BAAR has paid nearly RON 200 million for ASTRA and CARPATICA Asig claim files

BAAR - the Romanian Motor Insurance Bureau has paid, in total, claims of nearly RON 200 million lei for more than 10.000 claim files of the bankrupt companies ASTRA Asigurari and CARPATICA Asig, stated Madalin ROSU, BAAR's President, at FIAR 2017.

Thus, until the end of April 2017, The Bureau has paid RON 118.3 million for ASTRA Asigurari and RON 77 million for CARPATICA Asig.

"It's an important payout for the Romanian insurance market and it brought a high pressure on the dues growth from the other members", explained Madalin ROSU.

BAAR's integral solved claim files' share counts for 85% for ASTRA Asigurari and 71% for CARPATICA Asig.

Meanwhile, BAAR has to solve other 1,035 claim files for ASTRA and 1,646 claim files for CARPATICA, for which it put up an additional fund of RON 101.4 million (ASTRA Asigurari) and RON 107.2 million (CARPATICA Asig).

"We need a stable market. We can see that, lately, there've been many, many events. Equilibrium is needed. BAAR shows that it wants to continue the things well done before by the FPVS and BAAR (united this year). Financial discipline needs to stay in our DNA as a vital element. We need to pay our claims", stated Madalin ROSU.

High risk clients' share needs represent a share smaller than 1% from the total MTPL insured


BAAR - the Romanian Motor Insurance Bureau is working right now at the project that defines the major risks on the MTPL segment, added Madalin ROSU.

"BAAR proves that it continues its activity based on the principles FPVS and BAAR (ed. former institutions that merged into the current BAAR) worked on: financial discipline. BAAR can handle maintaining an equilibrium after two huge bankruptcies", explained Madalin ROSU.

Regarding the "Major Risks" project, BAAR must propose a management pattern for these risks. It's a project BAAR still works on, and it includes even defining those risks.

Related articles

Evgeny POTOKOV, SCOR: The biggest P&C line of business [in Romania] cannot be unprofitable

"I think that stability is essential for insurance and reinsurance companies alike and, in order to be active in the market, we need a transparent and stable legislative framework, otherwise the rules are not clear and it is hard to plan business activities in the market with too many uncertainties", Evgeny POTOKOV, Senior Underwriter SEE, SCOR, explained during the Motor Insurance Conference taking place at FIAR 2017, presenting the company's perspective, as reinsurer, on the MTPL market in Romania.

2017-05-24

Digital claims self-assessment solutions bring benefits to all players

In the context of digitalization and its role in improving the claims assessments processes, Richard NATHSCHLAEGER, Region Manager Austria & Italy, Vice Chairman CEE Advisory Board, AUDATEX, presented, during the Motor Insurance Conference at FIAR 2017, a solution for digital claims self-assessment launched by Audatex.

2017-05-24

EC projection for 2060: Pillar I pension will decrease in all EU countries, except for Luxembourg and Denmark

The most recent report published by the European Commission, "The ageing of the EU - implications for pensions", has a bleak conclusion: Europe's population is ageing and, as far as pension costs are concerned, their share in GDP will reach 11.2% in 2060, compared with 11.3% in 2013, Falco VALKENBURG, Chairperson Pensions Committee, Actuarial Association of Europe, OPSG Member EIOPA, declared during the Private Pensions Workshop at FIAR 2017.

2017-05-24

Esra KULAN, MILLI Re: What are the characteristics of the CEE reinsurance market?

The CEE region is characterized by motor insurance driven markets (especially compulsory MTPL), this representing more than 55% of the total Non-Life written premium, explained Esra KULAN, Deputy Head of the Foreign Inward Department, MILLI Re, at FIAR 2017, offering an insight into the reinsurance landscape in 2017 & Nat Cat Risk's transfer in reinsurance in the CEE region.

0000-00-00

The impact of telematics on the motor insurance industry

"There is a wide variety of pricing parameters used on the motor insurance market today - in many cases it is doubtful if their validity is statistically proven. For fleets, there is a 'disconnection' between needed and available information", Michael THEILMEIER, Senior Vicepresident, GEN Re, explained during the Motor Insurance Conference at FIAR 2017.

2017-05-24

ON THE MOVE

TOP EVENT

61st "Rendez-Vous de Septembre" ends today in Monte Carlo: review

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers ends today in Monte Carlo. The Nat Cat insurance protection gap, as well as the global insurance market readiness to deal with the increasing complexity of the cyber risks were among the most debated topics.

14.09.2017

photodune-3834701-laughing-girl-xs

MONTE CARLO: Live news from the "Rendez-Vous de Septembre"

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers has started yesterday in Monte Carlo. XPRIMM publications on the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel as well as at the other event's venues.

10.09.2017

See all