Romanian insurers post EUR 75.8m net losses over the past year, Surveillance Commission says

The net financial loss stands for 3.5 percent of the gross premiums written (GPW) of 2.15 billion euros over 2007.

The Romanian insurance market stood at 2.3 billion lei in the first quarter of this year, hiking 16.8 percent from the same period last year. Gross paid indemnities were 998.4 million lei, 22.8 percent more than in the first quarter of last year.

Last year insurers paid damages of 3.35 billion lei, 27.71 percent more than in 2006.

Toncescu estimates the market will grow 25-26 percent this year against 2007, especially on the car and life insurance segments.Some 8.4 million insurance contracts and 7.37 million life insurance contracts were ongoing at the end of the first quarter, according to data from the insurance watchdog.

Source: NewsIn