September 21, 2018

Omniasig VIG gross written premiums down 18.8 % in Q1 on weak economy

In the first quarter of this year the volume of gross written premiums by Omniasig Vienna Insurance Group fell by 18.8 % to RON 282 (EUR 64 million) because of underperforming sectors depended to insurance such as leasing, auto, banking or real estate. Omniasig VIG is the resulting company from the merger of BCR Asigurari and Omniasig, merger which was finalized this May. The results in Q1 have been drawn up from the two companies and the new insurer plans to reach RON 1.2 billion (EUR 268 million) in gross written premiums by year end. The number of paid claims rose by 27 % y/y to RON 282 million (EUR 64.3 million) in Q1. Around 73 % of the business was generated by auto insurance. Gross written premiums in Casco insurance rose by 25.7 % y/y to RON 136 million (EUR 31 million), while mandatory car insurance (RCA and Green Card) fell by 56.4 % to RON 71 million (EUR 16.2 million). VIG gross written premiums in Romania fell by 5 % y/y to EUR 502.9 million in 2011, reporting a loss of EUR 12.8 million. In Q1 2012, the volume of gross written premiums decreased 7.4 % y/y to EUR 134.5 million, while the loss amounted to EUR 2.7 million.

Source: Business-Review (read more)

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