All EIG units reported positive rates in Q1

21 April 2016 — Vlad BOLDIJAR
The Bulgarian EUROINS Insurance Group, reported for the first quarter of 2016 a 10.1% increase of its aggregate GWP to EUR 60.0 million, according to preliminary statistics published by the group. Positive rates were reported all subsidiaries, as follows: EUROINS Bulgaria (+37.4%), EUROINS Macedonia (+5.8%), EUROINS Life (+4.9%) and EUROINS Romania (+4.7%).

The Romanian unit reported the highest GWP volume - EUR 45.7 million (76% of the total Group GWP), of which EUR 43.7 million related to Motor TPL class. According to the statement, "EUROINS Romania registered 4.7% growth in premiums for the first three months. As a result of the rapid pace of development in recent years, EUROINS Romania is now the third company by market share on the Romanian insurance market. Currently, the company focuses on quality and diversification of its insurance portfolio through detailed market segmentation, which significantly reduces the levels of risk taken. For the current year the goal of management is to keep the market position and to improve significantly the financial result".

EUROINS Bulgaria - the second largest EIG subsidiary, reported GWP of EUR 12.3 million - "a significant growth in premiums by above 37% for the first quarter due to the acquisition of HDI Bulgaria, as well as due to the effective collaborations with insurance brokers".

The premium income of Skopje-based unit - EUROINS Macedonia totaled about EUR 2 million due to the strong increase in non-motor segments (+13.8%): "EUROINS Macedonia maintains the pace of growth in motor insurance while increasing substantially the non-motor insurances".