CITY Insurance entered the MTPL market
The insurance company CITY Insurance received, by the ISC Decision No. 829, of November 10, current year, the authorization to practice mandatory motor third party liability insurance.
Thus, the number of companies authorized to sell MTPL policies amounts to 14, those being: ABC Asigurari, ALLIANZ-TIRIAC, ARDAF, ASIROM, ASTRA Asigurari, EUROINS, BCR Asigurari, CITY Insurance, GROUPAMA Asigurari, CARPATICA Asig, GENERALI Asigurari, OMNIASIG , OTP Garancia (whose portfolio will be transferred to GROUPAMA) and UNIQA Asigurari.
CITY Insurance currently has 22 permanent employees and a territorial network of 148 agencies, all over Romania.
The company CITY Insurance was founded in 1998 by a group of Romanian investors. In March 2005, the majority stake (approximately 51%) was taken-over by the Financial Investment Society PUGLIA CAUZIONI. Through subsequent acquisitions, PUGLIA CAUZIONI came to own about 70% of the total shares of the company.
n the first nine months of this year, the MTPL segment remained one of the most important for the Romanian insurance market, underwritings increasing by 15%, to RON 1.6 billion, while the amount of paid claims increased by 33%, up to RON 1.1 billion. In the same period, the average premium increased by 15%, compared to the equivalent period of 2008, according to ISC data.
Insurers have paid more than 253,800 claims files, out of the total of 271,715 approved in the analyzed period, 8% more than in the first three quarters of 2008, the average paid claim advancing by 23%, to RON 4,356.
Author: Andreea IONETE
on 25.11.2009
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