Romanian insurance sector doubles profit in 2017
The insurance sector in Romania doubled its net profit last year to 508 million RON (110 million Euro) from 251 million RON in 2016, according to profit.ro. 2018-06-15 11:58:45
Between 2006 and 2015, the local insurance sector recorded losses every year, which amounted to a total 3 billion RON. The worst year was 2013, when the losses reached 1.15 billion RON.
Of the 30 insurance companies that operated on the local market last year, 24 recorded profits, up from 19 in 2016, while only 6 were on a loss, down from 11 in the previous year. The profits totaled 560 million RON while the losses amounted to 52 million RON, resulting in an overall net result of 508 million RON.
The profit increase mainly came from the mandatory car insurance (RCA) sector. Euroins, the second-biggest player on this segment, recorded a net profit of almost 100 million RON, over three times higher than in 2016, while segment leader City Insurance went from 38 million RON losses in 2016 to a 17 million RON net profit in 2017.
The most profitable insurer in 2017 was Allianz-Tiriac, which ended the year with a net profit of 161 million RON, up by 65 per cent year-on-year.
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