Omniasig 1Q Underwritten Premiums Down 6%, To RON221.1M

05.20.2011 By Bostan Radu

Omniasig’s underwritten premiums decreased by 6% in the first quarter of 2011, to 221.1 million lei (EUR53.8 million), the insurer said in a press release Friday.

According to the release, Omniasig paid damage claims of RON159.38 million in the first three months, down 14.8% on the year. The decrease is mainly due to lower CASCO car insurance underwritten premiums.

Car insurance accounted for 80% of the company's portfolio in the first quarter.

On the voluntary car insurance (CASCO) segment, Omniasig underwrote premiums of RON52.1 million, down 53.8% compared to the first quarter of 2010. The company points out that this was due to the decline of car sales and the leasing market.

Civil liability car insurance policies (RCA) were more popular, with underwritten premiums of RON126.23 million in the first quarter of 2011, up 72.4% on the year.

Damage claims paid for both RCA and CASCO insurance decreased by 10.4% and 20.6% respectively, said the press release.

On the segment of fire and natural disaster insurance, Omniasig underwrote premiums of RON23.92 million, down 18.9% compared to the first quarter of 2010. "This segment is strongly influenced by the evolution of the real estate and construction markets, which have not yet recovered from the record drop of 2010," says the company in the press release. Omniasig paid damages worth RON4.45 million on this segment, up 62.2% on the year.

On the segment of general liability insurance, the insurer's underwritten premiums rose by 2.4%, to RON6.14 million, while damage claims increased by 35.5%, to RON239,350.

Omniasig has been operating on the Romanian insurance market since 1995. In 2005, Omniasig became member of the Vienna Insurance Group, one of the leading insurance groups in Central and Eastern Europe. (EUR1=RON4.1091)