VIG reports decrease in gross written premiums in Romania in Q1

24 May 2017

Austrian Vienna Insurance Group (VIG), the leader in the local insurance market, recorded an annual decrease of 7.5% in the gross written premiums in Romania in the first three months of this year.

These amounted to EUR 131.6 million during this period, according to the financial data the group published yesterday. By comparison, the Austrian group saw an annual increase of 24.4% in the gross written premiums in Romania in the first quarter of last year.

The negative evolution in the first three months of this year is related to the Government’s decision to freeze the prices of the mandatory car insurance (RCA) policies for six months starting November 2016, according to the Austrian group. Despite this, VIG recorded a pre-tax profit of EUR 3.2 million in Romania between January and March this year, more than double compared to the same period last year.

Last week, the Parliament approved the new RCA law, which removed the fixed tariffs introducing reference prices for the RCA policies.

Vienna Insurance Group owns the insurance companies Asirom, Omniasig and BCR Asigurari de Viata in Romania. Last year, VIG also took over AXA Life Insurance, the Romanian subsidiary of the French group AXA, which is specialized in life insurance.

VIG records EUR 3.5 mln profit in Romania in 2016

editor@romania-insider.com

Normal

VIG reports decrease in gross written premiums in Romania in Q1

24 May 2017

Austrian Vienna Insurance Group (VIG), the leader in the local insurance market, recorded an annual decrease of 7.5% in the gross written premiums in Romania in the first three months of this year.

These amounted to EUR 131.6 million during this period, according to the financial data the group published yesterday. By comparison, the Austrian group saw an annual increase of 24.4% in the gross written premiums in Romania in the first quarter of last year.

The negative evolution in the first three months of this year is related to the Government’s decision to freeze the prices of the mandatory car insurance (RCA) policies for six months starting November 2016, according to the Austrian group. Despite this, VIG recorded a pre-tax profit of EUR 3.2 million in Romania between January and March this year, more than double compared to the same period last year.

Last week, the Parliament approved the new RCA law, which removed the fixed tariffs introducing reference prices for the RCA policies.

Vienna Insurance Group owns the insurance companies Asirom, Omniasig and BCR Asigurari de Viata in Romania. Last year, VIG also took over AXA Life Insurance, the Romanian subsidiary of the French group AXA, which is specialized in life insurance.

VIG records EUR 3.5 mln profit in Romania in 2016

editor@romania-insider.com

Normal
 

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