BT Asigurari currently ranks 10th on the local market, with a 3.8 percent share. Last year, it registered €82 million in gross subscribed premiums, 30 percent higher than in 2007. However, the rate of damages paid increased 59 percent, to €48 million.
The President of Romania’s Insurance Supervisory Commission (CSA), Angela Toncescu, said at the end of May that local insurers posted net losses amounting to €75.8 million in 2007. Thus, BT Asigurari’s loss makes up half of total losses.
The company’s financial report does not specify the reasons for its loss. It only says BT Asigurari lost RON 1.33 million (€0.37) from investments in listed shares.
Groupama last year acquired 90 percent of BT Asigurari from local Banca Transilvania lender, for some €100 million. The French group also owns insurers Asiban and OTP Garancia in Romania. The three companies are likely to merge as of this year. The new entity would rank 5th on the local market, with a 10 percent share.
