The MTPL market accounted for more than half of the general insurance in Romania, according to the half year results published by the Financial Supervisory Authority (FSA), and expectations are that the growth will continue as prices stabilize and the combined ratio retreats towards the breakeven point.
Grawe Romania Insurance enters the auto insurance market starting September, after it was authorized by the Financial Supervision Authority (ASF) to expand its activity on two insurance classes: 3 (transports means insurance other than train- CASCO) and 10 (Insurance for vehicles civil liability-RCA).
Starting today, the 1st of September, Virgil SONCUTEAN takes over as a General Director of Romanian insurance market's leader, ALLIANZ-TIRIAC Insurance, replacing Remi VRIGNAUD, who will join the ALLIANZ Group's top management, as head of CEO Oliver BATE's chancellery.
Terrorist attacks shifting from large, mostly property damage related, public events towards "lone-wolf" shooter attacks causing limited asset damage, may change the landscape of the terrorism insurance towards a larger prevalence of the business interruption insurance clauses.
Gross underwritten premiums in the insurance market in the first quarter of this year totaled RON 2.43 billion (~EUR 540 million), up 9.16% compared to the same period in 2015, according to the market evolution presented by the Romanian Financial Supervisory Authority (ASF). Growth has been fueled by the non-life insurance segment, which recorded an advance of 9.74%, approaching the threshold of RON 2 billion, as well as the life insurance segment, in which underwritings increased by 6.6%, amounting to RON 438 million.
AXA and VIENNA Insurance Group (VIG) announced that they signed an agreement on August 3, 2016, through which the Austrian insurer would acquire 100% of AXA's Life & Savings insurance operations in Romania (AXA Life Insurance) through its BCR Life and OMNIASIG entities.
On July 27th 2016, the Romanian insurance supervisor withdrew local insurer CARPATICA Asig's operating license and begun bankruptcy procedures.
After selling the majority stake to Czech Group RENOMIA, Romanian insurance broker SRBA started the rebranding process and will continue to work on the local market under the brand RENOMIA SRBA Insurance Broker.
Romanian insurance market went up, in GWP terms, by 5.35% in 1Q2016, as compared with the first quarter of 2015, announced today the supervisory authority's head, Misu NEGRITOIU, at a financial conference held in Bucharest.
Remi VRIGNAUD, CEO of ALLIANZ TIRIAC Asigurari, the Romanian market's leader, will join the Allianz Group's top management, as head of CEO Oliver BATE's chancellery, according to an official announcement of the company. Virgil SONCUTEAN, the company's Chief Sales Officer and deputy general manager, will take over the CEO position starting September 1st.
Romanian electricity supplier CEZ Vanzare, a company owned by Czech
energy group CEZ, plans to expand its activity into insurance brokerage.
PAID, the Insurance Pool against Natural Disasters in Romania, ended 2015 with a 7% increase of the gross written premiums volume and a gross profit of RON 25 million, which will be used to improve the company's own funds, the society announced in a press release.
Romanian non-life insurer EUROINS announces the completion of the capital increase of RON 200 million.
The Financial Supervisory Authority from Romania - ASF has placed the local company CITY Insurance under financial recovery procedure. CITY Insurance must appoint an auditor and submit to the ASF a financial recovery plan, within 20 days.
By Q1 2016, the insurance company EUROINS Romania has received capital increase payments from its parent company amounting to RON 135 million, thus completing 70% of the capital raising program initiated in October 2015 that will be finalized in April 2016.
The best Romanian insurers and insurance brokers were awarded on yesterday evening, in the Insurance Market Awards Gala. The awards granted by the XPRIMM Publications have highlighted the achievements of companies and insurance brokers in 2015.
This evening the best performances in the Romanian insurance market will be awarded by XPRIMM at the 16th edition of the Insurance Market's Awards Gala. This year the event will also celebrate the Romanian folk traditions, a rich display of Romanian traditional costumes and crafts, celebrating creativity and performance.
International Insurance Consortium (IIC), a Netherlands based company focussed on Eastern and South eastern European insurance companies, has reached and signed an agreement with the owners of the Romanian insurance company Carpatica Asig concerning the transfer of 100% of the shares of Carpatica Asig to IIC.
According to data recently presented by the Romanian Financial Supervising Authority (FSA), the Romanian insurance market ended 2015 with GWP of EUR 1.97 billion, 8.22% up y-o-y. The total figure includes GWP by ASTRA in the first half of the year, before triggering the bankruptcy proceedings of the company. Disregarding the ASTRA results both for 2015 and 2014, the market growth stood at about 14.3% y-o-y.
Life insurer NN Asigurari wrote gross premiums of EUR 141 million last year, up by 2.4% compared to 2014. The
turnover grew as policyholders bought more expensive policies.
Customers paid an average premium of EUR 390 last year, up by 2.4% over
2014, for an average insured amount of EUR 12,600, 13% higher.