22.8 C
September 25, 2021

Astra Asigurari opens first foreign branch in Budapest

Yesterday, Astra Asigurari opened its first operating branch abroad – Astra Biztosito – in Budapest, a company press release informs. ‘Identifying market similes between Romania and Hungary and already having experience with the processing of claims in Hungary, we have made the decision to implement Romanian know-how there, too’, said Radu Mustatea, the Chairman of Astra Asigurari Steering Committee. The new branch will operate under the Hungarian insurance legislation. Financial reporting, transfer of liability, solvability, logistical support, as well as the implementation of e-issuance and billing – as the company writes 99.9 per cent of claims in an electronic system – will be supported by Astra Asigurari. The final decision on territorial expansion was made by the competent authorities that oversee insurance-reinsurance activities in Romania and Hungary: the Insurance Oversight Board and the Hungarian Financial Supervisory Authority.

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