City Insurance is financially stable; the claims paid in H1 doubled

Recently emerged from financial recovery procedure, City Insurance officials assure that the company is financially stable.

According to a press release, during the entire recovery period, April 2016 to July 2017, Societatea de Asigurare – Reasiguare City Insurance has fulfilled its contractual duties towards its clients. In short, the paid claims amounted to RON 645,948,689, the equivalent of EUR 143,544,153.

Analysis showed that the locomotive for City Insurance was the year of 2017. Until today, the company covered losses of RON 304,513,476.21, the equivalent of EUR 67,669,661.38. That means an increase of 97.36 percent compared to the same period of last year. Moreover, the speedy processing of claims has influenced the number of complaints: 543 in 2017, compared to 1687 last year. Another strength is the MTPL claims settlement deadline, the average time between the opening of a claim file and its settlement reaching an average of 22 days this year.

“We received with content ASF’s decision regarding the termination of the plan-based financial recovery procedure. We are proud of this accomplishment and of the whole effort that our company made in the last one and a half year. We openly state that it was not easy,” says the management of City Insurance, adding: “For us it’s one more proof that Societatea de Asigurare – Reasiguare City Insurance operates in compliance with the standards that ASF has laid. If we look back, we are sorry that our arguments, that were validated by auditors, have not received the appropriate approval. But, at the end of the day, we are back on the map of valuable insurers.”

Currently, City Insurance has over 300 employees, organized in 42 agencies that cover the entire national territory, in which they conduct both non-life insurance underwriting and claim files management.