Euroins Romania continues its improvement with better financial indicators in the first quarter of 2022. Euroins Romania ranks first in the ranking of insurance companies in terms of gross written premiums for property and casualty insurance in the first quarter of 2022, with a market share of 23.2%.
In addition to the ASF report, Euroins provides additional key indicators of improving Euroins financial data in the Q1 2022 report.
“We are in an accelerated and visible process of extremely demanding, long-term transformation, which we began last year with the change of the entire management board of the insurance companycontinuing with significant capital increases (more than 300 million Lei) from our shareholders and the EBRD, which showed their commitment to continue investing in this industry.
Despite the challenges that the Romanian insurance market throws at us every day, we are devoting a great deal of our attention and operational activities to carrying out a very demanding recovery plan, to which we have committed ourselves and which is strictly supervised by the authorities.
The positive results of our efforts can already to be seen in our official insurance indicators and also on the market behavior – faster payments, much more truthful and transparent relationships with customers and partners, normalization of the number of complaints. Our results have too confirmed both by the latest official report published on 24e of June by ASF and the EBDR press release of 26e of June. These two documents testify, in figures, to our performance over the past year. and can only indicate the positive trend for the future development“, said Tanja Blatnik, CEO of Euroins Romania.
- Euroins Q1 revenue – increased visibility on optional insurance and positive signs of stabilizing its position in the MTPL insurance market
Confidence in Euroins has grown steadily over the past year and more and more customers have chosen the insurance policies offered by the company.
1.2 million policies of all insurance products were sold in the first quarter, compared to 0.9 last year, which means that the number of customers trusting Euroins increased by 36% in the first quarter of 2022 compared to the first quarter of 2021.
The highest percentage growth was recorded in the field of optional insurance – the subscription there is three times higher than last year, which translates into a premium of 55 million Lei. This significant increase in sales is driven by the company’s emphasis on diversification of the insurance product portfolio and attention to the changing needs of its customers.
The biggest increase was recorded in the casco product, more than 800%, showing a clear increase in confidence in the company. The other visible lines, which are multiplied by more than 3, are also travel, health, property and liability insurance.
According to the ASF report, Euroins’ market share in MTPL in the first quarter of 2022 was 36%, growing much less than competitors after a 45% split in the city’s customer market share. Current developments show that by the end of the year, Euroins will achieve an MTPL market share of less than 30%. This is a sign that the insurance market is stabilizing in a more balanced distribution on MTPL where Euroins holds a stable position, while focusing and growing mainly through optional insurance showing a serious intention to balance its product portfolio.
- Property damage payout time has been reduced by 86%
The evolution of the material damage payment period is a markedly improved indicator. The payment time between the date of the claimant’s request and the date of payment has been reduced by 86%. – in the first quarter of 2022, the average payment of all claims – in which there were no victims – is only 5 days, following the submission of the request for payment, compared to the first quarter of 2021 , the average compensation payment period was 34.5 days.
Another important indicator of internal process improvement is that the number of complaints, reported year after year, is normalizing with a decrease from 84% to less than 0.01% of all requesters. This means that less than 700 claimants or customers out of more than 40,000 claims paid and 1.2 million policies concluded were seeking more detailed answers via complaints in the first quarter.
“We believe that all our customers should benefit from quality services at fair prices, subsequently, we decided to enter into collaborations with an increasing number of auto repair shops. Thus, the number of workshop contracts increased from 485 in Q1 last year to 771 in Q1 2022, an increase of 59%.
But not only the material damages are important figures, we have 411 million Lei paid in the first quarter. The highest remuneration paid for a MTPL claim was 3.1 million Lei for an accident involving the collision of a car with a parked truck and then another car. 4 passengers died and 5 others were injured. Such payments indicate that guilty drivers do not only have to worry about car shocks after causing serious accidents, because no more than 800 lei of insurance premium paid by a person for MTPL, also covers these cases. serious,” said Tanja Blatnik, CEO of Euroins Romania.
- The stability of the company is also seen through financial indicators
As part of a demanding recovery plan and strict monitoring by ASF, many financial indicators have already improved considerably in the first quarter of 2022.
“The only indicator that is very difficult to influence in the MTPL product is the number and severity of accidents in Romania and abroad. But to ensure coverage of all future obligations, arising from such claims, Euroins technical reserves which are set aside by the company are more … than double compared to the same period last year, reaching 2.7 billion lei. This shows the company’s strong commitment to increasing trust in its business model and products. In addition, the company’s cost rationalization policy of the new management is visible in the official datadown 31% from last yearsaid Tanja Blatnik, CEO of Euroins Romania.
Euroins has been a pillar of the Romanian insurance industry for 28 years. The company has put its vast experience and expertise at the service of more than 4 million customers over time, who trust their insurance every day.
“We view this data as our responsibility and our obligation to provide Romanians with the best possible services so that they can see all insurance benefits and we promise that we will constantly and transparently communicate our progress and achievements. With all that positive development we are convinced that we can contribute to a safer and less worrying future for Romaniansadded Tanja Blatnik, CEO of Euroins Romania