OMNIASIG VIG’s gross insurance premiums up 11 pct to RON 1 bln in 2016

OMNIASIG Vienna Insurance Group (VIG) said its insurnace gross premiums volume rose by close to 11 percent last year.

In 2016, the company redefined the strategic lines on medium term and maintained the financial indicators of liquidity and solvency at a high and safe level, according to the regulations of Solvency II.

According to the report issued by the Financial Supervision Authority (ASF), the results of 2016 place OMNIASIG on the second position in the general insurances market, with a market share of 14.04 percent and still on the first place on the market regarding the total volume of paid claims.

The company registered subscribed gross premiums in 2016 worth overall RON 1.08 billion, a growth by 10.91 percent compared with the last year before taxes of RON 20.68 million. OMNIASIG paid total claims of RON 566.45 million in 2016, a growth by 5.07 percent compared with the previous year.

„We begin this year with the same consistancy regarding the business plan; we focus on the adaptation to the market demands, on a constant efficiency of the processes operations and especially, on the trust relation with our insured clients and in this sens we’ll continue to improve the OMNIASIG products and services quality,” said Mihai Tecau, board president of OMNIASIG Vienna Insurance Group.

On the auto insurances segment (CASCO and mandatory insurance policy RCA), the company registered on the two lines overall subscribed gross premiums of RON 740.12 million.

The overall paid damages on auto insurances segment was RON 469.98 million, a growth by 8.30 percent compared with 2015.

The property segment registered in 2016 a value of the gross subscribed premiums of RON 188.18 million, which represents a growth by 1.4 percent compared with the previous year.

OMNIASIG registered in the first half of 2016 the lowest average payment period of the damages files RCA, of only 3.15 days/file according to the most recent analysis published by the ASF.