According to Tecau, Omniasig aims to strengthen its business activity by adopting a prudent development strategy, improve its combined ratio and keep it below 100%, as well as restructure its portfolio, optimize and reduce administrative spending.
The merger of BCR Asigurari and former Omniasig, both controlled by Austrian group Vienna Insurance Group (VIG), was completed at the beginning of May. Through the merger, BCR Asigurari absorbed Omniasig and took its name.
The two insurers together underwrote premiums of RON1.2 billion in 2011, above the result registered by Astra, which was market leader in 2010 and 2011 with RON1.01 billion.
Last year, former Omniasig registered RON761.55 million in underwritten premiums, and BCR Asigurari reported revenues of RON441 million.
Following the merger, Omniasig has 224 subsidiaries and agencies countrywide, over 2,000 employees and some 13,000 agents.
In the first quarter of 2012, former BCR Asigurari and Omniasig underwrote premiums of RON282.03 million, down 18.8% compared with the same interval in 2011.
Astra Asigurari registered RON295.7 million in revenues from underwritten premiums in the analyzed interval, lower by over 11% compared with March 2011.
Car insurance policies (mandatory car insurance RCA and voluntary car insurance CASCO) accounted for 73.5% of the entire premiums underwritten by Omniasig in the first quarter. CASCO policies increased 25.8%, to RON136.08 million.
On the civil liability car insurance segment (RCA and Green Card), Omniasig saw a 56.48% drop in underwritten premiums in the analyzed period, to RON71.35 million.
Property insurance policies generated premiums of RON45.73 million in the first quarter of 2012, down 3.19% compared with the same interval a year ago.
The insurer paid damage claims of RON287.22 million in January-March 2012, up 27% compared with the first three months a year ago.
On the CASCO segment, damages amounted to RON163.85 million in the analyzed timeframe, up 21.30% on the year. RCA damages stood at RON109.22 million, more by 41.67% compared with the first quarter of 2011.
VIG is one of the largest insurance groups in Central and Eastern Europe. The group is floated on the Vienna Stock Exchange. In Romania, VIG also controls Asirom.
The Romanian life and general insurance market climbed 0.35% in the first quarter of 2012 to RON2.17 billion, supported by a 0.55% increase registered by the general insurance segment to RON1.73 billion. Life insurance policies dropped 0.45% to RON431.9 million.
In 2011, the local insurance market stood at RON7.95 billion, down 4.3% on the year, due to a 6.5% drop on the general insurance segment to RON6.21 billion. (EUR1=RON4.4639)