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.
Romanian insurance market has achieved a 6.7% y-o-y growth in GWP terms, reaching a total volume of EUR 1.7 billion at the end of Q3. At the same time, claims paid by the insurers went up by 13%, to EUR 1.04 billion, mostly because of the increasing claims expenses on the MTPL line.
The value of total assets under administration, at the level of the entire private pension system, reached RON 61.53 billion (EUR 12.95 billion), as of September 30, 2019, up 24.04% from December 2018. The share of private pensions in Gross Domestic Product was, at the end of September 2019, 6.22% compared to 5.22% in December 2018.
The Board of the Financial Supervisory Authority (ASF) announced the results of the unannounced control carried out at the non-life insuer CertAsig Asigurare Reasigurare, sanctioning the company with a fine in the amount of RON 65,000 (about EUR 13,500) on the grounds the company have not corectly calculated the solvency indicators requested by the market regulator, informed 1asig.ro.
OMNIASIG Vienna Insurance Group, one of the largest non-life insurers in Romania, won for the second year in a row the largest aviation insurance account in the country, by providing CASCO and TPL coverage for TAROM airline's fleet.
The Financial Supervisory Authority (ASF) announced it performed an analysis of the damage files related to the MTPL policies, approved by the insurance companies in the second quarter of 2019.
After the first six months of 2019, the Romanian insurers aggregate premiums production increased y-o-y by 6.13%, to EUR 1,148.6 million. Paid claims increased by 17.55%, to EUR 708.35 million. Motor insurance lines had the largest contribution to both GWP and paid claims increase.
Subject to approval by the Financial Supervisory Authority, Reiner TURR (54) was appointed Deputy CEO and Chief Financial Officer (CFO) for the local Romanian subsidiary of GOTHAER. Georgina POPESCU (45) completes the Board of Directors.
The Financial Supervisory Authority announced it has approved Leslie J. BREER's appointments as CEO of GOTHAER's Romanian unit. Together with Cosmin ANGHELUTA (Deputy CEO / Sales Chief Executive) - he will implement the company`s 3 yrs mid-term strategic plan, already approved by its Board of Directors in March 2019.
At the end of 31 March 2019, Romanian insurance market grew by EUR 27 million (+5.0%) y-o-y in terms of gross written premiums (GWP). In local currency, the premium growth was slightly higher (+7.4%), as Financial Supervisory Authority (ASF) figures show.
VIG's Romanian Group company OMNIASIG has consolidated and significantly intensified its social, environmental and community commitment with a new CSR strategy. Employee involvement is a key element of the strategy. At a ceremony held in Bucharest on 6 June 2019 OMNIASIG, received the Silver "Gunter Geyer Award for Social Conscience" in recognition of its efforts.
In the first quarter of 2019, the Insurance Pool against Natural Disasters of Romania (PAID) paid five times more indemnities for Nat Cat events, compared to the same period in 2018. About RON 1.24 million (~EUR 0.26 million) was offered as compensation for those insured by PAID, according to latest data requested from PAID by 1asig.ro.
Willis Towers Watson (WLTW), the global consultancy and brokerage firm, has recently appointed Eleonora GEAMANU as CEO of Willis Towers Watson Romania - Insurance Broker-Reinsurance Broker.
Between 2008-2017, in the Romanian insurance market, MTPL was the only insurance class that maintained a positive dynamic. MTPL, together with the Life insurance segment, had the biggest influence over general market evolution. The Romanian market is still recovering after the post-crisis effects.
Romanian insurance market recorded in 2018 GWP worth EUR 2,174 million and EUR 1,278 million in paid claims. Total GWP volume rose by EUR 92 million compared to 2017 results (+4.44%) while claims level increased by EUR 185 million (+16.97%), mainly due to motor claims increases.
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
"In 2018, the Romanian insurance market improved its solvency indicators", Cristian ROSU, Vice-President Insurance and Reinsurance Sector, ASF - The Financial Supervision Authority declared on Tuesday, 21 March, commenting on the financial results reported on the Romanian market last year.
PAID Romania - The Insurance Pool against Natural Disasters marked 10 years of activity on the Romanian market during the second edition of the "Building the Future" Conference.
At the end of 2018, GOTHAER announced a change of focus of the strategy regarding the group`s activity in Romania.