ASF: The number of petitions on the insurance market was halved in H1. What have the petitioners complained about?

0 43
Overall, the Financial Supervisory Authority (ASF) received in the first half of 2017, 4,698 petitions, decreasing by 48.54 percent compared to the first half of 2016, a press release informs.
Out of this total, 84.95 percent are petitions related to insurance-reinsurance market, 12.66 percent to  the private pensions market, and 2.38 percent the market of financial instruments and investments.
In the first six months of 2017, ASF registered in total  3,991 petitions regarding the insurance market, which represents a decrease by 50.87 percent compared to the same period of the previous year. Of the 3,991 petitions,  there have been 2,889 petitions registered uniquely per petitioner, analyzed and resolved, by 41.75 percent less than in the first half of 2016.
Much of the claims by petitioners were regarding insurance companies Astra SA, Carpatica Asig SA, Forte Asigurari-Reasigurare SA and LIG Insurance SA, companies which had their operating license withdrawn by ASF, the release reads.
In 1,890 cases, the petitioners claimed non-payment/partial payment of compensation/surrender values required by the insured/injured, meaning 65.42 percent of the total petitions.
Of the 2.889 petitions, 1,846 accounting for 64 percent of the total, were completed in favor of petitioners – for these petitions favorable and legally grounded solutions could be determined and for which the specialty department within ASF had the proper regulatory framework to settle the dispute between the parties. Form the data recorded it results that 99.10 percent of the petitions were headed against insurance companies and 0.90 percent were headed against insurance brokers.
The 2,161  petitions registered and resolved in H1 of 2017 the class of compulsory civil liability insurance RCA and Green Card account for approximately  0.04 percent of the RCA contracts concluded (5,695,440) and, respectively 1.42 percent the number of RCA claim files opened in this half (152,378), according to data reported by insurers to ASF.
By analyzing the petitions submitted, it results that most complaints of petitioners were found for City Insurance (22.40 percent of the total period), followed by Euroins (19,90 percent) and Asirom VIG (18.52 percent).
There were 595 petitions registered this H1 in the private pensions market, down by 23.23 percent compared with the 1st H of 2016.

- Advertisement -

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More