In 2012, the insurer reported loss of RON6.99 million, from RON4.55 million in 2011.
In 2013, Carpatica Asig Sibiu underwrote premiums of RON481.7 million, up 61% on the year, due to an increase in the number of clients, from over 950,000 to 1.35 million. Damage claims paid by the insurer surged 47% to RON276 million.
In the first quarter of 2014, Carpatica Asig’s underwritten premiums rose 30.6% on the year to RON164 million and damage claims paid to insured clients increased by 22.2% to nearly RON94 million, from RON76.8 million lei in the year-earlier period.
In the second half of May, Romania’s Financial Supervisory Authority (ASF) decided to initiate financial recovery procedures for Carpatica Asig, obliging the company’s management to come up with a financial recovery plan within 20 days at most.
Carpatica Asig started its activity in 1996 as ASA Asigurari Atlassib. It is controlled by Atlassib Sibiu (92.42%), Transcar Sibiu (6.97%), Corneliu Tanase (0.08%) and Aurel Albu (0.53%), according to Trade Registry data.
Carpatica Asig is part of financial group Carpatica owned by businessman Ilie Carabulea. (EUR1=RON4.3993)