Omniasig, the third largest insurer on the market, controlled by Austria's Vienna Insurance, last year derived gross income worth 21.8m lei (5.2m euros), down 58% from 2009, according to preliminary figures. The result is in line with IFRS.
The profit decline comes as the gross premiums underwritten by the company shrank by 17% to 916m lei last year (218m euros), amid the falling revenues from car policy sales. Omniasig operates only on the general insurance market, which contracted by 7.5% in 2010.
"The drop is due to the direct link between the insurance industry and the other major segments of the economy, seriously hurt by the crisis, such as: cars, leasing or banks," explained the insurer's officials.
As a result of the high claims rate on the car segment, the company is currently trying to strengthen its position on other more profitable insurance segments. "Omniasig's strategy for 2011 focuses on the expansion, promotion and development of non-car insurance lines and on the monitoring of the claims management and resolution process," specified Omniasig officials.
Omniasig, the third largest insurer on the market, controlled by Austria's Vienna Insurance, last year derived gross income worth 21.8m lei (5.2m euros), down 58% from 2009, according to preliminary figures. The result is in line with IFRS.
The profit decline comes as the gross premiums underwritten by the company shrank by 17% to 916m lei last year (218m euros), amid the falling revenues from car policy sales. Omniasig operates only on the general insurance market, which contracted by 7.5% in 2010.
"The drop is due to the direct link between the insurance industry and the other major segments of the economy, seriously hurt by the crisis, such as: cars, leasing or banks," explained the insurer's officials.
As a result of the high claims rate on the car seg
