Biggest insurer in Romania ups revenues by 7% in first six months

Allianz-Tiriac Asigurari, the biggest insurer in Romania by market share in the first half of this year, recorded a 7.1% increase in gross premiums underwritten in the same period, to RON 650 million (some EUR 140 million). The company’s general insurance business increased by 7%, to RON 600 million (EUR 129 million), while the life insurance segment recorded a similar increase, to RON 50 million (EUR 11 million). The number of clients also increased by 12% compared to the first six months of last year. Allianz-Tiriac Asigurari paid 25% higher compensations to insurance policyholders compared to the first half of 2017, the company also said. Over 50,000 clients were compensated. The top three compensations paid totaled RON 8 million (EUR 1.72 million), of which RON 4 million for a mandatory car insurance policy (RCA), RON 2 million for a building insurance policy and RON 2 million for a commercial policy. Allianz-Tiriac Asigurari is a joint venture between German insurance group Allianz and Romanian billionaire Ion Tiriac. editor@romania-insider.com