Omniasig AGI posts losses

Omniasig AGI insurance company last year reported losses, against profit worth half a million euros in 2003. This was due to the increase in settled Green Card claims, i.e. the auto liability insurance for trips abroad. The company paid a claim of 250,000 euros for an accident that occurred in Italy at the beginning of 2004, whose total damages amounted to one million euros. “We paid our part of claim in full, and had reinsurance, as well. It was a highway accident with victims and high material damages, in which a van and two cars were involved,” explained Dan Stoian, the company’s general manager. For a company such as Omniasig AGI, with gross subscribed premiums of 10 million euros last year, the sum is significant. The claim is so high because liability levels for auto liability insurance in the European Union countries are very high. Stoian also said that most car accidents in which customers of Romanian insurance companies are involved occur in Italy and Germany. ZF