OMNIASIG posts over 9% increase of the gross written premiums in the first half of the year

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OMNIASIG Vienna Insurance Group announced the registered gross written premiums for the first half of 2018 had increased with more than 9% compared to the same period of 2017, thus consolidating its position on the Romanian general insurance market, a press release informs.

In the first semester of this year, the company registered gross written premiums of over RON 558 million, a value which is more than 9% higher, compared to the similar period of the previous year. The net profit registered in this time frame, according to the IFRS reporting standards for consolidation purposes, was more than  RON 13 million, a value higher than the one registered in the first half of 2017. Also, the total amount of the paid claims grew, by over 8%, reaching more than RON 306 million.

“In the first half of the year, OMNIASIG maintained its balanced portfolio structure (motor versus non-motor), with the purpose of a sustainable development of the company’s business. The increase registered on the main insurance lines  emphasizes the fact that our development strategy is successful and brings the expected results.  

We aim to achieve long-term performance, as stated through our partnership with the Romanian Judo Federation and the Romanian Wrestling Federation, implemented in our OMNIASIG for PERFORMANCE campaign. The same goal determines us to make a priority out of the permanent improvement of the products and services that we offer to our clients,” said Micai Tecau, President of the Managing Board Omniasig Vienna Insurance Group.

The Property segment (Fire and Allied Perils line) increased in the first half of the current year with more than 4%, compared to the same period of 2017.

Regarding the motor insurance segment (Motor Hull and MTPL), both have positively developed. Thus, OMNIASIG registered, cumulated on the two insurance lines, gross written premiums of more than RON 388 million. On the Motor Hull line, the gross written premiums increased by more than 12% compared to the same period of last year and the MTPL one registered an increase of over 4%. The positive evolution on the MTPL line was based on an increase in the number of insurance policies sold, yet this was corelated with the significant decrease of the average premium value at our portfolio level, compared to the same period of 2017, as an effect of the market evolution, as well as of the legislative changes from last year.

The total amount of paid claims, cumulated on the two motor insurance lines, was more than RON 278 million, 12% more than in the first half of 2017. On the MTPL line, an increase of the claim ratio was registered, generated both by the decrease of the average premium value, and also by the increase of the average claim value.

On the motor insurance segment, OMNIASIG maintains its prudent underwriting policy, which ensures a balanced structure of the company’s portfolio.

The health insurances line grew strongly in the first half of the year, according to the company´s development strategy in this direction, reaching a gross written premium value of more than RON 5.5 million.

The number of complaints registered uniquely per claimant and per case by OMNIASIG, in the first six months of 2018 was in the amount of only 277. Related to the number of the insurance policies issued by the company in the first semester of the current year and which were not canceled, the number of petitions registered uniquely per claimant and per case represents only 0.043% of them.

At the same time, related to the number of claim files ascertained in the first half of 2018, the number of complaints registered uniquely per claimant and per case represents only 0.353% of them.

OMNIASIG evaluates, since 2015, the level of quality of our customer services through the internationally validated Net Promoter Score (NPS) measurement system. Thus, customers who had a claim file at OMNIASIG are asked to evaluate their experience and the way the case was handled, the policyholder’s satisfaction and the quality of the services offered being measured through an efficient system, on a scale of 1 to 10.. The overall NPS result was 85% between January and June 2018, a level similar to the one recorded in 2017.

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