Nine bleak months for insurance companies

Most large insurers reported losses or lower profits in the first nine months of the year, due to an increase in the rate of claims. The first nine months of this year were bleak for the leading insurers on the market, which saw most register massive losses, after they generated profits in the same period in 2006. The losses were mainly generated by an increase in the number of settlements for the car insurance segment, as well as by the fact that they had to cover millions of euros’ worth of damage. Asirom and Astra-Uniqa slipped into the red during this period, while Allianz-Tiriac saw its operating income from general insurance plummet. Ardaf, the insurer, which suffered the most in 2006, managed to reduce its losses, which however remained significant. Asirom, one of the leading insurance companies on the market, whose controlling stake was recently taken over by the Vienna Insurance group, stepped into the red in the first nine months of the year, with losses worth 1.6 million euros (5.3 million RON).