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.
Out of the total, non-life claims accounted for EUR 315 million (96%), 13% up y-o-y; EUR 12.06 million is the amount paid for gross indemnities, related to life insurance, by about 15% more as compared to 1Q 2019. To gross indemnities related to life insurance we add maturities, partial and total redemptions, all summing up to almost EUR 43 million, an increasing value by 19% y-o-y.
Gross paid indemnities related to general insurance
In this segment, out of the total paid claims of over EUR 315 million, Top 10 insurers account for 98.6%.
The business lines with highest share in the total claims paid were:
- Class A10, third party liability for the use of land motor vehicles (RCA + CMR) with a volume of gross indemnities paid of over EUR 176.47 million, represents 56% of the total IBP for non-life insurance and is up by 7,2% y-o-y;
- Class A3, Land vehicles, excluding rolling stock (CASCO) with a volume of gross indemnities paid of over EUR 102 million, represents 32% of the total IBP for non-life insurance and is up by 25% compared y-o-y.
- Class A8, Fire and natural disasters (for goods other than those insurable in classes A3 - A7) with a volume of gross indemnities paid of EUR 16.43 million, represent approximately 5% of the total IBP for non-life insurance and is up by 11% y-o-y.
Gross indemnities, maturities and redemptions related to life insurance
The gross indemnities, maturities and redemptions paid related to life insurance were, in the first quarter of 2020, reached EUR 12.06 million, recording an increase of about 18.5% compared to the same period of the previous year. Top 10 life insurers held a 98.8% quota from the total paid indemnities.
Author: Andreea RADU
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