At half of the current year, general insurance fell by 12% compared to 1H/2010, the lines that have dictated this trend being MTPL, with a decline of 25% due to reduced premium rates at the level of the entire market, and Motor Hull insurance, with a minus of 17%, as result of new car sales collapse. In contrast, the largest increase, of 23%, was reported on the "property" segment, where mandatory household policies have also boosted the evolution of voluntary household insurance.
As for claims paid by insurers in the first half of 2011 on general insurance lines, these totaled RON 1.8 billion, plus the approved claims reserve totaling about RON 1.4 billion. Although the amounts paid by insurers fell by about 8%, under the circumstances of reduced volume of written premiums, the claims ratio, respectively the combined claims ratio at the level of UNSAR members' portfolio maintains at a high level, especially on the motor lines.
Click here for the evolution of general insurance, on companies and on insurance classes, in the first half of 2011!
While general insurance continues its decline began in 2009, life insurance maintains its slightly ascending trend registered in the last two years. Thus, in the first half of 2011, UNSAR member companies reported underwritings of over RON 732 million on life, up by 5.2% compared to the same period of the previous year (RON 696 million). Although gross claims paid by insurers for contracts in force were maintained in 2011 at the level of the previous year (around RON 55 million), technical reserves for life insurance increased by about 13%, from RON 3.6 million in 1H/2010 to RON 4.1 million in January-June 2011.
The ratio between traditional life insurance policies (with guaranteed yield) and the "unit linked" type (with an investment component), in terms of underwritings volume, remains a balanced one. Thus, even if unit-linked policies are no longer the engine of growth for life insurance, their share in total underwritings remains high, at 42%.
Click here for the evolution of life insurance, on companies and on insurance classes, in the first half of 2011!