Insurer Generali pays highest damages compensation in Romania for Red Dragon

Generali Insurance has paid nearly EUR 13.5 million to cover the damage cause by fire at the Red Dragon commercial complex in Bucharest. “We confirm that we have paid to our client, Niro Investment, which owns the shopping center Red Dragon, the amount of EUR 13.5 million, on March 4, 2011” said Marie Kovarova, CEO Generali Insurance. “While talking about the biggest damage in the history of the insurance market in Romania, this compensation did not affect the company's financial stability. The damage paid directly to the tenants of the Red Dragon, which had separate contract damages of EUR 100,000, adds to this amount, Marie Kovarova added. In May 2010, a scale fire took place at several trade stands from the Red Dragon commercial complex. Generali posted an increase of 8 percent on the life insurance segment in Romania last year, reaching a volume of EUR 22 million in gross subscribed premiums on this segment, according to the company. Overall, the company reached a total volume of gross subscribed premiums of EUR 107 million last year, 13 percent lower compared to the previous year. Irina Popescu, irina.popescu@romania-insider.com