City Insurance financial results: 38 per cent growth in the first nine months of 2019

Bucharest, 10 December 2019

 City Insurance, Romania’s market leader in general insurance for three consecutive years, ended the first nine months of 2019 with a Gross Written Premiums(GWP) volume of 298 million Euro, an increase of 38 per cent compared to the same period last year.

Also noteworthy is the increase in claim files paid during January-September 2019: 109,065 as compared to 84,424 during January-September 2018. In the first nine months of 2019, City Insurance reports a total amount of claims paid of up to 179 million Euro.

Out of the total GWPs volume, Motor Third-Party Liability(MTPL) insurance has had a value of 252 million Euro, while Non-MTPL premiums amounted to 46 million Euro. The most important increases compared to the same period last year were reported for:

  • Motor Hull + 306 per cent
  • Engineering + 247 per cent
  • Suretyship + 221 per cent

MTPL insurance has maintained an increasing trend, +26 per cent compared to the first 9 months of 2018.

At the end of September 2019, City Insurance’s portfolio includes, among others:

  • 170,082 households
  • 269,070 individuals insured for risk of accidents
  • 2,136,330 vehicles

“38 per cent business growth is important performance in any industry, especially in one as competitive as general insurance. Our customers and partners come first; a constant focus on their needs has brought us these impressive results. We are simplifying work processes and improving City Insurance’s portfolio of products and their quality constantly. Then there’s innovation. We are digitalising our own resources and using technology as our ally. All of the above have brought us to where we are today: a total volume of premiums written of almost 300 million Euro and exceeding the threshold of 100,000 claim files paid”, according to Renato Szilagyi, Vice-Chairman of the Managing Board, City Insurance.

About City Insurance S.A.

The insurance-reinsurance company City Insurance is the leader of the general insurance market in Romania. Founded in 1998 by Romanian and foreign investors and headquartered in Bucharest, the company operates 42 offices and branches throughout the country, employing more than 400 employees.

City Insurance has developed an extended insurance portfolio, which includes top insurance products and integrated services, designed to meet the unique needs of its customers and generate optimal long-term benefits.

The company has been in the Top 10 Romanian Insurance Companies since 2012 and is the only company not affiliated to an international group. In 2008, City Insurance became the first insurer in Romania to develop its activities in other EU states, based on the EU Freedom of Services principle, and in 2014, the company expanded its activity in the Greek market.

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

More information about the company is available on the City Insurance website: https://cityinsurance.ro/en