- The number of optional policies almost doubled compared to the same period last year. The CASCO product offered by Euroins enjoyed very high demand, with sales on this product up 660%.
- The key indicators included in the Q2 2022 Report are a sign of the company’s consolidated position in the insurance market, with a balanced portfolio and an upward trend on diversification.
Bucharest, 19 October 2022 Euroins Romania continues its improvement with better financial indicators in Q2 of 2022. Compared to last year’s Q2, the results have increased by over 100%, both on Total GWP and Non MTPL GWP.
The largest increase in gross written premiums in Q2 2022 compared to the same period last year was recorded by non-MTPL insurance.
Optional insurances increased almost three and a half times, from 28 mil. Lei in Q2 of 2021 to 95 mil. Lei in Q2 2022.
|Q2 2021||Q2 2022||% Difference|
|GWP||728 mil||1.529 mil||110%|
|GWP non MTPL||28 mil||95 mil||239%|
The monthly evolution shows that in July 2022, the percentage of non-MTPL reached 10% of total insurance subscriptions. More precisely, for every 100 Lei of gross premiums written, 10 Lei come from subscriptions on non-MTPL products. This percentage is more than double compared to July 2021, when the ratio evolution of non-MTPL was 4.4% of total gross written premiums.
“Euroins is committed to proper risk management with a long-term vision. These significant increases represent a target achieved ahead of schedule.This confirms that our process of modernization and digitalization, together with the steady capital influx, have contributed to the improvement of the financial indicators of our company”, said Tanja Blatnik, CEO of Euroins Romania.
Euroins sales in the first half of 2022 represent a consolidation of its position in the facultative insurance market and a confirmation of the stability of its position in the MTPL insurance market.
Trust in Euroins has grown steadily over the last year and more and more customers have chosen the optionalinsurance policies offered by the company. The increase in the number of policies on non-MTPL insurance is 96% in S1, almost doubled compared to the same period last year.
This significant increase in sales is a signal of the higher interest of the customers for non-MPTL policies and this is driven by the company’s focus on diversifying its portfolio of insurance products and paying attention to the changing needs of its customers.
|No clients||S1 2021||S1 2022||% Difference|
|No clients of MTPL||1,392,721||1,543,122||11%|
|No clients of non-MTPL||271,666||533,095||96%|
The CASCO product offered by Euroins saw a sales increase of over 660%, which is a clear proof of the confidence in the services offered. Other visible lines, which are also up more than 3 times are travel and health insurance.
In the first 7 months of 2022, the CASCO insurance portfolio increased to 15% in total non-MTPL product volume, from 8% share in non-MTPL gross written premiums in the first 7 months of 2021.
Euroins continues to balance its MTPL portfolio. In the first 7 months of 2022, the growth in the number of MTPL policies is only 3.2%, contributing to stabilization, competitiveness, and balance of the MTPL market. The market share in MTPL in S1 2022 was 31,81 vs 31,15% from S1 2021. Current developments show that by the end of the year Euroins will reach a market share in MTPL of below 29%. The updated figures are a sign that the insurance market is stabilizing in a more balanced distribution on MTPL, where Euroins holds a stable position.
|MTPL||7M 2021||7M 2022||% Difference|
|Number of sold policies||1,578,990||1,629,721||3.21%|
|GWP Lei||816 mil||1,549 mld.||89,67%|
Another important indicator of improved internal processes is that the number of complaints has decreased significantly. There were 84% fewer complaints in Q2.
To establish an even more solid and trusting relationship with our customers, we have continued to increase the number of working contracts with car services and have now reached almost 900 partnerships, 42% more than last year’s level.
About Euroins Insurance Group (EIG)
Euroins Insurance Group AD (EIG) is one of the leading insurance groups operating in Central, Eastern and Southeastern Europe. Euroins Insurance Group provides a full range of insurance products, serves over 4 million customers in 14 countries and has over 3,000 employees. EIG is part of Eurohold Bulgaria AD, a large financial and energy group operating in the region and active in the area of electricity distribution, supply and trade, insurance, leasing, car sales, investment services and asset management. Eurohold is listed on the Bulgarian and Warsaw Stock Exchange. In 2021, Eurohold acquired through its unit Eastern European Electric Company the subsidiaries of the Czech energy company CEZ Group in Bulgaria, which have over 3,000 employees and serve almost 3 million consumers in the country.