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Romania: Competition Council's 2018 sanctions against UNSAR permanently removed by justice
The Romanian High Court of Cassation and Justice decided this week to upheld the reasoning of the Bucharest Court of Appeal on the annulment of the Competition Council's sanctioning decision against UNSAR - the National Union of Insurance and Reinsurance Companies of Romania.
30 June 2022Romania: EBRD supports insurance market's development
The EBRD is optimistic about the development of the Romanian and regional insurance market, after record-breaking results for 2021 from Bulgaria's Euroins Insurance Group (EIG), led by the strong performance of its largest entity, Euroins Romania Asigurare Reasigurare, the bank said in a press release.
30 June 2022Underpricing MTPL policies for three years in a row - the main cause for the City Insurance bankruptcy
One of the main causes of the Romanian MTPL market's leader CITY Insurance bankruptcy was the RON 1.2 billion deficit resulting from the sale of insurance policies below the notified tariff between 2018-2021, in order to increase market share, CITR, the judicial liquidator of City Insurance said today.
23 June 2022Romania: SIGNAL IDUNA acquisition of ERGO companies greenlighted by the market authority; integration process to start
The Romanian subsidiary of the German SIGNAL IDUNA group has received all the approvals from the Financial Supervision Authority (ASF) and announces the completion of the transaction and the beginning of the integration process of the two ERGO companies (life and non-life insurance).
31 May 2022Romania: MTPL market expanded by 122% in Q1 2022
Romanian MTPL market continues the consolidation that began in the latter part of last year after the bankruptcy of CITY Insurance. Data reported by insurance companies and aggregated by the Financial Supervisory Authority show that in the first three months of 2022 gross written premiums (GWP) reached RON 2.47 billion, informed ASF. In Q1 2021, the Romanian MTPL market totaled RON 1.11 billion, according 1asig.ro.
9 May 2022Romania: Half million MTPL policies issued by City Insurance are ending next week
Nearly 500,000 MTPL policies issued by City Insurance are ending on May 11, ASF Romania informed in a statement. "Drivers must take out new insurance to drive legally and can request a refund of the premium in proportion to the remaining period of validity".
3 May 2022STATISTICS: Romania FY2021: 22% GWP increase, but worsening claims ratios for the motor insurance lines
In 2021, Romanian insurers underwrote gross premiums amounting to over EUR 2.87 billion, increasing by about 21.9% y-o-y. Calculated in national currency the rate was higher, of 24%, given the about 2% depreciation of the Romanian currency against Euro. Following the bankruptcy of CITY Insurance, EUROINS Romania became the market leader.
14 April 2022Romania: Gothaer Asigurari Reasigurari renamed into Allianz-Tiriac Unit Asigurari
As of March 25, 2022, Romanian insurer Gothaer Asigurari Reasigurari changed its name to Allianz-Tiriac Unit Asigurari, informed www.1asig.ro. The change takes place in the conditions in which Gothaer Asigurari Reasigurari was taken over by Allianz-Tiriac Asigurari, the Romanian subsidiary of the German insurance group Allianz.
30 March 2022Romanian insurance industry pays daily compensations of about EUR 3.5 million
The National Association of Insurance and Reinsurance Companies in Romania - UNSAR announced that, according ASF - Financial Supervisory Authority -data, the local insurance market paid daily insurance compensations and benefits of about EUR 3.5 million, informed www.1asig.ro.
30 March 2022Highest claim paid by Euroins Romania in 2021 was of EUR 1.1 million; claims proccesing time went down in Q4 to about 7 days in average
Euroins Romania announced a significant reduction in the processing time for the claims following road accidents with only material damages to 7 days in Q4 2021, from the average of 38 days in Q2 2021. Consequently, the number of complaints also decreased substantially, to only 197 out of 14,000 claim files processed.
23 February 2022NN Romania closed 2021 with strong performance across all business lines; digital transformation is a key pillar in the company's growth strategy
NN Romania, local life insurance market's leader, recorded solid financial performance on all business lines in 2021, despite challenges still faced by the local economy in the Covid-19 context. Life and Health insurance GWP exceeded EUR 182.8 million while the gross profit reached EUR 17.4 million.
23 February 2022Romania: possible limitation of MTPL tariffs and brokers' commissions raises negative reactions in the insurance market
A draft Government Decision, subjected to public debate by the Romanian Ministry of Finance, which provides for a cap on the MTPL rates for 6 months, as well as the limitation of the commissions cashed by the insurance intermediaries for this type of insurance to 5%, raised strong negative reactions in the insurance market.
23 February 2022ERGO's Romanian subsidiaries acquisition by SIGNAL IDUNA greenlighted by the market supervisory authority
Romanian insurer SIGNAL IDUNA announced the Romanian Financial Supervisory Authority (ASF) has greenlighted its acquisition of two ERGO subsidiaries for life and non-life insurance. The acquisition was also approved by the Competition Council.
16 February 2022Romania: The Bucharest Court opens bankruptcy proceedings against City Insurance
After several postponements in the last four months, the Bucharest Court admitted on February 9th, 2022, the request by the Romanian Financial Supervisory Authority (ASF) to open bankruptcy proceedings against the country's leading insurer City Insurance, informed 1asig.ro.
14 February 2022Romania: 24% y-o-y GWP growth in 2021; housing, health and suretyship insurance expected to be the market drivers in 2022
According to preliminary data provided by the Financial Supervisory Authority (ASF), the Romanian insurance market saw, in 2021, a 24% y-o-y GWP growth, to approx. EUR 2.86 billion. Non-life insurance line account for about 74% of the total market GWP.
7 February 2022Euroins Romania moves headquarters in a smart, top ecological building in the Northern business district of Bucharest
Euroins Romania's headquarter moved to new premises, in an almost 2,400 sqm office floor located in J8 Office Park in Bucharest. The new office space allows the company the continuation of the recruitment of specialists that will add to the 300 employees of Euroins in Bucharest.
2 February 2022French insurer Axeria IARD entered the Romanian MTPL market
French insurer Axeria IARD, headquartered in Lyon, became active on the Romanian MTPL market on the right of the Freedom of Establishment, being greenlighted by the French and Romanian supervisory authorities: ACPR (Autorite de controle prudentiel et de resolution) and ASF (Autoritatea de Supraveghere Financiara), as 1asig.ro informed here.
13 January 2022Romania: insurers will increase the minimum compensation limits for Motor TPL contracts
By 23 December 2023, Romanian insurers will increase the minimum compensation limits for MTPL policies, after the European Parliament amended the Directive on motor third party liability insurance, informed 1asig.ro here.
10 January 2022Two insurers in "Top 10 brands in Romania - 2021" in terms of customer experience
According to "The Romanian Customer Experience Excellence Report - 2021", released in mid-December by KPMG Romania here, two insurance companies - Allianz and Groupama ranked in Top 10 among the most appreciated companies in terms of customer experience.
31 December 2021Romania: Allianz-Tiriac greenlighted as the main direct shareholder of Gothaer
Romanian FSA (Financial Supervisory Authority) announced that on December 22, 2021, the FSA Board decided to approve Allianz-Tiriac Asigurari as main direct shareholder of Gothaer Asigurari Reasigurari.
27 December 2021
