UNSAR Members’ Premiums Written Down 12.75% In 1Q, To RON1.7B

05.17.2011 By Ioana Tudor

Insurers that make up the National Union of Insurance and Reinsurance Companies in Romania (UNSAR) underwrote general and life insurance premiums of 1.7 billion lei (about EUR 414 million) in the first quarter of 2011, down 12.75% compared to the same interval in 2010.

UNSAR has 23 members, who subscribe about 80% of the overall insurance premiums on the local market.

On the general insurance segment, underwritten premiums dropped 16% in the analyzed period, to RON1.4 billion, while premiums from life insurance increased by 4.96%, to RON373.4 million.

UNSAR said in a press release the decline registered on the general insurance segment was caused by a decrease in premiums from car insurance.

Voluntary car insurance CASCO premiums dropped 13.74% on the year in January to March, while and mandatory car insurance RCA premiums decreased by 32.06%.

On the other hand, premiums for fire and natural disaster insurance increased by 24.78%, while health insurance premiums rose 38.67% on the year.

Damage claims paid by UNSAR members reached RON957 million in the first quarter of the year.

The Romanian insurance market dropped 6.6% in the first three months of 2011, to RON2.14 billion, according to preliminary data released by insurance regulator CSA. (EUR1=RON4.1051)