For Omniasig, part of Vienna Insurance Group (VIG), 2016 was the year in which the company registered a positive development on most of the activity segments, strengthening its position on the non-life insurance market.
According to a press release, the company registered in 2016 gross written premiums in total value of RON 1.08 billion, which represents an increase of 10.91 percent compared to the previous year, and a profit before taxes of RON 20.68 million, according to the IFRS reporting standards for consolidation purpose. Also, Omniasig paid in 2016 total claims of RON 566.45 million, 5.07 percent more than in 2015.
Thus, Omniasig ranks second on the non-life insurance market, with a market share of 14.04 percent and still first on the market, based on the total volume of paid claims, according to the report issued by the Financial Supervisory Authority (ASF).
“2016 was a challenging year, a year in which Omniasig maintained its growth rhythm, relying mainly on our prudent and sustainable development strategy. We start this year with the same consistency regarding our business plan; we focus on adapting to the market requirements, on a constant optimization of our operations and processes and, especially, on building relationships based on trust with our policyholders and, in this regard, we will continue to improve the quality of Omniasig’s products and services,” Mihai Tecau CEO Omniasig Vienna Insurance Group stated.
On the motor insurance segment (Motor Hull and MTPL), the company recorded, cumulated on both lines, gross written premiums of RON 740.12 million.
The total value of the paid claims on the motor insurance segment was RON 469.98 million, 8.30 percent more than in 2015. The Property segment (Fire and Allied Perils line) registered in 2016 a gross written premium value of RON 188.18 million, which represents an increase of 1.40 percent compared to the previous year. Omniasig registered in the first half of the last year the lowest average duration on the market in payment of the MTPL claim files, only 3.15 days per file according to the latest analysis published by the ASF.
The number of complaints registered uniquely per claimant and per case by Omniasig in 2016 (497) has decreased by 30.49 percent compared to 2015. Related to the number of insurance policies issued by the company at the end of 2016, the number of petitions registered uniquely per claimant and per case represents only 0.049 percent of these. Also, compared to the number of claim files ascertained in 2016, the number of complaints registered uniquely per claimant and per case represents only 0.569 percent of them.