“These results are in line with the evolution of the entire Romanian insurance market, which is dealing with significant declines, especially on the car insurance segment that has the highest share in Omniasig’s portfolio, 77.92%,” says a company press release.
Omniasig paid damage claims of RON313.14 million in the first six months, down 13.82% on the year. The decrease owes partly to lower CASCO car insurance underwritten premiums.
On the voluntary car insurance (CASCO) segment, Omniasig underwrote premiums of RON146.36 million, down 37.69% compared to the first quarter of 2010. Damage claims paid on the segment dropped to RON183.75 million.
Civil liability car insurance policies (RCA) increased by 54.27%, with underwritten premiums of RON191.16 million. Damage claims paid by Omniasig on the RCA segment inched to RON103.27 million.
On the segment of fire and natural disaster insurance, Omniasig underwrote premiums of RON55.09 million, down 39.52% compared to the first half of 2010. The company paid damages worth RON13.44 million on this segment, up 123% on the year.
Farming insurance policies have also grown, to RON8.03 million, together with the damage claims paid on the segment, to RON1.5 million.
Omniasig has been operating on the Romanian insurance market since 1995. In 2005, Omniasig became a member of the Vienna Insurance Group, one of the leading insurance groups in Central and Eastern Europe.
(EUR1=RON4.2525)