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.
The highest growth rate was recorded in the area of facultative insurance, with GWP increasing threefold, to RON 55 million. Moreover, GWP for Motor Hull insurance increased 800%, while GWP for travel, health, property and liability insurance also increased more than3 times. This evolution is a result of the company's efforts towards diversifying its portfolio of insurance products.
By the end of Q1 2022, according to ASF data, Euroins held a market share of 36% on the MTPL line, its market weight increasing slower than that of its competitors during the process of redistributing the 45% share previously controlled by CITY Insurance. The company expects that by the year-end it will hold a 30% share of the total market's MTPL premiums.
The company also reported progress in service quality, as well as improving technical indicators. The period of claims payment for material damages significantly decreasing, to 5 days in Q1 2022 from 34.5 days in Q1 2021. Also, the technical reserves were increased to RON 2.7 billion, so that the company may comfortably met its future obligations, arising from the MTPL claims.
"We are in an accelerated and visible process of extremely demanding, long-term transformation, which we began last year with the change of the entire management board of the insurance company, continuing with significant capital increases (more than RON 300 million) from our shareholders and EBRD, which showed commitment from their side to continue to invest in this industry.
Despite challenges that Romanian insurance market is throwing at us every day, we put a lot of our attention and operational activities into the fulfilment of very demanding recovery plan, that we committed to and is being strictly supervised by authorities.
The positive results of our efforts can already be seen in our official insurance indicators and also on the market behavior - faster payments, much more truthful and transparent relationships with clients and partners, normalizing number of complaints. Our results have also been confirmed both by the latest official report released on the 24th of June by ASF and the press release issued by EBDR on the 26th of June. Both documents provide evidence, in figures, of our performance over the past year and can only indicate the positive trend for the future development," said Tanja BLATNIK, CEO of Euroins Romania.
Author: Daniela GHETU
Comment this article