The decline in the volume of gross written premiums stopped and operating expenses and claim settlement expenses were lower, according to the annual report of the Financial Supervisory Authority (ASF).
The insurance market has been in the red for a decade, with total losses reaching almost RON3.5 billion. Last year’s loss was the lowest in a decade, while 2013 was the worst year for insurers in this respect.
A number of 21 insurers posted profit in 2014 but were unable to offset the losses of the other 16. Profit stood at RON326 million, while losses reached RON362 million. Allianz-Tiriac, Metropolitan and Generali posted the highest profits, while Euroins, Uniqa and Gothaer suffered the heaviest losses.
Gross written premiums were flat at RON8.1 billion last year, while claim settlement expenses fell by 1.5% to less than RON4.5 billion. General insurance claims settled fell by more than 4%; this is the segment that causes the worst losses.
(English version by Loredana Fratila-Cristescu)