Romanian insurance companies have registered losses on RCA segment in H1

Newsroom 01/09/2016 | 16:43

The Romanian insurance companies have registered losses on RCA segment in the first semester of the year, as for revenues of RON 100 there were expenses of RON 102, according to a release of  Romanian National Union of Insurance and Reinsurance Companies (UNSICAR).

„Despite a tendency of financial balance consolidation at the level of the market, the combined rate of damages overpassed the level of 100 percent,” said the release.

According to the data of Financial Supervision Authority (ASF), the combined damages rate was 101.6 percent in the first quarter of the year and registered a decrease in the second quarter, reaching 102.3 percent. This means that at the moment, the insurers cannot faully cover the damages and other costs only from the gross premiums, say the representatives of the Union.

They say that the level of combined damages rate can have significant changes until the end of this year, taking into account that the damages on the RCA segment are on an increasing trend.

The average damages in the second quarter reached the biggest value until now, overpassing 18.4 percent of the value from the first quarter of 2015 and over 15 percent from the second quarter of this year.

Georgiana Bendre

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