In the first quarter of 2021, the profit of insurance companies before tax increased by 57.5% compared to the same period last year and amounted to 36 million lei.
According to the National Bureau of Statistics, the income of companies from insurance activities in January-March 2021 amounted to 534.8 million lei, which is 5.5% more than in the same period last year, while the total income amounted to 614.3 million lei, which is 6% more than in the same period of 2020. At the same time, the expenses of insurance companies amounted to 461.7 million lei, which is 5.5% more than in the same period last year, and the total expenses companies accounted for 578.3 million lei, which is 3.9% more than in the same period of 2020. In the first quarter of 2021, gross insurance premiums accrued amounted to 389.8 million lei, which is 14.8% more than accrued gross premiums for the same period in 2020. During this period, the share of general insurance increased from 92.4% to 93.2%, while the share of life insurance decreased from 7.6% to 6.8%. In particular, premiums for general insurance in January-March of this year amounted to 363.3 million lei, which is 15.9% more than in the same period of 2020, and the amount of life insurance premiums increased by 2.3% - up to 26.5 million lei. Herewith, in January-March 2021, about 45.2% of the total premiums on general insurance fell on motor third party liability insurance - 176.4 million lei (+ 9.8% compared to the same period in 2020) and 22.6% - for land transport insurance (CASCO) - 87.9 million lei (+ 21.2%). Meanwhile, the total amount of payments of insurance claims and compensations in the first quarter of 2021 amounted to 159.6 million lei and decreased by 14.7%, compared to the same period in 2020. About 95.3% of payments paid during this period indemnities accounted for general insurance - 152.1 million lei, which is 16% less than in the same period of 2020, while life insurance payments, on the contrary, increased by 22.6% and amounted to 7.5 million lei. Most of the indemnities in the first quarter of 2021 were paid for motor third party liability insurance (49.3% of the total indemnities) and CASCO (32.5%). In particular, indemnities for motor third party liability insurance amounted to 78.7 million lei in monetary terms, which is 1.5% more than in the first quarter of 2020, while indemnities for CASCO increased by 15.1%, amounting to 51.9 million lei. The NBS data covers all companies that list insurance as one of their activities. // 27.05.2021 — InfoMarket.
