Revenues of Austrian insurance group VIG in Romania down 21% in Q1

Austrian insurance group VIG ended the first quarter with EUR 116 million gross written premiums in Romania, down 21% compared to the same period last year.

The group’s decision to lower its exposure to the mandatory car insurance (RCA) segment caused this decline, VIG announced. Its revenues from such contracts dropped to EUR 24 million, from EUR 55 million in the first quarter of 2018, shows the Austrian company’s financial report.

VIG controls more than one-fifth of the local insurance market through three companies - Omniasig, Asirom, and BCR Life Insurance.

Romania’s insurance market, including both general and life insurance segments, increased by about 7% in the first quarter of this year to RON 2.72 billion (EUR 570 mln). The mandatory car insurance (RCA) segment rallied by 5% year-on-year to RON 970 million (EUR 206 mln).

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