The Austrian Vienna Insurance Group (VIG), which controls nearly a quarter of the Romanian insurance market through its three subsidiaries - Omniasig, Asirom and BCR Life Insurance, ended the year 2018 with a combined net loss of EUR 82 million generated by its operations in Romania, Ziarul Financiar reported.
In 2017, VIG reported EUR 9.1 million combined net profit.
The loss in 2018 was caused by the depreciation of goodwill as well as by the fine set by the Competition Council for several insurance companies on grounds of collusion on the mandatory car insurance market. The companies in VIG’s portfolio active on this market, Omniasig and Asirom, were fined a total of RON 77.5 million (EUR 16.7 million euros), calculated as a percentage of their gross written premiums, namely a third of the total fines ruled by the Competition Council.
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