The Financial Supervisory Authority (ASF) announced it performed an analysis of the damage files related to the MTPL policies, approved by the insurance companies in the second quarter of 2019.
After the first six months of 2019, the Romanian insurers aggregate premiums production increased y-o-y by 6.13%, to EUR 1,148.6 million. Paid claims increased by 17.55%, to EUR 708.35 million. Motor insurance lines had the largest contribution to both GWP and paid claims increase.
Subject to approval by the Financial Supervisory Authority, Reiner TURR (54) was appointed Deputy CEO and Chief Financial Officer (CFO) for the local Romanian subsidiary of GOTHAER. Georgina POPESCU (45) completes the Board of Directors.
The Financial Supervisory Authority announced it has approved Leslie J. BREER's appointments as CEO of GOTHAER's Romanian unit. Together with Cosmin ANGHELUTA (Deputy CEO / Sales Chief Executive) - he will implement the company`s 3 yrs mid-term strategic plan, already approved by its Board of Directors in March 2019.
At the end of 31 March 2019, Romanian insurance market grew by EUR 27 million (+5.0%) y-o-y in terms of gross written premiums (GWP). In local currency, the premium growth was slightly higher (+7.4%), as Financial Supervisory Authority (ASF) figures show.
VIG's Romanian Group company OMNIASIG has consolidated and significantly intensified its social, environmental and community commitment with a new CSR strategy. Employee involvement is a key element of the strategy. At a ceremony held in Bucharest on 6 June 2019 OMNIASIG, received the Silver "Gunter Geyer Award for Social Conscience" in recognition of its efforts.
In the first quarter of 2019, the Insurance Pool against Natural Disasters of Romania (PAID) paid five times more indemnities for Nat Cat events, compared to the same period in 2018. About RON 1.24 million (~EUR 0.26 million) was offered as compensation for those insured by PAID, according to latest data requested from PAID by 1asig.ro.
Willis Towers Watson (WLTW), the global consultancy and brokerage firm, has recently appointed Eleonora GEAMANU as CEO of Willis Towers Watson Romania - Insurance Broker-Reinsurance Broker.
Between 2008-2017, in the Romanian insurance market, MTPL was the only insurance class that maintained a positive dynamic. MTPL, together with the Life insurance segment, had the biggest influence over general market evolution. The Romanian market is still recovering after the post-crisis effects.
Romanian insurance market recorded in 2018 GWP worth EUR 2,174 million and EUR 1,278 million in paid claims. Total GWP volume rose by EUR 92 million compared to 2017 results (+4.44%) while claims level increased by EUR 185 million (+16.97%), mainly due to motor claims increases.
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
"In 2018, the Romanian insurance market improved its solvency indicators", Cristian ROSU, Vice-President Insurance and Reinsurance Sector, ASF - The Financial Supervision Authority declared on Tuesday, 21 March, commenting on the financial results reported on the Romanian market last year.
PAID Romania - The Insurance Pool against Natural Disasters marked 10 years of activity on the Romanian market during the second edition of the "Building the Future" Conference.
At the end of 2018, GOTHAER announced a change of focus of the strategy regarding the group`s activity in Romania.
Bulgaria-based Euroins Insurance Group (EIG) has made a purchase agreement with Germany-based ERGO International AG for buying 4 ERGO insurance companies. EIG will take control over ERGO's life and non-life subsidiaries in Romania and Czech Republic, as well as the non-life company in Belarus.
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.