In the first nine months, shareholders have injected EUR 345 million in insurance companies
 The capitalization of the Romanian insurance market surpassed, after the first nine months of 2009, the amount of EUR 1.1 billion, provided that, in the first three quarters of this year, capital infusions in profile companies amounted to EUR 345.14 million, according to the National Trade Register Office (ONRC) data.
This contribution to the capital of insurers is 76% higher than the one recorded in the same period of 2008, of EUR 196 million, and represents almost half of the total amount "drawn" by companies from the financial market in the first nine months, of EUR 750 million.
Additional contributions of shareholders to the capital of insurance companies in that period also exceed the amount of capitalizations operated in the whole year 2008, of EUR 240 million.
GROUPAMA Asigurari received the most important injection of capital, of EUR 238.5 million, during the first nine months, according to ONRC data, followed by UNIQA Asigurari, former UNITA, the Austrian group bringing a contribution of EUR 41.7 million to its capital. Also, the capital of KD Life increased three times in the first part of this year, with a total amount of EUR 14.7 million, the capital of EUREKO has received an additional EUR 12.6 million from the Dutch group, and shareholders of AVIVA Asigurari de Viata have increased its capital by EUR 7.68 million.
Since early this year, the insurers' representatives estimated that the market would need massive capital infusions, of up to EUR 300 million, so that companies may stay within the margin of solvency, in the conditions of significant losses registered by insurers in 2008, and in the unfavorable economic conditions - consequences of the financial crisis.
The net financial result recorded by the profile market last year was a negative one, of RON 575.8 million (EUR 156.4 million), double compared to the loss recorded in 2007, of EUR 76 million, 2008 being the third consecutive year in which the profile market came off a loss.
Thus, only 19 companies have earned profits in 2008, the remaining 36 companies recorded negative financial results - compared to a total of 21 in 2007 -, of which 13 life insurers. The cumulated volume of losses, at market level, was RON 842.36 million (EUR 229 million), compared with the previous year, when the cumulated value of losses was RON 243.97 million (EUR 72.14 million).
Author: Andreea IONETE
on 09.12.2009
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