The revenues of the insurance brokers selling third-party liability auto insurance (RCA) increased by 41.6% in 2021, to RON 792 mln, according to data provided by the financial markets regulator ASF quoted by Profit.ro. The revenues generated by the voluntary car insurance contracts (CASCO) rose by only 11% to RON 350 mln. At the end of September, before the bankruptcy of the leading player City Insurance, the annual growth rate for the year-to-date period January-September for the revenues generated by RCA contracts was reported at only 22.48%. But something happened, the price of the mandatory auto insurance surged amid City Insurance's bankruptcy towards the end of the year, and so have the revenues of the brokers, during the last quarter of 2021. In the meantime, ASF drafted new regulations to cap the prices of third party liability auto insurance (RCA) and also to cap at 5% the fee charged by the insurance distribution companies. The draft government decision on this topic, envisaging capping the RCA prices and the fees charged by the insurance brokers for six months, is currently being reviewed by the competition body, minister of finance Adrian Caciu announced on March 23.
The number of people in Romania at risk of poverty stood at 3.59 million people in 2024, 375,000 fewer than in 2023, representing a 9.4% decrease, according to data from the National Institute of Statistics, or INS. Despite the improvement, nearly one in five Romanians was affected by poverty last year. According to INS, 19% […]
The European Public Prosecutor’s Office (EPPO) in Cluj-Napoca carried out multiple searches on Tuesday, July 1, at the Sibiu International Airport and the Sibiu County Council as part of an investigation into suspected fraud involving a EUR 54 million EU-funded infrastructure project. A total of 24 locations were searched across Bucharest, Brașov, and Sibiu county, […]
A Romanian taxi driver who scammed 90-year-old Nigerian Nobel Prize laureate Wole Soyinka was detained by police on Sunday, June 29, according to media reports. On Friday, June 27, the venerable Nigerian arrived at Bucharest's Otopeni Airport. He got into a taxi and asked to be taken to a hotel downtown. At the destination, the […]
Costin Șerban, a Romanian entrepreneur, is digitalizing the construction sector in the United Kingdom with an ERP (enterprise resource planning) solution developed over 12 years and an investment of GBP 1.6 million (EUR 1.86 million). Șerban’s cloud-based ERP platform is called Abilo, was developed by the Romanian IT company Obi Systems, and is dedicated to […]
Border checks between Bulgaria and Romania have officially been lifted on July 1, as part of the implementation of the Schengen Agreement. The lifting marks the end of the transitional period of heightened control at the internal border, which had remained in place for six months following their accession to the Schengen area by land […]
Remus Vulpescu became CEO of the Bucharest Stock Exchange (BVB) on Tuesday, July 1, taking over from Adrian Tănase as the stock exchange grapples with a market dominated by government bonds. Vulpescu, 53, is a graduate in political and legal sciences from the University of Bucharest and holder of an EMBA obtained in 2017. He […]
