UNSAR insurers underwrote premiums of RON4.5 billion on the general insurance segment in January-September 2013, compared to RON4.46 billion in the year-earlier period.
The life insurance segment, however, had a negative impact on overall financial results. On September 30, UNSAR insurers’ revenues on the life insurance segment fell 8.5% on the year to RON988.5 million, a decline also triggered by portfolio restructuring.
The general insurance segment continues to rely on the voluntary (CASCO) and mandatory (RCA) car insurance.
Underwritten premiums on the RCA segment rose 9% to nearly RON1. 7 billion, which reflects companies’ effort to lay this insurance tier on correct actuarial basis, the union also said.
CASCO insurance, however, still depends on the evolution of new car sales and the financing available for new car purchases.
UNSAR members paid total damages of RON3.1 billion in the mentioned period, making up nearly 65% of total underwritten premiums.
Romania’s overall auto sales, including commercial vehicles and buses, reached 57,454 units in January-September 2013, 11.4% lower from 64,821 units in the corresponding period of 2012, according to the Automotive Manufacturers and Importers Association, or APIA.
Romania’s insurance market stood at RON6.1 billion (EUR1.37 billion) in the first nine months of 2013, steady on the year, while damages paid by insurers fell 2.44% to RON3.69 billion, according to the Financial Supervisory Authority (ASF).
UNSAR was set up in 1994 with a view to developing and extending cooperation in the insurance and reinsurance field, both at national and international levels. Its members are Allianz-Tiriac, Ardaf, Asirom, Astra, Aviva Asigurari de Viata, AXA Asigurari, BCR Asigurari, BCR Asigurari de Viata, BRD Asigurari de Viata, Carpatica Asig, Certasig, ERGO Asigurari de Viata, Eureko Romania, Euroins, FATA Asigurari, Garanta, Generali, Grawe, Groupama, ING Asigurari de Viata, Platinum, UNIQA Asigurari and UNIQA Asigurari de Viata. (EUR1=RON4.4438)