Euroins pays for repairs in just 7 days. Record compensations in 2021: 1.5 billion lei.

- On average, in Q4 2021, Euroins paid the claim files – in which there were no victims – in just 6.8 days!
- The number of claims recorded by Euroins has dropped dramatically by more than 200 percent in recent months (197 claims out of more than 14,000 claim cases paid in January 2022), showing a significant improvement in case processing and compensation payment times.
- The largest compensation paid in 2021 was 1.1 million euros for a road accident caused in France by a Romanian truck driver.
Bucharest, February 23, 2022– Euroins Romania Asigurare-Reasigurare SA, the most important player in the insurance industry in Romania, announces new positive results regarding the time needed to process compensation claims and the promptness of the effective payment of claim files in which no human victims are registered (accidents easy). In Q4 2021, Euroins Romania officially reported to the Financial Supervisory Authority that it paid claims on average in less than 7 days (average 6.8 days).
“We have been able to make major improvements in internal procedures, which are reflected in faster payments directly to claimants and improved relationships with most car repairers. The fact that repairs are paid in less than a week is proof that we take seriously the mission of bringing a better experience to those who are already affected as a result of the accident in which they were involved. In the coming period we will focus on even more improvements and follow a growth strategy for the other important insurance products we offer Romanians in these unstable times, such as health insurance, accidents, goods and property insurance, travel and HELMET. I don’t think there is any segment of the company where there haven’t been changes, improvements, upgrades. But any change takes time, and the results are starting to show today. For today’s results I have to thank every member of the Euroins team, the colleagues who work with dedication, every day, to make these improvements last.” said Tanja Blatnik, CEO of Euroins Romania.
The fact that Euroins was able to pay claims in Q4 2021 in less than 7 days on average also reduced the number of claims filed against the company. Compared to the monthly average, in October 2021 the number of complaints decreased by 85 percent, and in January 2022 the number of complaints decreased by more than 200 percent. Specifically, only 197 claims were registered for over 14,000 claims paid. This performance comes as a result of the changes started in 2021, along with increasing the team of experts, digitizing the company and improving the customer experience.
“We are really proud of the development of Euroins Romania. Last year, the company went through important transformations, from the appointment of a new CEO to changing internal procedures, the steps we take in the analysis of claims files, improving the relationship with customers, brokers and car workshops. We supported this development with major investments, capital increases totaling over 500 million lei, including support from the European Bank for Reconstruction and Development. Today, Euroins Romania is a highly capitalized company, market leader and innovator in the non-RCA area. The trend is positive, but we cannot overlook the fact that we are affected by the changes taking place in the market and by the actions of the authorities.
In 2021, the largest compensation paid by Euroins Romania was 1.1 million euros (5.5 million lei). This compensation was paid following a road accident caused in France by the driver of a truck registered in Romania, who hit a car driven by a French citizen. The compensation was determined by the court as a result of the 237 days of medical care that the victim required, including the costs of hospitalization and therapy, especially since the doctors had to amputate a leg.
Involvement of the European Bank for Reconstruction and Developmentin the shareholding of the parent company is an unprecedented message of trust and opportunity for the development of the insurance market in Romania, confirming at the same time that Euroins is a benchmark on the insurance market in Romania.
As UNSAR and BAAR members, Euroins believes that today, more than ever, the insurance industry in Romania needs stability and predictability. Romania is the “champion” in terms of the frequency of road accidents, with increasing damages following traffic incidents. According to the latest ASF data, for every 100 lei collected from RCA, insurers must contribute an additional 30 lei. Measures such as capping the RCA price cannot represent medium or long-term solutions. Euroins believes that it is imperative that these solutions start from well-founded technical analyzes for the protection of customers, so that the ability of insurance companies to fulfill their most important role is not affected: : timely payment of compensation to victims of road accidents.
About Euroins Insurance Group (EIG)
Euroins Insurance Group (EIG) AD is one of the largest independent insurance groups in the CEE/EEA/FSU region. The company focuses on offering a wide range of general, health and life insurance products. The group is based in Bulgaria and operates in 11 European countries. The group has insurance subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine, Belarus, Russia and Georgia. EIG also operates in Greece and Poland and has niche insurance operations in Spain and Italy. Currently, the Euroins group has more than 4 million customers and more than 3,000 employees. EIG is a subsidiary of Eurohold Bulgaria, an independent holding company operating in Southeast Europe, listed on the Sofia and Warsaw stock exchanges. Eurohold Bulgaria operates in insurance, leasing, car sales, asset management and investment operations.www.eig.bg;www.eurohold.bg