​Euroins, the largest local insurance company after the bankruptcy of City Insurance, had more than 2.1 million customers last year and ended the year with a net loss of more than 18.8 million lei from RCA sales, significantly lower than the loss of almost 220 million lei in 2020 year , says the company’s annual report. The insurer claims that it has sufficient own funds to cover the solvency capital requirement.
The company says it has achieved gross premiums from all types of insurance worth more than 2.19 billion lei, which is 67.9% more than the previous year’s level.
The share of the RCA segment in the overall insurance portfolio has remained unchanged at the level of approximately 96%-97% of the total amount of gross premiums during the last years, correspondingly, the revenues amounted to more than 2.12 billion lei.
Despite the increase in revenues, the insurer ended the year with a net loss of more than 19 million lei, of which more than 18.8 million lei came from RCA operations.
Euroins reports that last year it paid out a total of more than 1.5 billion lei in claims, which is 54.01% more than the amount of claims paid in the previous year. In addition, the value of technical provisions for damages incurred in 2021 but not paid by the end of last year exceeded 1.53 billion lei.
The average compensation paid during 2021 at the level of all insurance classes increased by 17% compared to the average of the previous year, from 7,916 lei/file in 2020 to 9,250 lei/file in 2021. This increase was generated primarily in motor vehicle liability (RCA) cases, which accounted for approximately 99% of total payouts.
According to ASF data, at the end of 2021, Euroins Romania ranked 1st in the Romanian insurance market with a total market share of 15.4% and a share of 18.9% in the general insurance market.
The company says that at the end of last year it had 359.5 million lei of its own funds. The Solvency Capital Requirement (SCR) coverage is 107.6% and the Minimum Solvency Capital Requirement (MCR) coverage is 230.5%.
As of December 31, 2021, the majority shareholder of the company is Euroins Insurance Group (EIG), which owns 98.5% of the total authorized capital in the amount of 545,487,674 lei.
- SEE EUROINS REPORT 2021 HERE
Source: Hot News RO
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