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September 27, 2020
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City Insurance financial results: 38% rise in the first nine months of 2019

City Insurance Insurance-Reinsurance Company, the leader of the Romanian general insurance market for three consecutive years, ended the first nine months of 2019 with a volume of gross subscribed premiums of 298 million euros (the equivalent of 1.413 million lei), an increase by 38% as compared to the same period last year, informs a press release issued by the company.

Also noteworthy is the increase in the number of claims files paid until the end of September 2019: 109,065, as compared to 84,424 claims files paid in January-September 2018. In the first nine months of 2019, City Insurance records a total amount of claims paid of 179 million euros, the equivalent of 849 million lei.

Out of the total volume of gross premiums, the civil liability insurance policies for motor vehicles (RCA) amount to 252 million euros (the equivalent of 1,196 million lei), and non-RCA premiums amount to 46 million euros (the equivalent of 218 million lei). The most important increases against the same period last year come from: CASCO insurance + 306%; Engineering type insurance + 247%; Guarantee insurance + 221%. The RCA insurance policies have maintained an upward trend + 26% as compared to January-September 2018.

At the end of September 2019, the portfolio of City Insurance Insurance-Reassurance Company includes: 170,082 homes, 269,070 persons insured for risk of accident, 2,136,330 motor vehicles.

“The increase by 38% in business is an outstanding performance in any industry, all the more in a competitive one like the general insurance industry. Our clients and partners come first, out constant orientation towards their needs has brought us such impressive results. We simplify the working processes and improve both the City Insurance portfolio of insurance products and their quality every day. Then, there is innovation. We digitalize with our own resources. We are among the most advanced companies that use technology as an ally. All of the above has brought us to where we stand today: a total volume of subscribed premiums of almost 300 million euros and the exceeding of the threshold of 100,000 of claims files paid out,” said Renato Szilagyi, Vice-President of the Managing Board of City Insurance.

 

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