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the insurance market and the dominant player in the insurance area RCA, is on the verge of seeing its operating license withdrawn - a firm step toward its bankruptcy.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.
It's almost impossible to think about anything not related to elections this weekend but if you should need some distraction, there are options. Happening now is the European Film Festival, screening recent productions from the continent, very varied in theme, tone, and genre. The fest is playing Bucharest, Sfântu Gheorghe and Timișoara until Sunday and […]
Modernization work is ready to start at Bucharest’s Henri Coandă International Airport, also known as the Otopeni Airport, following an investment of over RON 112.4 million (some EUR 22 million) led by the National Company Bucharest Airports (CNAB), news agency Agerpres reported. The company...
Paris Hilton, who will be present at IntenCity Craiova, a festival organized this summer between June 26–29, sent a message to her fans in Romania. "I'm excited to perform at the IntenCity Festival on June 28. It's going to be so much fun! See you there," Paris Hilton told those who will come to Craiova. […]
AMAIS (Association for Alternative Methods of Social Integration) has officially launched the SeeYou mobile app, an innovative platform that connects visually impaired individuals with volunteer guides who can accompany them during everyday activities - from medical appointments or shopping to park strolls or cultural events. SeeYou is the first mobile app of its kind in […]
SAI Broker, a Romanian investment management company part of BRK Financial Group, listed a new ETF on the Regulated Market of the Bucharest Stock Exchange (BVB) on May 16, under the stock symbol BKBETETF. The ETF aims to fully replicate the structure of the main index, BET. The BET index reflects the evolution of the […]
An investment of over RON 1.26 billion, approximately EUR 254 million, is set to be made in the Port of Constanța, to increase maritime transport capacity and the volume of commercial exchanges. The funds will be used for the construction of a quay and the development of a port area covering 550,000 square meters. The […]
