Omniasig reports gross profit up 23.82% in Q1

Omniasig Vienna Insurance Group (VIG), the second largest insurer in Romania, reported a gross profit of 14.72 million lei in the first quarter, 23.82 percent up from a year earlier, NewsIn informs.

The insurer reported first quarter gross premiums written of 331.6 million lei, 0.13 percent less than in the similar period last year. Those for Casco policies grew by 6.88 percent, to 162.77 million lei and those for RCA liability policies dipped by 0.89 percent, to 103.3 million lei.

The damages paid amounted to 247.91 million lei, 60.65 percent up from the first three months of last year. Both RCA and Casco policies reported significant increases in the value of damages, by 88.59 percent and 81.48 percent respectively.

Civil liability policies increased 27.95 percent to a value of gross premiums written of 5.9 million lei.

Omniasig entered the Romanian market in 1993 and became a member of VIG in 2005. It now controls 17.19 percent of the general insurance market, while the group that integrates it holds leadership on the market.

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