5 years of Gothaer in Romania in figures and highlights. "Details make the difference!"

21 February 2018 — Adina TUDOR
Back on 4 February 2013, Gothaer came to Romania and promised to show what "better insured than you think" meant. Five years later, the enthusiasm is still there, and so is the Gothaer team, but now relying on the results obtained so far.

In a nutshell, 5 years of Gothaer in Romania mean:

  • more than 375,000 unique insured clients;
  • approx. EUR 50 million paid under more than 32,000 claim files;
  • more than 300 business partners selling the Company's products;
  • more than 200 employees pursuing the mission of Gothaer in Romania.
Still undergoing the growth and development phase, Gothaer Asigurari Reasigurari closed 2017 (Preliminary, non-audited data) with a 22% growth in Gross Written Premiums, up to RON 119 million. The key drivers of growth in 2017 were Motor Hull (RON 7.9 million), with a 20% increase vs. 2016, and Bonds (RON 3 million), going up by 44% vs. the previous year.

In 2017, Gothaer paid indemnities worth close to RON 60 million, under approx. 9,000 reported claims. The lines of business which saw the highest number of claims were Motor Hull (more than 6,300), followed by PA & Health (more than 1,200). The largest claim paid by the Company in 2017 amounted to more than RON 2.1 million under a Property & Engineering policy. Across the Agri segment alone, the indemnities paid were in excess of RON 9.7 million in 2017.

The average payment term under claim files in 2017 remained flat compared to 2016, meaning 4.2 days for Motor Hull, and 3 days for Property, counted since submission of the last document and until actual payment. The fair and timely settlement of the claim files is measured also by the number of grounded complaints received by the Company in 2017, that is 0 (zero).

"We celebrate 5 years of Gothaer in Romania. Five years during which we have laid the foundations of an insurance company which is trusted by its clients, and is also their first choice thanks to the claim services provided, as well as to the wide range of products they can choose from. The long-term strategy we have guided ourselves by, the engagement of the Gothaer team, as well as the support we have received from our business partners in all this time remain the key pillars of our development", said Anca BABANEATA, CEO, Gothaer Asigurari Reasigurari.

The operational and business measures taken by Gothaer Asigurari Reasigurari in 2017, supported by the capital increases operated by the shareholders, secured firm attainment of the solvency requirements (SCR and MRC) under Solvency II, with a 160% solvency margin reported by the Company as at 30.09.2017, and a 3.19 liquidity ratio as at 31.12.2017.

Financial results of the Gothaer Group in Germany

During the media event held on 12 December in Koln concerning the annual financial statements, the Chief Executive Officer of the Group, Mr. Karsten EICHMANN, presented the preliminary figures for 2017, and explained that the net consolidated income of the year most likely grew by 1.2% up to EUR 164 million, while the Group's equity was expected to grow by 5.4% up to EUR 2,113 million.

"We expect that 2017 was another good year for the Gothaer Group. We saw a slight increase of more than EUR 4.44 billion in the Gross Written Premiums across the Group. A strong growth driver in this respect is the Property/Accident insurance segment. For Gothaer Allgemeine Versicherung AG, we expect a 5.9% growth in the amount of the Gross Written Premiums (according to the German Commercial Code (HGB)). Similarly, we are pleased to see that in 2017, once again, we managed to show our financial clout in a challenging environment. During a time when the interest rates are constantly decreasing, this is, beyond any doubt, a problem faced by many insurance undertakings. Both Standard & Poor's, and Fitch Ratings reconfirmed our good ratings, and stable outlooks", said Dr. Karsten EICHMANN.
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