General and life insurance market stagnated last year

According to provisional data, insurance companies subscribed RON 8.24 billion last year in premiums, similar to the value of premiums subscribed in 2012, namely RON 8.26 billion. “The figures are provisional and are subject to changes in coming weeks, as companies submit their final reports,” Corneliu Moldoveanu, Vice-President of the Insurance Supervisory Commission (ASF), stated at a public event in the field, Mediafax notes. He expects the mandatory civil liability car insurance (RCA) segment to go from RON 2.14 billion in the previous year to RON 2.42 billion this year. “The increase in RCA was a result of higher policy fees, which were in turn caused by legislative changes enforcing the correlation between hedged risks and premium levels,” Moldoveanu said. The ASF representative estimates subscriptions in the optional car insurance policy (CASCO) segment will go from RON 1.91 billion in 2012 to RON 1.78 billion. “The general insurance segment consisting of RCA and CASCO policies will generate RON 6.57 billion in premiums, 1.9 per cent more than RON 6.54 billion in 2012,” Moldoveanu pointed out. The life insurance segment dropped by 8 per cent in the first 11 months of 2013, and Moldoveanu believes subscriptions will go from RON 1.8 billion in 2012 to RON 1.67 billion.

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