Bankrupt Romanian insurer’s saga comes close to the end

The Bucharest Tribunal published at the end of last week the sentence that confirms the bankruptcy of the Romanian insurer Astra Asigurari. Once the Bucharest Court of Appeal also passes its final sentence, the Guarantee Fund will start paying damages to the people who have outstanding insurance policies at Astra. The court procedure will be completed in maximum one month, according to specialists cited by local Profit.ro. The Insurance Guarantee Fund needs a final court decision to start making payments to the insured, according to the fund’s representatives. The fund will have to pay some RON 680 million (EUR 150 million), according to the first estimates. About 11,200 people have submitted claims to the Insurance Guarantee Fund until now. However, Astra has gathered more than 52,000 damage claim files. Astra had 1.8 million clients who held 2.5 million outstanding insurance policies. editor@romania-insider.com