Romania’s Financial Supervisory Authority (ASF) tried to reassure local insurance companies’ clients after the negative results of the stress tests performed on 13 of the biggest insurers in the market.

According to the test results, four insurance companies had an aggregated capital shortfall under the current prudential framework (Solvency I) of about EUR 356 million. However, according to ASF’s president Misu Negritoiu, the results reflect the situation at end-June 2014 and the current situation is better, as some of the insurers have increased their capital in the past 12 months.

The four insurance companies that had capital deficits were Astra Asigurari, Carpatica Asig, Euroins and EximAsig.

“These companies already had capital increases worth RON 210 million (some EUR 47 mln), which means that the current capital shortfall is somewhat lower,” said Negritoiu in a press conference, reports local Agerpres.

He added that the three companies with the highest problems, Astra, Carpatica Asig and Euroins have been working on fixing their financial situation in the last 12 months, and that the results of the stress tests were in line with ASF’s expectations.

editor@romania-insider.com