The insurance market remains on loss in the first half
The Romanian insurance market concluded the first half of the year with a negative financial result of approximately RON 15.66 million, compared to net loss of RON 83.56 million registered in the similar period of 2007, according to data submitted by the Insurance Supervisory Commission.
The total volume of recorded net profits of insurance companies was over RON 120.77 million in the first half, with over 50% more than the profits earned in H1/2007. During the analyzed period, 22 insurance companies reported net profit (out of a total of 43 companies), as against a total of 15 companies that have recorded net profit in the first half of last year (out of a total of 41 companies).
The total loss was more significant, over RON 136.43 million, but decreasing 16.7% compared to the first half of 2007. Only 21 insurance companies have reported losses in the first part of this year, compared to 26 companies in the similar period of 2007.
"The net loss is five times lower in the first six months of this year compared with H1/2007, which comes to underline once again the ascendant evolution trend of the Romanian insurance market", Angela TONCESCU, President of the Insurance Supervisory Commission, has stated.
Regarding the technical results of H1/2008, out of the combined data results that the general insurance segment posted a net loss in amount of RON 77.67 million representing three quarters of the net technical loss registered in the same period of 2007.
At the same time, the life insurance market recorded a positive technical net result of over RON 45.2 million, increasing by 32% compared to the volume for the first half of 2007.
Author: Andreea IONETE
on 03.09.2008
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