During July-December 2016, the insurance companies approved 119,623 claims files for RCA motor insurance policies, Financial Supervisory Authority (ASF) data show.
The analysis shows that the average duration for the settlement of RCA claim files approved for material damage in the second half of 2016 was 55.60 days / file, decreasing by 7.44 percent compared to the first half of the same year. Almost 81 percent of the files were settled within the legal deadline (less than or equal to 3 months), with all insurance companies registering an average duration of settlement less than 90 days in the second half of 2016.
Of the claim files opened to insurers in the second half of last year, which meet the requirements for compensation under the compulsory RCA motor insurance policies, 84 percent were finalized by payment from insurers, 14.75 percent were unpaid files by the reporting date, and 1.25 percent of the total files were rejected from payment. Of the total of 100,486 files paid by insurance companies in the first six months of 2016, about 75 percent of total payments were reported as full payments and 9.11 percent of total payments were reported as partial payments.
Of the total number of claim files approved in the second half of the last year, 89.87 percent were opened for material damage, 2.74 percent were opened for personal injuries / deaths and 7.38 percent were opened as recourse action.
Most claim files were approved by Euroins SA in the second half of 2016, namely 32,025 cases, representing 26.77 percent of the total market, thus maintaining the company’s first position, just like in the second half of 2015 and the first half of 2016.
Three insurance companies aggregated 65.49 percent of the total number of RCA claims filed approved in the second half of 2016, namely: Euroins S.A. (26.77 percent), Asirom VIG S.A. (20.58 percent) and City Insurance S.A. (18.14 percent).
Omniasig VIG S.A. registered the shortest average duration of payment of claims files, namely 2.03 days / file, with 99.47 percent of the files paid within the legal deadline. City Insurance S.A. recorded the longest average duration of payment of the RCA claims files, i.e. 29.07 days per file, and the company also registered the highest percentage of claims paid over the legal deadline (69.10 percent).
Allianz-Tiriac S.A. registered the shortest average duration of claims settlement (42.59 days / file). City Insurance S.A. registered the longest average duration of settlement of claim files (73.21 days / file), registering values by 37.57 percent lower than the values recorded in the first half of 2016. The ratio of the claim files settled by City Insurance S.A. within the legal deadline increased from 36.34 percent in the first half of 2016 to 61.52 percent in the second half of 2016.