Omniasig pays 446 mln lei in indemnities, in first half of this year

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Omniasig Vienna Insurance Group succeeded in the first six months of 2009 to maintain the volume of underwritten premiums at the same level as in 2008, with a slight drop of 3 percent.

The value of gross underwritten premiums stood at 595.95 million lei (some 138.59 million euros – editor’s note), according to International Financial Reporting Standards (IFRS) and paid indemnities attained the value of 446.72 million lei (some 103.89 million euros – editor’s note), 33.61 percent higher than in the same period the previous year, the company informs in a release.

Auto insurance accounts for the largest weight in the company’s portfolio, respectively 81 percent. Casco no-fault insurance rose by 1 percent from the first half of 2008, attaining the value of 323.76 million lei.

As for the third party liability insurance – RCA the value of gross underwritten premiums stood at 159.89 million lei, 0.12 percent lower than in the same period of the previous year. Both RCA and Casco insurance showed significant rises in the value of compensations – 52.61 percent for Casco and 54.82 percent for RCA compared to the same period in 2008.

As for the Property insurance segment (covering fire and natural disasters), Omniasig recorded a value of 78.53 million lei in gross underwritten premiums, 3.76 percent less from the similar period of last year.

On the general civil liability insurance segment a 16.43 percent jump was registered, to a value of gross underwritten premiums of 8.64 million lei.
A significant growth, of 68.60 percent, was reported by the aviation insurance segment, the value of gross underwritten premiums attaining 3.62 million lei. As well, Cargo insurance rose in this period by 33 percent, to the value of 5.87 million lei.

In terms of travel insurance the paid indemnities showed a jump of 47 percent in their value and the volume of gross underwritten premiums stood at 1.63 million le i, 18 percent lower than in the first six months of last year.

Omniasig is active on the insurance market in Romania starting 1995. Since 2005 the company is member of Vienna Insurance Group. At present, Omniasig is in the lead on the general insurance market in Romania and Vienna Insurance Group also holds the top position on the insurance market in this country, the release also informs.

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