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.

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