BNR Exchange Rates
21.05.2012- 1 EUR
4.4408 RON - 1 USD 3.4767 RON
- 1 CHF 3.6976 RON
- 1 GBP 5.5015 RON
- 1 gr. aur177.7840 RON
Four insurers account for 99% of the net loss on Romania's insurance market in 2008Updated: 11-06-2009 |
Insurers in Romania reported a net loss of 575.78 million lei (156.3 million euros) in 2008, twice as much as in 2007, and 99 percent of it was accumulated by four insurers - Ardaf, Uniqa, BT Asigurari and Asiban, the market watchdog CSA.
Insurance companies in Romania posted a net loss of 253 million lei in 2007, the second consecutive year in which they reported losses.
Insurers recorded a net loss of 666.45 million lei on the general insurance segment, while the life insurance segment remained profitable, with a positive result of 92.7 million lei at market level.
The four companies that cumulated 99 percent of the net loss at market level were taken over last year by foreign financial groups, who announced major changes in the development strategies of the companies, including the merger of BT Asigurari and Asiban, both taken over by the French group Groupama.
The companies significantly hiked their reserves, especially those set up for general insurance, on a climb in expenses with damages.
The net profit reported by lucrative companies stood at 266.58 million lei last year, while the aggregated volume of the losses amounted to 842.36 million lei, CSA data show.
NewsIn
Latest News:
- Millennium Bank increases uncollateralized cash loans maximum amount
- Customers Benefit from Satisfaction Guarantee with All Consumer Banking Products from Citibank
- Call for Entries for Deloitte Central Europe Technology Fast 50 2012
- Millennium Bank offers term deposits with monthly interest payment
- Deloitte European Salary Survey: Sweden, Belgium and the Netherlands, at the top of the pyramid of the tax systems
- Citibank Romania Announces New Partnerships Extending its ATM and Repayment Network by 500 Locations Countrywide
- NBR delivers a silver coin dedicated to Sergiu Celibidache – 100 years since his birth.
- MILLENNIUM BCP NAMED BEST BANK IN PORTUGAL FOR SECOND STRAIGHT YEAR BY EMEA FINANCE
- PwC Romania awarded by the Babes-Bolyai University
- COSMOTE Romania launches a new advertising campaign promoting its Business Portfolio
- On April, National Bank of Romania's foreign exchange reserves stood at EUR 34,336 million
- BCR achieves solid quarterly operating result despite economic slowdown
- The National Bank keeps unchanged the monetary rate
- Tomas Spurny begins mandate as BCR CEO
- PIC reorganization plan approved by creditors and confirmed by the syndic judge
Most Popular News
- Three billion euros to be invested in energy private-public partnerships
- Romanian state plans to keep 8 pct of Petrom, at least
- IMF mission extends stay in Romania till May 9
- IMF, FinMin Vladescu discuss Government revenues collection
- Videanu admits that he is in conflict of interests in connection to Marmosim
- Greece gets 110 billion euros, biggest bailout in history
- BNR governor Mugur Isarescu: Situation is quite complicated
- Romanian-German meeting on fresh cooperation opportunities
- Gov't to earmark 6.4pc of GDP for investment
- FinMin Vladescu: Cutting 25pc off public wages pool will not generate needed savings
