Bulgarian financial group EUROHOLD said its revenues from insurance activity at the end of December 2018 amounted to BGN 985.3 million (EUR 503.8 million), 2% less y-o-y. The insurance operating expenses for the period under review increased by 0.6% y-o-y to BGN 924.9 million (EUR 472.9) compared to BGN 919.2 million at the end of 2017.
Bogdan BICHINET will join the management team of GENERALI Romania as Member of the Board and Chief Financial Officer - CFO starting March 1st, after this week the Board of the Romanian Financial Supervisory Authority (ASF) approved its appointment.
Romanian insurers ended the first three quarters of 2018 with GWP worth EUR 1.6 billion, 0.7% up y-o-y, while paid claims have increased by 13.1%, to EUR 918 million. Given the national currency's depreciation against Euro, the results denominated in RON show a better dynamics.
Nine Romanian MTPL insurers and UNSAR, the insurers' association, were fined by the national Competition Council with total fines of approx. EUR 53 million for violation of the national and European competition regulations by coordinating market behavior to increase compulsory MTPL insurance charges.
WATFORD Insurance Company Europe (WATFORD Insurance) officially launched itself in the Romanian insurance market through an event organized on 17 October in Bucharest, with the participation of its partners and collaborators.
Romanian insurers ended 1H2018 with GWP worth RON 5.04 billion (EUR 1.08 billion), a business volume which in fact demonstrates a quasi-stagnant phase. Gross paid claims amounted to RON 2.08 billion (EUR 602.6 million). Out of the 30 active players, Top 10 insurers accounted for about 88% of the market GWP.
FITCH Ratings has affirmed EUROINS Romania Asigurare Reasigurare SA's (EUROINS Romania) Insurer Financial Strength (IFS) rating at 'BB-', and EUROHOLD Bulgaria AD's (EUROHOLD, the group's ultimate holding company) Long-Term Issuer Default Rating (IDR) at 'B'. The Outlooks are Stable.
Romania will be next beneficiary of an instrument from the World Bank allowing the country's government to enhance its disaster risk financing support - the Catastrophe Deferred Drawdown Option (Cat DDO). The project is now underway as part of Building Disaster and Climate Resilience Program Project for Romania.
Romanian insurers ended Q1 with GWP worth RON 2.53 billion (EUR 543.2 million), 1.45% less y-o-y. Gross paid claims amounted to RON 1.23 billion (EUR 264 million). Out of the 30 active players, Top 10 insurers accounted for about 89% of the market GWP.
On 28 June the Romanian Government has approved the draft Law on Mutual Insurance Companies, which will be shortly sent to the Parliament for debates and approval.
Starting July 1, 2018, the President of Directorate at position of ASIROM VIG (Romania) will be taken over by Cristian IONESCU. He will replace Mr. Juraj LELKES whose mandate ends on June 30, 2018.
The Romanian insurance market in Romania continued its growth trend in 2017, the local industry totaling RON 9.7 billion (EUR 2.1 billion), 3.5% more than in the previous year.
Among the decisions adopted by the Romanian Financial Supervisory Authority (FSA) Board at its meeting on 7 March 2018, the appointment of Cosmin ANGHELUTA for a new mandate as Deputy General Manager of Gothaer Asigurari Reasigurari was also validated.
Starting January 2018, Cristian FUGACIU, CEO of MARSH Romania is heading the global broker's business in the Central Europe, comprising 7 of the 17 insurance markets that form the CSEE Region (Central & South Eastern Europe).
COLONNADE Insurance, part of the Canadian group FAIRFAX Financial Holdings, officially begins its activity in Romania, following AIG's entry into a strategic partnership with COLONNADE Insurance to manage existing policies for AIG Europe Limited's Romanian Branch.