Romania
Romania's Parliament has voted Nicu MARCU as ASF President
Romania's parliament has voted Nicu MARCU as President of the Financial Supervisory Authority (ASF), www.1asig.ro informed here. Previously, Nicu MARCU served as Vice-President of Romania's Court of Accounts.
29 June 2020Romanians may no longer be able to conclude insurances in European currency
Romanians will no longer be able to conclude insurance contracts in EUR, according to a bill adopted by Romanian Senate and debated these days in Chamber of Deputies, informed the Romanian insurance portal www.1asig.ro here. According to the quoted source, among the most common insurance contracts concluded in European currency are the life, MoD and HH policies.
17 June 2020ROMANIA: ALLIANZ-TIRIAC saw a 43% increase in the operational profit in 1Q2020
Romanian subsidiary of the German ALLIANZ Group, ALLIANZ-TIRIAC Insurance, recorded solid results in Q1, with increasing sales on all business lines and the consolidation of operational profitability, the company announced.
11 June 2020ROMANIA: COVID-19 pandemic changes populantion's perception of risks, reduces revenues, and changes consumer behavior
Following the reduced incomes and the changes on the employment segment, the COVID-19 pandemic also produced changes in Romanians' perception of risks and consumption behavior, according to the latest UNSAR-IRES Barometer.
4 June 2020ROMANIA: UNSAR: The insurance industry pays daily compensations of about EUR 3.5 million
The National Association of Insurance and Reinsurance Companies in Romania - UNSAR announced that last year, the local insurance market paid daily insurance compensations and benefits of over EUR 3.46 million, informed 1asig.ro.
29 April 2020Romanian authorities intend to suspend the MTPL contracts for carriers
The Romanian Government and the Ministry of Transport are preparing to suspend the MTPL contrats for the unused vehicles of transport companies due the COVID-19 pandemic, informed 1asig.ro here.
22 April 2020ROMANIA: Former prime minister proposes the private pensions of 7.2 million Romanians to go to a COVID-9 fund
The party led by the former prime minister Victor PONTA, PRO Romania, proposes that starting May 1st all the money destined for one year for the Pillar II of Romanian Private Pensios System to go to a special fund dedicated for the fight against Coronavirus.
21 April 2020STATISTICS: ROMANIA, FY2019: Motor insurance lines determined market hierarchy and trends
Romanian insurance market saw a 5.6% y-o-y growth in 2019, to EUR 2.29 billion. Life insurance sector's growth pace stayed at 4.7% y-o-y, while on the non-life side, GWP went up by 5.87% y-o-y. Yet, despite the different dynamics, the shares in the market portfolio of the two segments remained almost unchanged y-o-y.
9 April 2020COVID-19: ASF and EIOPA delayed the BSR of Romanian insurance sector
In the context of Coronavirus crisis, the exercise to evaluate asets and liabilities (BSR - Balance Sheet Review) in the insurance sector in Romania will be postponed, the Romanian Financial Supervisory Authority announced in a statement.
6 April 2020ROMANIA: FGA ended its term as temporary administrator at EUROINS
The Board of the Financial Supervisory Authority (A.S.F.) approved, at the meeting on April 1st, the termination of the mandate of the Insurance Guarantee Fund - FGA as temporary administrator at the insurer EUROINS Romania Asigurare Reasigurare, the Romanian www. 1asig.ro informed.
6 April 2020ROMANIA: ASF fines CITY Insurance for violating the methodology for reserves
As a result of the periodic control performed at the largest Romanian insurer as GWP - CITY Insurance, the ASF Board decided to sanction the company with a fine of RON 100 k (about EUR 20 k), after finding a series of violations of the law regarding the methodology of calculating the technical reserves, as the market authority annouced in a statement published on its website.
6 April 2020Romanian ASF to reduce 25% all the contributions due by the regulated entities until the state of emergency ceases
Romanian ASF - The Financial Supervisory Authority informed it has decided to reduce by 25% all the contributions due by the regulated entities, after Romania's President has declared a state of emergency in response to the growing number of COVID-19 cases across the country.
25 March 2020ROMANIA: Only one in five homes are insured
Only one in five Romanian homes is insured, 43 years after the largest earthquake that hitted the country in 1977, although the earthquake is the second risk that Romanians are worried about when it comes to their homes (57%), after the fire (65% ), according to the study prepared by IRES for UNSAR - The National Association of Insurance and Reinsurance Companies in Romania, informed 1asig.ro.
11 March 2020Romanian insurers to recover from FGA all the payments made after ASTRA and CARPATICA bankruptcies
The High Court of Cassation and Justice of Romania (ICCJ) decided in favour of insurers regarding the application of RON 450,000 ceiling (~EUR 100,000) per insurer when recovering claims from ASTRA Asigurari and CARPATICA Asig following their bankruptcies informed the insurance news portal 1asig.ro.
11 March 2020ROMANIA: ASF has withdraw the operating authorisation of CERTASIG
The Board of the Financial Supervisory Authority (ASF) has decided, during the meeting on 19.02.2020, to withdraw the operating authorisation of the company CERTASIG Societate de Asigurare si Reasigurare S.A (CERTASIG), due to the fact that the company did not restored the level of eligible own funds covering the minimum capital requirement (MCR) within the term provided by law, wrote Romanian insurance portal 1asig.ro.
24 February 2020ROMANIA: ASF and EIOPA to launch an independent assessment of the local insurance sector
The Financial Supervisory Authority of Romania (ASF) and the European Insurance and Occupational Pensions Authority (EIOPA) announced their intention to launch an independent assessment of the Romanian insurance sector through a balance sheet review.
20 February 2020EUROINS Romania was fined by ASF with more than EUR 100 k. FGA assigned as temporary administrator
The Board of the Romanian Financial Supervisory Authority (ASF) decided to amend EUROINS Romania with RON 500,000 (more than EUR 100,000), as a result of violation of some provisions of MTPL Law as the procedures for solving the MTPL claim files, deficiencies regarding the internal control mechanisms at the company level, irregularities regarding the establishment of technical reserves and data quality, as the market authority annunce in a statement.
19 February 2020ROMANIA: insurance market increased by 8% in 2019, MTPL combined ratio rose to 116.6%
Last year, the Romanian insurance market advanced by 8% y-o-y in GWP to about RON 11 billion (EUR 2.25 billion), according to Cristian ROSU, Vice President, Insurance - Reinsurance Sector, ASF.
19 February 2020ROMANIA: uninsured cars number constantly increasing — more than 12k fines in 2019
Last year, the Traffic Police sanctioned more than 12 thousand drivers without MTPL insurance, according to the the figures submitted to the portal 1asig.ro by IGPR - The General Inspectorate of the Romanian Police.
19 February 2020ROMANIA: Motor combined ratios continue to rise
At the end of the first nine months of 2019, Romanian motor insurance lines' combined ratio continued to follow the uphill road, both Motor Hull and MTPL exceeding once again the 100% threshold of profitability at market level.
13 January 2020
