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July 23, 2021
BUSINESS

Year of construction and consolidation for Gothaer in Romania

+ In 2015, Gothaer Asigurări Reasigurări paid claims worth more than 43 million RON and recorded gross written premiums worth nearly 82 million RON

 

In 2015, Gothaer Asigurări Reasigurări consolidated its position in the Romanian specialized market, paying claims amounting to 43,484,927 RON (the highest claim paid was 2.8 mil. RON – on the bonds insurance line), and recording gross written premiums of 81,989,892 RON. In percentages, this means for the company a drop of 2.7% reported to 2014, the main cause being the cessation of underwriting on the aviation insurance line, and the review of portfolios in the context of capital requirement allocated to each line of business. The entire evolution of last year was marked by strategic measures that were needed for the alignment to the standards of Solvency II regime.

“We stopped subscriptions on the aviation insurance line, since it requires a significant capital, which we decided to allocate to other more efficient forms of insurance. If we take out from the calculation the aviation segment, we see in 2015 a growth in gross written premiums of 7% compared to 2014, and a positive technical gross result of 22,535,647 RON, which for us is a good sign, considering also the fact that the entire non-MTPL market had an increase of only 1.2%. 2015 was a year of consolidation, in which it took a lot of attention in the process of underwriting, and prudent selectivity of the insurance lines offered and following the new standards required by Solvency II”, says Anca Băbăneaţă, CEO of Gothaer Asigurări Reasigurări.

Operational and business measures undertaken by Gothaer Asigurări Reasigurări during 2015, supported by capital increases performed by shareholders, guaranteed the observance of the solvency requirements (SCR and MCR), requested by the Solvency II regime, which entered into force as of January 1st this year, achieving a solvency margin of 120.7% on Solvency II (reported in SCR).

Also, in 2015, the company continued to strengthen flows and internal processes, with focus also on the claims administration area, thus reaching an average payment term for claim files from the date of submission of the last document to the payment date, of 4.7 days on the CASCO segment, and, respectively 2.7 days on the household segment.

A significant indicator for the activity of Gothaer Asigurări Reasigurări in 2015 is represented by the choice made by customers in selecting their insurer, starting from the quality of its products and services; in this context, the company enjoys noticing that the number of customers increased by almost 10%, while the company recorded only 3 valid complaints, decreasing by 2 petitions compared to 2014.

In 2016, the company’s activity continues to focus on the three key pillars for its sustainable development: superior technical and underwriting results, superior operating results, and client centric approach in all areas 360º.

The stability of the company Gothaer Asigurări Reasigurări is due to the strong support and confidence it receives from the German group to which it belongs.

 

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