In the economic life of Sibiu, one of the most important cities of Romania, the CARPATICA brand is, in most cases, more powerful than notorious international companies. But, actually, CARPATICA Group’s reputation exceeds the limits of Sibiu county, as the financial companies from the group ranking rather high in the profile tops…
The insurance company CARPATICA Asig whose slogan is “Insurance, at its best” has written in the first half of 2009 an amount of gross premiums of more than EUR 17.5 million (RON 73.8 million). This sum represents, compared to the first semester of 2008, a real growth expressed in national currency of 70%.
In the same time, despite the depreciation of the Romanian national currency compared to the European one (15.2%), CARPATICA Asig has accomplished a nominal increase calculated in EUR of more than 56%. A share of 31% of the insurer’s business was made through the brokerage societies.
CARPATICA Asig’s business is mainly boosted by motor insurance, from which the MTPL line is the most important – over 71% of portfolio. Actually, this is the line of business where the company recorded a nominal growth in European currency of 139%. In the same time, the Motor Hull line represents 20%, generating an amount of written premiums of EUR 3.4 million.
Other lines of business that contributed to the financial results of CARPATICA Asig are the property insurance (5% of the sales), the liability insurance, the accident and illness line of business and travel insurance (5% of the written premiums),
It should be mentioned the fact that the claims paid by the insurer, EUR 4.6 million, which represents a decrease of 50% compared with H1/2008
The shared capital of the company is EUR 5 million (RON 20.8 million), while the amount of assets reaches EUR 35 million (RON 135 million). In June 2009, CARPATICA Asig was organized through 85 branches throughout the country, while, referring to the human resources sector, it has 560 employees and 4,500 agents.
The company’s headquarter is located in Sibiu, where 15% of the GWP are recorded. Due to this achievement, the local branch has occupied the first position in the chart made by PRIMM Magazine – Insurance & Pensions and received, with the occasion of PRIMM Insurance Awards Gala, the recognition for being the first non-life insurer in Sibiu.
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Who is CARPATICA Asig?
The company was brought to life in 1996, in Sibiu, under the ASA Asigurari ATLASSIB brand, having an entirely private owned capital. From the early beginning the society was part of the powerful holding ATLASSIB. In the beginning, the company was specialized on travel insurance, and in time, the portfolio was developed on other lines of business: motor (starting with 2001, it was authorized to underwrite MTPL and Green Card), cargo, agricultural, liabilities, credits and warranties.
In September 2004, the company was rebranded as CARPATICA Asig, as the shareholders’ decision was meant to highlight the affiliation to the Financial Group CARPATCA, and in the same time, to improve its skills and capacity to adapt to the market request. Alongside with CARPATICA Asig, the CARPATICA Financial Group also contains CARPATICA Bank, SSIF CARPATICA Invest, ROMTICKET and CARPATICA Asset Management.
Starting with September 2009, CARPATICA Asig is member of PAID – The Insurance Pool against Disasters. CARPATICA Asig is member of UNSAR – The National Association of Insurance and Reinsurance Companies from Romania and BAAR – The Romanian Motor Insurers’ Bureau.
From the beginning, CARPATICA Asig recorded a continuous development, diversifying the insurance portfolio and the territorial and sales network, and consolidating its position on the Romanian insurance market.
For more than 13 years, the company has been a fearful competitor on the insurance market, due to the strategic policy adopted and the superior financial safety.
We respect the value and optimize the communication with the clients, by taking the specific risks and anticipating the needs from social activities, the CARPATICA Asig representatives stated.
In order to protect the portfolio, the insurer has reinsurance contracts that guarantee the efficient dispersion of the risks, by maintaining the payment capacity. A significant part of the reinsurance risks have been ceded to foreign important reinsurers, rated “A-” or “A+” by STANDARD & Poor’s. In the same time, the company has excess of loss reinsurance contracts that covers the catastrophic risks written.
As in the previous years, the activity in 2009 was focused on the honesty and the integrity of offering quality services, and maximizing the safety of our clients.
The managerial strategy of CARPATICA Asig for 2010 imposes the
establishment of some precise objectives as the increase of the
turnover, the decrease of the claims ratio, the consolidation of
the position on the national market, the operational efficiency,
as well as the growth of the non-motor insurance share in the
company’s portfolio.
