The total revenues in the insurance sector could exceed RON 10 billion (EUR 2.24 billion) this year, compared to EUR 1.96 billion last year.

The sector increased as the trust in the market went up following the removal of insurance companies that sold cheap mandatory car insurance premiums (RCA) and paid the damages with delay, according to Misu Negritoiu, President of the Financial Supervisory Authority (ASF), cited by local Profit.ro.

In the first six months, the market amounted to over EUR 1.1 billion, according to ASF information.

“I don’t see how it could decrease in the second part of the year,” Negritoiu added.

He believes that the exit of insurers such as Astra or Carpatica Asig, which went bankrupt, unlocked the RCA market by increasing confidence in the sector.

Negritoiu explained that the insurers that were selling at low, uncompetitive prices were making the rules in the past.

editor@romania-insider.com