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the insurance market and the dominant player in the insurance area RCA, is on the verge of seeing its operating license withdrawn - a firm step toward its bankruptcy.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.
“Catane,” a dark comedy inspired by real events and directed by Ioana Mischie, is set to have its first special screenings in Romania after a successful festival circuit. The film had its world premiere at the IFFI Goa festival in India and was nominated this year at the Hollywood Music in Media Awards for Best […]
Romania is among the European countries where water reserves are decreasing at an alarming rate, according to an analysis carried out by researchers from University College London in collaboration with The Guardian and Watershed Investigations. Scientists analyzed data from the period 2002–2024 provided by satellites that monitor changes in the Earth's...
George Smyth, 18, went missing on a hike near Romania’s famous Bran Castle more than a week ago. On November 23, the British citizen started to suffer from hypothermia and exhaustion and called the emergency services. Trying to locate him, mountain rescue services conducted searches over the next few days but were only able to […]
Over 107,000 people in Prahova and Dâmbovița counties, in southern Romania, have been without drinking water since Friday, November 28, due to problems at the Paltinu Dam. According to local authorities, the problems are set to persist until next week. The dam registered a drop in water levels, leading to problems in the water distribution system. […]
A special ‘Silent Day’ event will be held at the Bucharest Christmas Market in Constituției Square on Wednesday, December 3, aimed at creating a quieter and more accessible environment for children with sensory disabilities. The initiative is designed to make the festive market manageable for children who may struggle with loud noise, bright lights, and […]
Romanians have the highest level of trust in others in the European Union, according to the most recent Eurostat data for the year 2024, ahead of the usual leader of the ranking, Finland. The indicator ‘trust in others’ measures a person’s trust in people they do not know on a scale from 0 (‘I...
