RCA postponement affects Asirom results

Asirom registered gross premiums underwritten worth 3,105 billion ROL (76.1 million euros) in the first six months of this year, only 5.5% higher as compared to the similar period of last year. The weaker increase as compared to the previous year is due to the fact that car civil liability policies (RCA) for the second half of this year have not yet been underwritten, according to the company’s representatives. “Since the Asirom portfolio includes RCA to a quite large extent, the modification of the date linked to the maturing of the second rate from May 31st to June 30th is influencing subscriptions to the tune of about 200-250 billion. Last year, on June 30th, RCA II was already subscribed, but things have been different this year,” explained Catalin Stroe, the company’s deputy general manager. As of last week, the new manager of the company has been a South Africa-born Briton, Fred Heath, 56. He is currently expecting his visa for a work permit in Romania and can then receive the approval of the Insurance Surveillance Commission. The company posted gross premiums underwritten from life insurance worth 498 billion ROL (12.2 million euros) in the first six months of this year, up 52% in ROL (34% in euros) compared to the first half of 2003. ZF