The subsidiary in Romania of the Italian insurance group Generali’s has recorded in 2016 a 32.5% growth of the gross premiums, compared to the previous year, up to RON 642.79 million.
The published financial outcomes indicate that the segment of the general insurances has recorded an important development, 38.4% compared to 2015, and the subscriptions amounted RON 573.7 million.
The increase of the non-life business volume has been mainly supported by the category of the civil liability insurance for car owners (RCA), where gross premiums increased up to RON 205.5 million in 2016, on the background of tripling the number of contracts. The market share owned by Generali Romania on the RCA line has reached 5.1%. CASCO insurances have also recorded a growth of almost 4 percent last year, compared to 2015, and the subscriptions amounted RON 190.17 million. The general insurances segment, except car insurances, has increased in a much more modest pace, only 2.3% compared to 2015.
“As a result of increasing profit, we carefully watch the evolution of each business line, especially the RCA segment. At the same time, by implementing a more rigorous subscription policy and streamlining the internal processes, the Casco line generated considerably improved outcomes, currently having an important contribution to the recorded positive outcome” stated Adrian Marin, CEO at Generali Romania, according to a press release issued by the insurer.
The weight of the life insurances has decreased in the total of the Generali Romania’s business, to 10.75% at the end of 2016. In absolute value, subscriptions in the life insurances segment were placed at a level close to the one recorded in 2015, a slight decrease of 1.8% being recorded, to RON 69.1 million, in line with the targets set by the company.
Given that, in the aggregate, the combined ratio has recorded a 4 percent improvement compared to the previous reference period, 2016 was the fourth consecutive year in which Generali Romania has reached its set targets and reported positive financial outcomes, shows the press release issued by the company.
In 2016, Generali Romania was the company with the lowest number of complaints of the top 10 local insurers, according to the volume of subscribed gross premiums, and was placed among the top 3 reliable brands in the insurance industry.