The five companies have a total deficit of RON2.1 billion (around EUR467 million), 99% of which is due to deficits of Astra, Carpatica and Euroins, ASF said in a report following stress tests on Romanian insurance companies.
The remaining eight out of the 13 insurers tested have a total surplus of RON2.14 billion (EUR476 million) , leading to an aggregate surplus of RON37 million.
These eight companies, namely Allianz, Asirom, Generali, Groupama, ING, Omniasig, PAID and Uniqa, would have a minimum capital requiremt rate of more than 100%, while Astra, Axa, Carpatica, Euroins and EximAsig’s capital nrequirement rate would be below 0%.
Axa, Astra, EximAsig, Euroins and Carpatica, as well as four other insurers (Asirom, Groupama, PAID and Uniqa) do not meet solvency capital requirements under Solvency II standards, the regulator said.