The group included the RON46.5 million loss in the planning of investments allotted for the launch and development of its operations in Romania.
The insurer handled over 8,000 damage claim files in 2014 and paid over RON62.5 million in damage claims. A large part of paid claims was due to distinct natural events that mostly affected the company’s agricultural line of business.
The biggest claim Gothaer paid last year amounted to RON6.7 million, for a sunken barge.
“Although we are still at the beginning of our journey, by setting up consolidated basis of a healthy growth, 2014 was a year of various challenges. A year during which we continued the investment in the company, in the resources necessary for raising the company at the desired level, in the alignment to both the requirements of the group we are part of and to those enforced by Solvency II conditions,” said Anca Babaneata, CEO of Gothaer Asigurari Reasigurari.
Gothaer group entered the Romanian market in October 2012, when it bought 67% of the capital of Platinum Asigurari, later reaching 100%.
On a group level, Gothaer posted a profit of EUR122 million and a underwrote premiums of EUR4.51 billion in 2014.