Insurers post lower losses than last year, report finds

Ten insurance companies have together accumulated a loss of EUR 80 million last year, according to a report published by the Insurance Surveillance Commission (CSA). The ten companies which have posted losses last year are Ardaf, BCR Asigurari, Fata Asigurari, Groupama, OTP Garancia, Certasig, Eureko, KD Life, Omniasig Viata and Signal Iduna. There are 40 insurance companies on the Romanian market. The net loss on the insurance market, calculated as the difference between the cumulated profits and the losses suffered by insurance companies was almost six times smaller in 2009 than a year before,” said Angela Toncescu, head of the CSA. The most profitable insurance companies were ING and Alico.