ROMANIA FY2012: the seventh year in a row with negative financial results - EUR 72 million losses

8 August 2013 — Vlad BOLDIJAR
profit-loss-riskThe Romanian insurance market closed 2012 with a negative financial result of RON 322.6 million (EUR 72.2 million), according to the Annual Report of former CSA, now integrated in the Financial Supervisory Authority Council (ASF). Thus, 2012 becomes the 7th year in a row in which the Romanian insurance market reports losses, with the third largest loss in the past 12 years, after 2008, when the market reported losses reaching RON 582.5 million (EUR 158.2 million) and 2011 (losses of RON 325.9 million/ EUR 76.9 million).

In 2012, of the 39 insurance companies operating on the Romanian market, 22 entities reported positive financial results, the total value of their net profit amounting to RON 201.3 million (EUR 45.39 million), while the other 17 companies reported losses reaching a total of RON 522.9 million (EUR 117.9 million), according to CSA.

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In 2012, ALICO Romania, CITY Insurance and CHARTIS Romania reported the highest profits (RON 41.4 million/ EUR 9.3 million, RON 33.7 million/ EUR 7.5 million, RON 29.2 million/ EUR 6.5 million), while OMNIASIG VIG (RON -228.2 million/ EUR -51.45 million), GROUPAMA Asigurari (RON -87.9 million/ EUR -19.82 million) and AXA Life Insurance (RON -43.8 million/ EUR 9.87 million) reported the highest losses.

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