ASF proposed meetings between the representatives of ASF, of the national association of Romanian insurers UNSAR and of insurers, to find solutions for the recovery of the RCA insurance market, targeting more transparency for premiums, repair expenses, and damage coverage.
The Romanian insurance market is dependent on the car insurance segment, which represented 65.12% of the total gross underwritten premiums in the general insurance category in 2013, ASF said.
In the first quarter of 2014, the insurance market fell by nearly 3.5% on the year.
Negritoiu proposed the preparation of a recovery and development plan for the insurance sector, given that the market showed no sign of recovery after the financial crisis, according to the statement.
In 2013, the insurance market reported net losses of RON1.283 billion, from RON321.58 million losses a year earlier, more than the total losses registered in the previous four years.
Over half of Romanian insurance companies reported losses last year, namely 20 companies, while the other 17 posted profit.