City Insurance currently has a market share of almost 45% in the mandatory car insurance segment (RCA), the biggest market segment by far, according to Madalin Rosu, president of the Romanian Motor Insurers' Bureau (BAAR), Ziarul Financiar reported. This is more than the bankrupt companies Astra Asigurari and Carpatica Asig had at the time of their collapse, he stressed. In conclusion, the costs of a possible bankruptcy of the City Insurance market leader could be higher - but this also depends on the portfolio structures of the three companies. Until the end of June 2021, BAAR paid EUR 44 mln on behalf of Astra and EUR 62.7 mln on behalf of Carpatica. After payments amounting to EUR 106.7 mln, BAAR still has to pay EUR 12.1 mln for Astra and EUR 25.5 mln for Carpatica (a total of EUR 37.6 mln). City Insurance, the leader of the insurance market and the dominant player in the insurance area RCA, is on the verge of seeing its operating license withdrawn - a firm step toward its bankruptcy. While the license's withdrawal is operated by the financial market regulator ASF when the insurer fails to meet the capital requirements, the bankruptcy can be decided only by the court.
Romania registered the third lowest employment rate in the EU in 2023, following Italy and Greece, according to recent Eurostat data. Only 69% of Romanians aged between 20 and 64 are employed, meaning nearly one-third of Romanians are not working. Certain factors influence these figures. Romania makes use of a category of special pensions applied […]
Authorities are looking into the case of a Romanian minor who was allegedly sold for RON 8,000 (EUR 1,600) and arrived in Germany with false documents. Romanian authorities were notified by those in Germany regarding the case, but investigations are still ongoing. The minor is currently in the care of the German state. The boy […]
The residential market had a strong start in 2024, with the first quarter ending with an 18% increase in the number of residential transactions in Bucharest compared to the same period last year, according to Colliers data. In the rest of the country, the increase was slightly higher - 19%. According to Colliers consultants, buying […]
Siemens Healthineers, the medical technology branch of the German multinational, recently launched its newest MRI scanner, the MAGNETOM Flow, during an event held in Bucharest on April 24. Featured in one of the panels during the event, Sonja Wehsely, executive vice president CEECA Siemens Healthineers, highlighted the strengths of the new scanner. Wehsely, who has […]
The Romanian General Prosecutor's Office officially announced the indictment of former president Ion Iliescu, former prime minister Petre Roman, and former deputy prime minister Gelu-Voican Voiculescu for crimes against humanity, in the case of the Mineriada (miners' riot) of June 1990. Along with the three, the former director of the Romanian Intelligence Service (SRI), Virgil […]
Uber launched its Green service in the popular mountain city of Brașov, in central Romania, on April 25, with a fleet of environmentally friendly vehicles such as Toyota Prius, Hyundai Ioniq, Tesla Model Y, and Volkswagen ID.3. Previously, the Uber Green option was made available to residents and tourists of Cluj-Napoca in November 2023. “We […]
