Omniasig Vienna Insurance Group also bid on this contract.
The insurance policy will include CASCO voluntary insurance policies for civil aircraft and parts, as well as civil liability insurance, according to the auction participation announcement posted on www.tarom.ro.
In previous years, Tarom paid a premium of around $4 million for a benefit of over $500 million for the CASCO policy and $700 million for the civil liability insurance policy.
Astra has handled Tarom’s contract since 2007. The insurer paid a claim of $10 million for the first contract, for damage sustained by a Boeing 737-300 that hit a maintenance vehicle on the runway of the Henri Coanda Airport in Bucharest.
Tarom’s fleet includes 23 airplanes: one Airbus 310-325, four Airbus 318-111s, four Boeing 737-300s, four Boeing 737-700s, one Boeing 737-800, seven ATR 42-500s and two ATR 72-500s.
Astra is the largest insurance company in Romania, with underwritten premiums of 1.03 billion lei (EUR235 million).
The Romanian general and life insurance market fell 4.3% in 2011, to RON7.95 billion. The general insurance segment, which includes air transport insurance policies, stood at RON6.21 billion. (EUR1=RON4.3778)