The low demand for insurance products forced companies to slash rates without taking into the account the risks they subjected themselves to by doing so.

Revenue was down but claims remained high, which translated into losses of tens of millions of euros for insurance companies. Under the circumstances, the shareholders found themselves forced to come up with cash to offset the losses; capital increases exceeded EUR80 million in the first four months of this year alone.

The worst problems are those of the general insurance segment. General insurance companies had a combined ratio (a measure of an insurer’s profitability) of 113% at the end of the first quarter, according to the Insurance Supervisory Commission data. A combined ratio of above 100% indicates an insurer is operating at a loss.

(English version by Loredana Fratila-Cristescu)

Top 10 life insurance companies in 2011
No. Company/Website Gross written premiums (millions of euros) Net profit (millions of euros) Employees
2011 2010 2011 2010 2011 2010
1 ING Asigurari www.ingasigurari.ro 131 129 4.2* 9.2 N/A 257
2 BCR Asigurari de Viata www.bcrasigviata.ro 81.3 72.9 N/A 3.3 110 N/A
3 Alico www.alico.ro N/A 48.7 N/A 16 N/A 153
4 Generali www.generali.ro 22 21.6 -20 5 945 463
5 Allianz-Tiriac www.allianztiriac.ro 20.4 19.5 N/A -4.5 1,960 2,120
6 Asirom www.asirom.ro 19.7 20.2 1.7 4.4 1,376 1,560
7 Aviva www.aviva.ro 17.4 21.1 -1.5 -4.7 135 130
8 Groupama www.groupama.ro 13.4 14.7 N/A -12 N/A 1,300
9 Grawe www.grawe.ro 12.7 14.3 N/A 0.3 N/A N/A
10 BRD Asigurari de Viata www.brdasigurarideviata.ro 10.5 4.4 -0.2 -0.6 40 34
* pretax profit Source: companies, Insurance Supervisory Commission, National Association of Romanian Insurance and Reinsurance Companies Top 10 general insurance companies in 2011
No. Company/Website Gross written premiums (millions of euros) Net profit (millions of euros) Employees
2011 2010 2011 2010 2011 2010
1 Astra Asigurari www.astrasig.ro 234 254 19 6 1,812 1,823
2 Allianz-Tiriac www.allianztiriac.ro 192 223 N/A -4.5 1,960 2,120
3 Omniasig www.omniasig.ro 180 218 N/A 0.8 1,530 1,570
4 Groupama www.groupama.ro 157 170 N/A -12 N/A 1,300
5 Asirom www.asirom.ro 149 106 1.7 4.4 1,376 1,560
6 BCR Asigurari www.omniasig.ro 104 124 4.1 3.4 880 1,100
7 Generali www.generali.ro 98.6 82.4 -20 5 945 463
8 Uniqa www.uniqa.ro 90.5 103 N/A -13 N/A 755
9 Euroins www.euroins.ro 69 71.5 N/A -1 N/A 570
10 Carpatica Asigurari www.carpaticaasig.ro 47.6 69.4 1.1 6.7 655 699
Sources: companies, Insurance Supervisory Commission, National Association of Romanian Insurance and Reinsurance Companies
Subiecte #CRISIS#INSURANCE#PROFIT