There is no high risk on the market, but four or five insurers of the top 11 largest insurance companies in Romania have problems, according to Dan Rusanu, president of Romania’s Financial Surveillance Authority ASF.

“We hope to impose the insurance companies to at least reinsure an A rating as soon as possible," said Rusanu during a TV show at local Antena 3.

However, according to him, the large public companies with high insurance policies don’t have this problem because the specifications explicitly stipulates the A rating reinsurance.

“There is no high risk on the market, but there are problems at four or five insurance companies of the top 11 insurers. We’ll halve wages, at least A rating for companies’ reinsurers in the market, and we’ll ask the top 11 insurance companies to make the audit at a company with an international reputation,” said Rusanu, quoted by 1asig.ro.

Earlier this month, ASF placed Romania’s largest insurance firm Astra under special administration and appointed KPMG Advisory as the administrator. More about this here.

Irina Popescu, irina.popescu@romania-insider.com