Euroins Romania – financial performance report

Euroins Romania continues its improvement with better financial indicators in Q2 of 2022.  Compared to last year’s Q2, the results have increased by over 100%, both on Total GWP and Non MTPL GWP.  

The largest increase in gross written premiums in Q2 2022 compared to the same period last year was recorded by non-MTPL insurance.

Optional insurances increased almost three and a half times, from 28 mil. Lei in Q2 of 2021 to 95 mil. Lei in Q2 2022.

The monthly evolution shows that in July 2022, the percentage of non-MTPL reached 10% of total insurance subscriptions. More precisely, for every 100 Lei of gross premiums written, 10 Lei come from subscriptions on non-MTPL products. This percentage is more than double compared to July 2021, when the ratio evolution of non-MTPL was 4.4% of total gross written premiums.

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“Euroins is committed to proper risk management with a long-term vision. These significant increases represent a target achieved ahead of schedule. This confirms that our process of modernization and digitalization, together with the steady capital influx, have contributed to the improvement of the financial indicators of our company”, said Tanja Blatnik, CEO of Euroins Romania.

The CASCO product offered by Euroins saw a sales increase of over 660%, which is a clear proof of the confidence in the services offered. Other visible lines, which are also up more than 3 times are travel and health insurance.

In the first 7 months of 2022, the CASCO insurance portfolio increased to 15% in total non-MTPL product volume, from 8% share in non-MTPL gross written premiums in the first 7 months of 2021.

Euroins continues to balance its MTPL portfolio. In the first 7 months of 2022, the growth in the number of MTPL policies is only 3.2%, contributing to stabilization, competitiveness, and balance of the MTPL market. The market share in MTPL in S1 2022 was 31,81 vs 31,15% from S1 2021. Current developments show that by the end of the year Euroins will reach a market share in MTPL of below 29%. The updated figures are a sign that the insurance market is stabilizing in a more balanced distribution on MTPL, where Euroins holds a stable position.

Another important indicator of improved internal processes is that the number of complaints has decreased significantly. There were 84% fewer complaints in Q2.

To establish an even more solid and trusting relationship with our customers, we have continued to increase the number of working contracts with car services and have now reached almost 900 partnerships, 42% more than last year’s level.