Insurance market some 15.66 million lei in the red at mid-year

The insurance market registered a negative net financial result of about 15.66 million lei in H1 of 2008, against about 83.56 million lei net losses in the same period of 2007, the Insurance Surveillance Commission announced.
“The net loss is five times smaller in the first 6 months of 2008, against H1 of 2007, which comes to underline once more the upward trend the insurance market is on, head of the Insurance Surveillance Commission Angela Toncescu said.

The total volume of the net profit recorded by the insurance companies at the end of the first 6 months of this year exceeded 120.77 million lei, up over 50% against the same period last year. In the analyzed period, some 22 insurance companies have reported net profit, against 15 such companies in H1 of 2007.
Following the centralization of the balance sheets on June 30, 2008, supplied by insurers to the Insurance Surveillance Commission, data show that the total loss exceeded 136.43 million lei, down 16.7% against H1 of 2007. Losses have been reported by 21 insurance companies in H1 of 2008, against 26 companies in the same period of last year.
Thus, the net losses on the insurance market stood at 15.66 million lei in H1, 2008.
As regards the technical results in H1 of 2008, data show that a net loss of 77.67 million lei was registered, accounting for three quarters of the net technical loss registered in the same period of 2007. The life insurance sector registered a positive net technical result of over 45.2 million, lei, up 32% against the volume registered in H1 of 2007.

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