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May 26, 2020

Non-life insurance market up by almost 11 pct to 7.71 billion lei in 2016

Romania’s non-life insurance market increased by 10.92 percent last year to 7.717 billion lei, according to the data presented in a press conference by Director General of Asirom VIG Juraj Lelkes.

On the mandatory motor vehicle liability insurance (RCA) segment, the market increased by 29.49 percent to 4.033 billion lei, on the CASCO insurance it increased by 4.06 percent to 1.756 billion lei, and on property insurance the market declined by 2.03 percent to 946 million lei. Declines were also recorded on other non-life insurance policies, by 17.44 percent to 981 million lei and on non-life insurance, without a RCA by 4.12 percent to 3.683 million lei.

The company returned to profit in 2016, recording a gross result of 3.93 million lei.

The volume of revenues from general and life insurance policies stood at 1.07 billion lei, increasing by 45 percent compared to the previous year. The solvency rate was 145 percent, according to Solvency II. The volume of financial assets increased by 42.5 percent up to 1.35 billion lei.

“In 2015 Asirom VIG paid damages of 421 million lei, out of which 311 million lei (49,220 cases) represented RCA damages. The volume of bonuses for the companies’ general insurance increased by 50 percent in 2016 compared to 2015, while life insurance advanced by 13 percent. At the end of last year, the portfolio was made-up of general insurance worth 89 percent and the rest of life insurance. The RCA insurance represented 64 percent of the portfolio’s total,” according to a press release of Asirom VIG.

In 2015 the company had a loss of 25.9 million lei.

Asirom VIG has a share market of 11.4 percent, increasing by 3 percentage points compared to 2015, being the third company on the insurance market, according to the Financial Supervisory Authority (ASF) data.

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