Of the total value of technical reserves set up by insurers, nearly 59%, respectively RON13.5 billion, are set up for the general insurance segment, while 41%, totaling RON9.1 billion are tech¬nical reserves established for the life insurance segment.
As regards the technical reserves set up for the general insurance, of almost RON11.83 billion, 50% of these, namely RON6.77 billion, represent premium reserves, and 28%, respectively RON3.7 billion represents approved damage claim reserves, 19%, respectively, RON2.5 billion represents unapproved damage claim, and 4% represents other technical reserves worth RON475.9 million.
On the life insurance segment, technical reserves set up insurers reached RON9.12 billion, which translates into a slight increase of 0.33% in the first half of 2022 vs the same period of 2021.
Insurers are obliged to set up technical reserves when they sell insurance policies in view of observing the obligations towards customers. Reserves are split in two categories, for general insurance and for life insurance.