City Insurance – Remarks in relation to recent articles in mass media

Relating to articles that have recently been released in the press regarding an alleged insolvency request for Societatea de Asigurare Reasigurare City Insurance, we would like to issue the following statements. For the period 1 January-31 July 2019 Societatea de Asigurare Reasigurare City Insurance has reported:

  • Gross Written Premium: 239 million EUR, corresponding to 1,132 million LEI
  • Number of policies issued: 4,07 million
  • No.of claims paid: 93,761
  • Total Paid Claims: 143 million EUR, corresponding to 681 million LEI

Furthermore, the FSA comment featured in the press – “The Financial Supervisory Authority (FSA) closely supervises authorized insurance companies. In case any irregularities regarding their operating activity or minimum capital requirements are observed, the FSA is taking measures in accordance with the law, as it has previously had. The company City Insurance is stable according to solvency indicators”, absolves us from any further comments.

Complete information regarding Societatea de Asigurare Reasigurare City Insurance’s solvency can be found on the company website,  Annual Reports.

About Societatea de Asigurare Reasigurare City Insurance

City Insurance S.A is the regional market leader, providing non-life insurance solutions. Founded in 1998 by Romanian and foreign investors and headquartered in Bucharest, Romania, the company operates 42 offices and branches around the country employing 400 people.

City Insurance has developed an extended portfolio including top insurance products and integrated services, designed to meet the unique needs of its clients and generate optimal long-term gains and value.

The company has been recognised as a Top 10 Romanian Insurance Company since 2012 and is the only company not affiliated to an International Group. In 2008, City Insurance became the first Romanian Insurer to develop its activity in different EU states based on EU Freedom of Services; in 2014 it expanded to the Greek market.

The success that City Insurance currently enjoys reflects the efficiency of its performance model, which is oriented permanently toward sustainable development strategies, financial growth and long-term investments.