ISC: Claims increased by 38% and underwritings stagnated in the first nine months
Romanian insurers have ended the first nine months of this year with underwritings of RON 6.7 billion, stagnating at the level of the similar period of 2008, with a variation of less than 0.1% in nominal terms. However, the value of claims paid by profile companies increased by 38.6%, to over RON 4.4 billion, said, on November 18, the ISC President, Angela TONCESCU.
General insurance registered gross written premiums of RON 5.5 billion, 2.5% more compared with the first nine months of 2008, while the dynamics of paid claims was of 36.7%, to RON 3.9 billion.
Claims paid on the life segment also increased significantly, by about 55%, to RON 512 million, the underwritings registered by life insurance companies marking a decline of 9.65% in the same period, to a total of RON 1.2 billion.
The Motor Hull segment remained one of the most important ones on the market, with underwritings of RON 2.6 billion, although down 4.8% compared to Q3/2008, while paid claims increased by 27%, to RON 2.2 billion. Gross written premiums on the MTPL class totaled RON 1.6 billion, 15% more than in the corresponding period of 2008, and the amount of paid claims was RON 1.1 billion, by 33% above the level from the same period last year.
Regarding the fire and natural disasters insurance class, underwritings have advanced with 14.8%, to RON 747.6 million, while the claims' growth rate has exceeded 113.8%, to RON 166 million.
"We believe that the evolution of paid claims is more than sufficient evidence that the insurance companies have had and have the ability to honor their contractual obligations", said Angela TONCESCU.
Also, the policies lapsing tendency has decreased lately, as the "peak" of exits from the insurance market was felt in the first half of this year, when many customers have renounced at life insurance, or those with leasing contracts or with car loans from banks gave up their cars. Thus, the ISC President said that it was noticed a "comeback" of the insurance market in September, and this tendency could be maintained in the last quarter of the year, as the insurers are re-orienting themselves towards other market segments.
Author: Andreea IONETE
on 18.11.2009
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