BCR Asigurari makes 3.4m-euro profit after nine months

BCR Asigurari, one of the top ten insurers on the Romanian market, posted gross profit worth 12.3 million RON (around 3.4 million euros) in the first three quarters of the year, twice higher than in the whole of last year. The company announced ever since the first part of this year that it intended to change its business strategy and reduce operations on the non-profitable insurance segments. “We have favoured healthy business development, developed our business lines with low management costs and a low claim settlement rate, thus making sure that we have the necessary liquidity and the ability to honour our payment obligations to clients. Market share is not our main priority, under the current circumstances,” said Mihai Tecau, general manager of Mihai Tecau of BCR Asigurari. After changing the company’s business strategy, gross underwritten premiums fell 19% in euros in the first nine months of this year, to 109.1 million euros. At the end of September, BCR Asigurari was the fifth largest player on the general insurance market, after ranking third in the same period of last year. The turnover decline had to do mainly with giving up credit insurance, which accounted for a significant share of the overall business.