNAL IDUNA acquisition of ERGO companies greenlighted by the market authority; integration process to start

The Romanian subsidiary of the German SIGNAL IDUNA group has received all the approvals from the Financial Supervision Authority (ASF) and announces the completion of the transaction and the beginning of the integration process of the two ERGO companies (life and non-life insurance). more...

Romania: MTPL market expanded by 122% in Q1 2022

Romanian MTPL market continues the consolidation that began in the latter part of last year after the bankruptcy of CITY Insurance. Data reported by insurance companies and aggregated by the Financial Supervisory Authority show that in the first three months of 2022 gross written premiums (GWP) reached RON 2.47 billion, informed ASF. In Q1 2021, the Romanian MTPL market totaled RON 1.11 billion, according 1asig.ro. more...

Romania: Half million MTPL policies issued by City Insurance are ending next week

Nearly 500,000 MTPL policies issued by City Insurance are ending on May 11, ASF Romania informed in a statement. "Drivers must take out new insurance to drive legally and can request a refund of the premium in proportion to the remaining period of validity". more...

STATISTICS: Romania FY2021: 22% GWP increase, but worsening claims ratios for the motor insurance lines

In 2021, Romanian insurers underwrote gross premiums amounting to over EUR 2.87 billion, increasing by about 21.9% y-o-y. Calculated in national currency the rate was higher, of 24%, given the about 2% depreciation of the Romanian currency against Euro. Following the bankruptcy of CITY Insurance, EUROINS Romania became the market leader. more...

Romanian insurance industry pays daily compensations of about EUR 3.5 million

The National Association of Insurance and Reinsurance Companies in Romania - UNSAR announced that, according ASF - Financial Supervisory Authority -data, the local insurance market paid daily insurance compensations and benefits of about EUR 3.5 million, informed www.1asig.ro. more...

Romania: Gothaer Asigurari Reasigurari renamed into Allianz-Tiriac Unit Asigurari

As of March 25, 2022, Romanian insurer Gothaer Asigurari Reasigurari changed its name to Allianz-Tiriac Unit Asigurari, informed www.1asig.ro. The change takes place in the conditions in which Gothaer Asigurari Reasigurari was taken over by Allianz-Tiriac Asigurari, the Romanian subsidiary of the German insurance group Allianz. more...

Romania: possible limitation of MTPL tariffs and brokers' commissions raises negative reactions in the insurance market

A draft Government Decision, subjected to public debate by the Romanian Ministry of Finance, which provides for a cap on the MTPL rates for 6 months, as well as the limitation of the commissions cashed by the insurance intermediaries for this type of insurance to 5%, raised strong negative reactions in the insurance market. more...

NN Romania closed 2021 with strong performance across all business lines; digital transformation is a key pillar in the company's growth strategy

NN Romania, local life insurance market's leader, recorded solid financial performance on all business lines in 2021, despite challenges still faced by the local economy in the Covid-19 context. Life and Health insurance GWP exceeded EUR 182.8 million while the gross profit reached EUR 17.4 million. more...

Highest claim paid by Euroins Romania in 2021 was of EUR 1.1 million; claims proccesing time went down in Q4 to about 7 days in average

Euroins Romania announced a significant reduction in the processing time for the claims following road accidents with only material damages to 7 days in Q4 2021, from the average of 38 days in Q2 2021. Consequently, the number of complaints also decreased substantially, to only 197 out of 14,000 claim files processed. more...

ERGO's Romanian subsidiaries acquisition by SIGNAL IDUNA greenlighted by the market supervisory authority

Romanian insurer SIGNAL IDUNA announced the Romanian Financial Supervisory Authority (ASF) has greenlighted its acquisition of two ERGO subsidiaries for life and non-life insurance. The acquisition was also approved by the Competition Council. more...

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