ASF: Domestic insurance market in 2015 remained in the red

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The insurance market in Romania ended last year with a total net loss of RON 267.6 million, increasing by 7.5 times compared to the negative result in 2014, the Financial Supervisory Authority (ASF) data reveal, a press release informs.

In 2014, the net loss was RON 35.5 million from RON 1.4 billion in 2013, of which Astra Asigurari contributed with over RON 900 million.

Half of the 10 insurance companies authorized to underwrite MTPL insurance policies during 2015 – Asirom, Astra, Carpatica Asig, City Insurance and Euroins – posted losses of RON 586.5 million, accounting for almost 80 percent of losses on market.

The five companies mentioned above focused last year over 70 percent of mandatory auto insurance market.

The most profitable insurance companies either do not subscribe general insurance and especially MTPL insurance policies (e.g. Metropolitan Life and NN Life Insurance) or register a MTPL low share in portfolio structure, under 20 percent (such as Allianz – Tiriac or Generali).

Loss amplification on the whole market compared with the revival in 2014 took place despite the fact that the insurance industry has resumed growth last year, registering an increase of 8.2 percent in the volume of written premiums, up from RON 8.75 billion.

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