With the bankruptcy of the country’s largest insurance company City Insurance, the local RCA market had a similar reaction as in the case of the other two bankruptcies of insurance companies Astra and Carpatica six years ago.
Upon ASF’s official announcement regarding the start of bankruptcy procedures for City Insurance, the prices of RCA insurance policies have doubled and even tripled, in some cases.
In 2016, when Astra and Carpatica went bankrupt, the RCA market saw the second biggest record of underwritings, of RON4.02 billion, and a 29.3% growth rate against the previous year.
From 2011 until 2021, RCA insurance underwritings tripled from RON1.84 billion to RON5.93 billion in 2021.