BCR Asigurari at its second year of losses in a row

BCR Asigurari, one of the biggest companies on the domestic insurance market, ended 2009 with losses of 55.5m RON (around 13m euros), almost ten times higher than the 2008 level, according to the annual report published by the company. Thus, total revenues of the insurer controlled by Austria’s Vienna Insurance Group reached 778.3m RON (184m euros), while total expenditures reached 833.8m RON (197m euros). The company thus experienced the second consecutive year of losses, after having had profitable years before 2008. In 2009, BCR Asigurari registered revenues from insurance premiums worth 594.1m RON (140.8m euros), up 7%, while reinsurance revenues reached 108m RON. Claims settled by BCR Asigurari hit 387.6m RON. The company has recently increased its share capital by 12m euros, a little below the sum set by shareholders at the start of the year, of 13m euros. For 2010, the insurer targets 9% higher premium revenues and wants to stay among the top five insurers domestically. The company sells only general insurance policies.