RCA Market: Two Firms Manage Over 80% Of Total Vehicles
Some 800,000 of nearly one million automobile liability insurance (RCA) policies sold in 2017 by the biggest insurance broker in Romania, Safety Broker, were issued by City Insurance and Euroins.
City Insurance’s portfolio has a very special structure, being the only local insurance company which transfers to reinsurance nearly 85% of the RCA portfolio (the average does not exceed 30-35%), based on a proportional type contract. In 2016, according to its own reports, City Insurance would transfer 85% of RCA premiums to reinsurers who, in turn, would commit to the same percentage of damage claims.
In turn, Euroins had gone through a recovery period throughout 2016 and, in the first half of 2017, it was obliged to bring additional capital of nearly RON200 million. (romanialibera.ro)
Lufthansa, Largest European Airline By Passenger Numbers
Germany’s Lufthansa Group has retaken the crown as Europe’s largest airline by passenger numbers from Ryanair after the Irish budget carrier was forced to cut thousands of flights because of pilot rostering problems.
The Lufthansa group as a whole carried 130 million passengers last year, it said on Wednesday. The equivalent figure from Ryanair was 129 million, meaning Ryanair slips behind Lufthansa after overtaking it in 2016.
Lufthansa has grown rapidly, having taken over Brussels Airlines at the end of 2016 and aiming to grow its budget brand Eurowings to become Europe’s third largest point-to-point carrier. (jurnalul.ro)
PM Tudose About Justice Laws: Any Law Is Perfectible
Prime Minister Mihai Tudose said, about the justice laws, that any law is perfectible and the Romanian Constitutional Court may say some things can be further improved.
Tudose also said he backs the adoption procedure of the justice laws, but added he is no expert in constitutional law. (jurnalul.ro)
Tudose And Dragnea, „An Institutional Relationship”
Prime Minister Mihai Tudose described Wednesday evening the relationship between him and social democrat head Liviu Dragnea as „institutional”, in the context of tensions within the Social Democratic Party.
„We have an institutional relationship and it will stay this way”, said Tudose.
Asked what changed this relationship, Tudose said: „I have grown up and I came to think an institutional relationship is better than an individual one, participatory democracy, to quote former president Iliescu”. (cotidianul.ro)