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Romania: SIGNAL IDUNA acquires part of the ERGO Group and increase the premiums by 50%
The insurance company SIGNAL IDUNA ASIGURARE REASIGURARE announces as of May 20, 2021 the signing of an agreement for the acquisition of the companies ERGO Asigurari de Viata and ERGO Asigurari, part of the ERGO Group. The transaction will be subject to the approval of the Financial Supervisory Authority (ASF) and the Romanian Competition Council.
20 May 2021Romanian insurance market's leader to be sold to global investor I3CP
Romanian largest insurer CITY Insurance announced in a statement that local investment firm Vivendi International has reached an agreement with the Netherlands-based I3CP Holdings to sell its entire majority stake in the insurance company.
7 April 2021STATISTICS: Romanian largest 10 insurers accounted for 90% of total market
GWP of Romanian insurers reached RON 11.50 billion (EUR 2.36 billion), up by 4.64% y-o-y, according to the YE2020 market figures published on the Romanian FSA website. Overall paid claims totaled RON 6.92 billion (EUR 1.42 billion), up by 1.5% y-o-y.
1 April 2021EU branches' business on Romanian market has crossed the threshold of RON 1 billion
The GWP related to the branches of EU insurers active on Romanian insurance market, has crossed last year the threshold of RON 1 billion for the first time, according to the YE2020 figures released last week by Romanian FSA.
31 March 2021Romanian insurance brokerage market expanded by more than half billion RON
Romanian brokerage market totaled RON 7.9 billion (EUR 1.6 billion) last year, more than half billion RON as compared with 2019, according to the most recent statistics published by Romanian FSA.
31 March 2021Romania 2020: 5.4% GWP growth y-o-y and improving combined ratio
GWP by Romanian insurers, including branches of foreign companies operating on FOE, reached RON 12.5 billion (EUR 2.56 billion), up by 5.4% y-o-y (local currency). Insurers domiciled in Romania have provided for about 92% of this total, recording a 4.6% y-o-y growth rate, the market authority said.
25 March 2021French insurer AXA is active on Romanian health insurance market after a partnership with MEDIHELP
MEDIHELP International and AXA Partners, with the support of AXA Global Healthcare - announced an strategic partnership offering to Romanian insureds new private health insurance with international coverage, with a limit of up to EUR 3 million - depending on the chosen plan among five plans - informed www.1asig.ro here.
18 February 2021Generali Romania introduces new services to improve customers' claims experience
Generali Romania further simplifies the compensation processes with the help of new digital tools and dedicated partnerships, in order to shorten the time necessary to solve the claims and thus improve customers' claims experience.
16 February 2021Romanian ASF: The insurance market grew by 5% in 2020, to RON 11.5 billion
In 2020, the gross premiums written by the Romanian insurance companies reached RON 11.5 billion (~EUR 2.3 billion), increasing by approximately 5% compared to the previous year, declared Nicu MARCU, President of ASF - Financial Supervisory Authority cited by Romanian insurance news portal www.1asig.ro.
15 February 2021ASF fined the management of the largest Romanian insurer EUR 780 k
The ASF Board decided to fine the Management Board and the Supervisory Board of the Romanian largest insurer - CITY Insurance with a total RON 3.78 million lei (almost EUR 780 k), because fallowing a control, the insurer failed to submit the requested documents in due time, as the Romanian insurance news portal www.1asig.ro informed.
28 January 2021Romania: introduction of the mandatory direct reimbursement procedure in motor insurance is the hot spot for 2021
Despite the challenging pandemic context, Romanian insurers managed to end 3Q2020 with an overall GWP growth of 4.8%, Cristian ROSU, Vice President for the Insurance - Reinsurance Sector within the market supervising authority (ASF) said on the occasion of the traditional forecast meeting organized by XPRIMM each year.
26 January 2021Romania: health insurance expected to further grow in 2021, especially on the corporate segment
Except for the eventuality of the Covid-19 health crisis worsening, Romanian insurers display a moderate optimism with regard to the market evolution this year, hoping for a 5% to 10% growth throughout the year, top market professionals have revealed yesterday at the market gathering organized by XPRIMM.
26 January 2021Romania: ASF fined the two largest MTPL insurers
Following the control actions conducted by ASF, CITY Insurance and EUROINS Romania - the two insurers accounting for almost 75% of the MTPL insurance portfolio in Romania - were sanctioned by the local insurance market supervisor, www.1asig.ro wrote.
18 January 2021Romania: ASF fined small insurer ASIMED and withdrawed the company's operating license
The Financial Supervision Authority (ASF) fined local non-life insurer ASIMED RON 50,000 (about EUR 10 k), withdrew the operating license, declared the insolvency and asked for the bankruptcy of the insurer, wrote profit.ro here.
14 January 2021DELOITTE assisted VIG in taking over AEGON's units in Hungary, Poland, Romania and Turkey
DELOITTE assisted the Austrian insurer VIG in taking over the units of the Dutch financial group AEGON in Hungary, Poland, Romania and Turkey, informed the Romanian insurance news portal www.1asig.ro here
13 January 2021STATISTICS: Romania, Q3: Two insurers control almost three quarters of MTPL market
In the first 9 months of 2020, the insurance market in Romania posted GWP of RON 8.52 billion (~EUR 1.74 billion), increasing by approximately 4.77% y-o-y, shows in the report published at the end of December by Romanian ASF - Financial Supervisory Authority, according to the Romanian insurance portal www.1asig.ro here.
7 January 2021ROMANIA: Agreement signed for the takeover of Gothaer Asigurari Reasigurari by Allianz-Tiriac Asigurari
Allianz-Tiriac Asigurari and Gothaer Group have announced the signing of a purchase agreement regarding the takeover of Gothaer Asigurari Reasigurari, this being the first acquisition of an insurance company made by Allianz-Tiriac after more than 25 years of organic growth.
9 December 2020ROMANIA, MTPL: The direct settlement clause may become mandatory
The MTPL legislation in Romania is in the process of being amended, the insurance portal 1asig.ro wrote here.
29 October 2020STATISTICS: ROMANIA, 1H2020: The market grew 3.5%; Motor insurance increased by 2.2% despite pandemic restrictions on movement
Between January-June 2020, the insurance market of Romania totaled RON 5.6 billion (~EUR 1.2 billion) in gross written premiums (GWP), 3.5% more in local currency (+1.2% in EUR) when compared to the same period of prior year. The overall claims paid went up to RON 3.3 billion (down to EUR 691 million), 1.5% more in local currency (-0.8% in EUR).
8 October 2020ROMANIA, Private Pensions, Pillar II, H1 2020: payments of RON 71.25 million for 5,188 participants and beneficiaries
The value of the total assets under management, at the level of the entire Romanian private pensions system, has reached the amount of RON 68.57 billion, at the date of 30.06.2020, exceeding in European currency equivalent the value of EUR 14 billion, increasing by 6.31%, as compared to December, 2019.
1 October 2020
