State-owned bank CEC to launch insurance arm with a household focus

The first Romanian state-owned insurance company with a focus on individual customers should be launched as soon as possible, probably this spring, according to finance minister Adrian Caciu. According to sources familiar with the developments quoted by Economica.net, the initial capitalisation, some EUR 20-25 mln, will come from CEC Bank or a loan extended by Eximbank - the other state-owned bank.

The insurer will offer a broad range of products for households, including third-party liability car insurance and home or property insurance.

Designed by the Financial Supervisory Authority (ASF) together with CEC Bank, adopted and developed by the bank and promoted to all levels of Authority after the new leadership came into office in the summer of 2020, the project is now at the Ministry of Public Finance (MFP), which will he had the last word.

Notably, there is already a state-owned insurer on the market, Eximasig, controlled by Eximbank, but the company focuses on companies, particularly those involved in foreign trade.

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