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

ATRADIUS enters Romanian and Bulgarian markets

ATRADIUS - the second largest provider of credit insurance in the world, announced it expanded its international presence with two new locations in Bulgaria and Romania, as a part of the company's global expansion strategy.


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.





"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.



Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.



The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!


Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".


Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.


BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.



Baden-Baden Reinsurance Symposium: the industry-wide impact of disruption

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.


See all