The National Association of Insurance and Reinsurance Companies in Romania - UNSAR announced that, according ASF - Financial Supervisory Authority -data, the local insurance market paid daily insurance compensations and benefits of about EUR 3.5 million, informed www.1asig.ro.

Euroins Romania announced a significant reduction in the processing time for the claims following road accidents with only material damages to 7 days in Q4 2021, from the average of 38 days in Q2 2021. Consequently, the number of complaints also decreased substantially, to only 197 out of 14,000 claim files processed.

NN Romania, local life insurance market's leader, recorded solid financial performance on all business lines in 2021, despite challenges still faced by the local economy in the Covid-19 context. Life and Health insurance GWP exceeded EUR 182.8 million while the gross profit reached EUR 17.4 million.

A draft Government Decision, subjected to public debate by the Romanian Ministry of Finance, which provides for a cap on the MTPL rates for 6 months, as well as the limitation of the commissions cashed by the insurance intermediaries for this type of insurance to 5%, raised strong negative reactions in the insurance market.

Romanian insurer SIGNAL IDUNA announced the Romanian Financial Supervisory Authority (ASF) has greenlighted its acquisition of two ERGO subsidiaries for life and non-life insurance. The acquisition was also approved by the Competition Council.

After several postponements in the last four months, the Bucharest Court admitted on February 9th, 2022, the request by the Romanian Financial Supervisory Authority (ASF) to open bankruptcy proceedings against the country's leading insurer City Insurance, informed 1asig.ro.

According to preliminary data provided by the Financial Supervisory Authority (ASF), the Romanian insurance market saw, in 2021, a 24% y-o-y GWP growth, to approx. EUR 2.86 billion. Non-life insurance line account for about 74% of the total market GWP.

Euroins Romania's headquarter moved to new premises, in an almost 2,400 sqm office floor located in J8 Office Park in Bucharest. The new office space allows the company the continuation of the recruitment of specialists that will add to the 300 employees of Euroins in Bucharest.

French insurer Axeria IARD, headquartered in Lyon, became active on the Romanian MTPL market on the right of the Freedom of Establishment, being greenlighted by the French and Romanian supervisory authorities: ACPR (Autorite de controle prudentiel et de resolution) and ASF (Autoritatea de Supraveghere Financiara), as 1asig.ro informed here.

By 23 December 2023, Romanian insurers will increase the minimum compensation limits for MTPL policies, after the European Parliament amended the Directive on motor third party liability insurance, informed 1asig.ro here.

According to "The Romanian Customer Experience Excellence Report - 2021", released in mid-December by KPMG Romania here, two insurance companies - Allianz and Groupama ranked in Top 10 among the most appreciated companies in terms of customer experience.

Romanian FSA (Financial Supervisory Authority) announced that on December 22, 2021, the FSA Board decided to approve Allianz-Tiriac Asigurari as main direct shareholder of Gothaer Asigurari Reasigurari.

SAFETY Insurance Broker, the largest insurance broker in Romania and the Republic of Moldova, agrees to sell 80% shares to the UNILINK Group, the largest insurance broker in Poland.

Allianz-Tiriac Insurance reported for 9M2021 GWP worth EUR 239 million, by over 19% up y-o-y. Sales grew significantly on all business lines, driven by the accelerated increase of the number of customers, the company stated in a press release. Operating profit for 9M 2021 stood at approx. EUR 22.6 million.

The Romanian insurance market is characterized by a medium to high degree of concentration. In 9M2021, approximately 88% of the total volume of GWP was carried out by 10 companies, according to the ASF - Financial Supervisory Authority report. See the rankings of the players as calculated by XPRIMM and what the changes were compared to the same period last year.

The Romanian insurance market grew by 15% y-o-y, in 9M 2021, reaching a GWP volume of RON 9.8 billion, Cristian ROSU, Vice President Insurance - Reinsurance, ASF - Financial Supervisory Authority stated for XPRIMM in an interview.

Romanian insurer ALLIANZ-TIRIAC Asigurari announced that it has received the necessary approvals from the Financial Supervisory Authority (ASF) and the Competition Council for the acquisition of the majority stake in GOTHAER Asigurari Reasigurari, 1asig.ro informed here. Until the merger is completed, the two insurers will operate as two independent entities, according to the rules of such an acquisition.

The Council of the Romanian Financial Supervision Authority (ASF) decided las week to approve the upon request, the exit of UNIQA Asigurari from Romanian MTPL insurance market, wrote www.1asig.ro here.

The Bucharest Court did not pronounce on Wednesday - 17^th November 2021 -, regarding the initiation of bankruptcy proceedings in the case of the insurance-reinsurance company CITY Insurance SA, according to 1asig.ro. A solution to CITY's request to suspend the process until the solution of the appeal made against the ASF's decision to withdraw the authorization is expected, legal sources told 1asig.ro.

Half of Romanians see climate change as a natural phenomenon, not a man-made one, according to a survey of more than 3,200 respondents conducted as part of the APPA (the Association for the Promotion of Insurance)'s "Home Insurance Month" campaign. According to the same survey, 1 in 2 are willing to reduce their electricity consumption and 4 in 10 are very willing to reduce their heating consumption to help fight climate change.