City Insurance delivers strong 2018 operating results and emerges as insurance market leader in Romania

 

City Insurance has become the market leader in the Romanian insurance and non-life insurance market in 2018, with a market share of 14.64% and 18.47% respectively, according to a recent report issued by the Romanian Financial Supervisory Authority titled “The evolution of the insurance market in 2018” (available in Romanian).

City Insurance reported an increase of 18% in Gross Written Premium (GWP), from 270 million EUR in 2017 to 320 million EUR in 2018, largely due to:

  • Motor Third Party Liability (MTPL) insurance, recording an increase of 8% up to 257 million EUR
  • Total Non-MTPL premiums amounting to 63 million EUR, are largely spread between insurance for property, motor hull, agricultural crops, livestock and surety bonds

A top-notch insurance payer with 117,084 claims paid within 2018 standing at 183 million EUR, 35% higher than in 2017 and benefits relating to non-life insurance in Romania amounting to 17.32%, the company’s portfolio has successfully reached 2.85 million policies, including:

  • 460,000 households
  • 250,000 individuals for personal injuries
  • 1.9 million vehicles

City Insurance wishes to express its appreciation to the 277 insurance brokers that have collaborated with the company in 2018, but also to its 370 employees, whose dedication to the company’s progress has resulted in the highest productivity rate within the local non-life insurance market, amounting to 0.86 million EUR per employee.

Building on its strong performance in 2018, the company remains optimistic that in 2019 it will further consolidate its market position and business performance, but also successfully fulfil the commitments made towards its clients, partners, employees and shareholders.