“Commercial and industrial insurance, which accounts for 22% of the volume of gross premiums underwritten on the general insurance segment, posted an increase of 11.5%. The most important general insurance products, which have triggered an increase on the corporate segment, consisted of technical insurance, with a 34% increase, and property-type insurance (fire industry), with an 18% increase on the year in the first quarter,” the press release also reads.
Travel insurance rose 8.5% and the life insurance segment rose 0.2% to RON23.7 million.
Generali is set to focus on life insurance, corporate insurance, especially property-type insurance, voluntary car insurance CASCO and travel insurance.
For 2012, Generali Romania estimates a 13% increase in underwritings to RON577.82 million and an 81% decrease in losses down to RON16 million, according to the company’s revenue and expenditure budget.
In 2011, Generali Romania underwrote premiums of RON511.44 million, down 22.2% on the year, and switched to loss amounting to RON83.17 million versus net profit of RON266,000 in 2010.
The 2011 figures reflect the activity of former insurance company Ardaf, which absorbed Generali Asigurari and changed its name to Generali Romania in September 2011.
In 2010, Generali Asigurari reported net profit of RON20.89 million and Ardaf reported net loss of RON266,000.
According to 2011 data, Generali Romania ranked seventh among general insurers and fourth on the life-insurance segment.
Generali Romania is part of Dutch-based Generali PPF Holding, which operates in 14 countries in Central and Eastern Europe. (EUR1=RON4.4421)