Omniasig slows down generally, triples life

General insurance company Omniasig SA collected 60 million euros (2,232bn ROL) in gross premiums last year, down 10% from the previous year in euros. On the other hand, Omniasig Asigurari de Viata (Life Insurance) tripled its business last year. The drop was caused by a change in the way of reporting results made in 2002, and also by the company’s decision for a selection of general insurance risks. “As far as we are concerned, 2002 cannot be considered a computational basis for general insurance, because the premiums subscribed were “inflated” that year due to the change in the accounting practices under a regulation of the Insurance Supervision Commission issued in January 2002. Gross premiums are the more accurate gauge, which saw 34% growth in ROL. 2003 was a good year for us,” deputy general manager Fanel Plopeanu said. ZF