ROMANIA: UNSAR: The insurance industry pays daily compensations of about EUR 3.5 million

29 April 2020 — Andrei Victor
The National Association of Insurance and Reinsurance Companies in Romania - UNSAR announced that last year, the local insurance market paid daily insurance compensations and benefits of over EUR 3.46 million, informed 1asig.ro.

The Romanian insurers' proffessional association points out that, in recent days, an association that brings together mainly companies in the field of passengers transport and having competences in other fields than insurance, has spreaded in the public space false informations regarding the functioning of the insurance market.

"We are surprised that, in support of its own interests, this association has launched false accusations against an industry operating under very strict European and national legislation", UNSAR representatives pointed out in a statement.

"These aggressive and defamatory statements violate any principle of correct information and ultimately serve to a single purpose: to avoid the liability under Romanian and European law and to oblige the insurance industry and, implicitly, all the honest drivers to cover the damages that may arise from this approach and which can amount to millions of euros".

USNAR representatives mentioned that, during 2019, every calendar day, the Romanian insurance industry paid damages of over EUR 3.46 million, almost half a million euros more than every calendar day in 2018, while the total value of gross technical reserves is at a level of about EUR 3.73 billion.

At the same time, UNSAR informed that the insurance industry paid in 2019 compensations related to MTPL policies amounting to over EUR 657 million, by over EUR 70 million more than in 2018, while the gross written premiums increased by only EUR 39 million. In the MTPL segment, technical reserves were worth over EUR 1 billion at the end of 2019.

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