ROMANIA: OMNIASIG VIG - almost 11% increase in GWP in 2016

Romanian insurer OMNIASIG Vienna Insurance Group (VIG) recorded a positive development in 2016 on most of the activity segments, which generated a consolidated business growth of almost 11%, the company announced.

The company recorded in 2016 GWP in total value of RON 1.08 billion (about EUR 240 million), which represents an increase of 10.91% compared to the previous year, and a profit before taxes of RON 20.68 million (EUR 4.6 million), according to the IFRS reporting standards for consolidation purpose. Also, OMNIASIG paid in 2016 total claims of RON 566.45 million (EUR 126 million), 5.07% more than in 2015.

According to the report issued by the Financial Supervisory Authority (ASF), the results of 2016 place OMNIASIG on the second position on the non-life insurance market, with a market share of 14.04% and still first on the market, based on the total volume of paid claims.

"2016 was a challenging year, a year in which OMNIASIG maintained its growth rhythm, relying mainly on our prudent and sustainable development strategy. We start this year with the same consistency regarding our business plan; we focus on adapting to the market requirements, on a constant optimization of our operations and processes and, especially, on building relationships based on trust with our policyholders and, in this regard, we will continue to improve the quality of OMNIASIG's products and services", said Mihai TECAU, CEO, OMNIASIG Vienna Insurance Group.

On the motor insurance segment (Motor Hull and MTPL), the company recorded, cumulated on both lines, gross written premiums of RON 740.12 million. The total value of the paid claims on the motor insurance segment was RON 469.98 million, 8.30% more than in 2015.

The Property segment (Fire and Allied Perils line) registered in 2016 a gross written premium value of RON 188.18 million, which represents an increase of 1.40% compared to the previous year.

OMNIASIG registered in the first half of the last year the lowest average duration on the market in payment of the MTPL claim files, only 3.15 days per file according to the latest analysis published by the ASF.

The number of complaints registered uniquely per claimant and per case by OMNIASIG in 2016 (497) has decreased by 30.49% compared to 2015. Related to the number of insurance policies issued by the company at the end of 2016, the number of petitions registered uniquely per claimant and per case represents only 0.049% of these.

Also, compared to the number of claim files ascertained in 2016, the number of complaints registered uniquely per claimant and per case represents only 0.569% of them.

Related articles

Evgeny POTOKOV, SCOR: The biggest P&C line of business [in Romania] cannot be unprofitable

"I think that stability is essential for insurance and reinsurance companies alike and, in order to be active in the market, we need a transparent and stable legislative framework, otherwise the rules are not clear and it is hard to plan business activities in the market with too many uncertainties", Evgeny POTOKOV, Senior Underwriter SEE, SCOR, explained during the Motor Insurance Conference taking place at FIAR 2017, presenting the company's perspective, as reinsurer, on the MTPL market in Romania.

2017-05-24

Digital claims self-assessment solutions bring benefits to all players

In the context of digitalization and its role in improving the claims assessments processes, Richard NATHSCHLAEGER, Region Manager Austria & Italy, Vice Chairman CEE Advisory Board, AUDATEX, presented, during the Motor Insurance Conference at FIAR 2017, a solution for digital claims self-assessment launched by Audatex.

2017-05-24

EC projection for 2060: Pillar I pension will decrease in all EU countries, except for Luxembourg and Denmark

The most recent report published by the European Commission, "The ageing of the EU - implications for pensions", has a bleak conclusion: Europe's population is ageing and, as far as pension costs are concerned, their share in GDP will reach 11.2% in 2060, compared with 11.3% in 2013, Falco VALKENBURG, Chairperson Pensions Committee, Actuarial Association of Europe, OPSG Member EIOPA, declared during the Private Pensions Workshop at FIAR 2017.

2017-05-24

Esra KULAN, MILLI Re: What are the characteristics of the CEE reinsurance market?

The CEE region is characterized by motor insurance driven markets (especially compulsory MTPL), this representing more than 55% of the total Non-Life written premium, explained Esra KULAN, Deputy Head of the Foreign Inward Department, MILLI Re, at FIAR 2017, offering an insight into the reinsurance landscape in 2017 & Nat Cat Risk's transfer in reinsurance in the CEE region.

0000-00-00

ON THE MOVE

TOP EVENT

VIDEO: GIF 2017, LONDON: HRH The Prince of Wales welcome address

"Insurers have to play an important part not only in managing current risks, but also in modelling the future by contributing to a better understanding of risks, to closing the insurance gap and setting an example of responsible investment policy," HRH The Prince of Wales said in his welcome address at GIF 2017.

20.07.2017

See all