Omniasig posted gross written premiums of RON 1.06 bn in 2017, down by 2.24 pc

Omniasig’s total volume of gross written premiums was RON 1.06 billion last year, 2.24 percent below the level registered in 2016. According to a press release, this decrease is mainly due to the diminishing of the gross written premiums on the compulsory motor insurance (RCA).

At the same time, the property insurance segment registered an increase of 6.19 percent of the gross written premiums compared to the previous year, increase which is in line with the company’s main objective of supporting the development of the non-motor insurance lines. An increase was also registered in the total volume of claims paid in 2017, which was 10.53 percent higher compared to last year.

The company’s gross profit reached RON 20.09 million, according to the IFRS reporting standards for consolidation purpose.

”Our main objective was to maintain the rhythm, relying especially on our strategy of prudent growth and sustainable development. We have focused on adapting to the market requirements, on constantly optimizing our operations and processes and, above all, on consolidating the trust relationships with our customers, continuing to improve the quality of our products and services. We have also pursued a portfolio balance on motor versus non-motor segments, by offering value-added products and optimizing Omniasig systems in order to digitalize the entire sales process,” Mihai Tecau, Chairman of the Board Omniasig Vienna Insurance Group, stated.

The motor insurance segment registered, cumulated on both lines, a decrease in the total gross written premiums volume of 4.26 percent compared to the previous year, due to the decrease in premiums on the RCA segment. However, Casco recorded a 20 percent increase in gross written premiums volume.

In 2017, the health insurance line marked a significant increase in gross written premiums of 55.20 percent year-on-year.

The number of complaints registered uniquely per claimant and per case by Omniasig in 2017 (434) has decreased by 12.68 percent compared to 2016. Insurance company registered a volume of 99.12 percent of the RCA claim files paid within the legal term.

According to Omniasig representatives, the average payment time is only 3.15 days/file, which represents an improvement of this indicator compared to the third quarter of 2017, when it was 3.61 days/file. As ASF data reveal, Omniasig registered the lowest average settlement time of the claim files, namely 20.98 days/file.