For this year, insurance market regulator CSA has set a maximum limit on compensation for material damage at EUR750,000, and at EUR3.5 million for bodily injury and death.
In the first nine months of 2011, underwritten RCA premiums amounted to 1.55 billion lei (EUR360 million), down 18.5% on the year. Damages paid on this segment increased 1%, to RON1.23 billion.
In 2010, insurers underwrote RON2.46 billion from RCA policies, up 14.12% on the year, as the number of contracts grew by 7.7%, to 6.5 million. That same year, insurers paid damages for 330,100 claims, down 3.33% on 2009, but their value was 4.63% higher, at RON1.6 billion. Compensation for material damage made up the largest share (93.08%), while compensation for bodily injury accounted for 6.92% of the total.
The companies authorized to sign RCA policies on the local market are: ABC Asigurari, Allianz-Tiriac, Generali, Asirom, Euroins, Astra, BCR Asigurari, Carpatica Asig, Groupama, Omniasig, Uniqa and City Insurance.
In 2010, the general and life insurance market shrunk 6.36%, to RON8.31 billion. (EUR1=RON4.298)