Corporate insurer CertAsig achieves 12% growth in first 9 months of 2017

Corporate insurer CertAsig achieves 12% growth in first 9 months of 2017

CertAsig, specialized insurance company focused exclusively on corporate insurance, achieved 11 million Euros in total gross underwritten premiums during the first 3 quarters of the current year, a 12% growth versus the same period of last year.

Over 4.000 companies have insured their factories, buildings, merchandise, employees, contracts and ongoing business with CertAsig, 98% of clients working through their insurance brokers.

CertAsig’s main segments in the first 3 quarters of the year:

  • BONDS: with over 3.5 million euros in GWP, bonds policies represent 35% of the insurer’s volume and achieved an outstanding growth of 36% versus last year

Highest policies underwritten this year:

  • MARINE insurance, a key segment for CertAsig, generated 21% of the company’s total GWP
  • LIABILITY: with an excellent evolution in 2017, general liability achieved a 40% growth in premiums versus last year
  • PROPERTY generated 13% of the total premiums, with an equally impressive increase of 44% versus the same period last year
  • ENGINEERING, one of the most demanding insurance classes in Romania, represented 11% of CertAsig’s premiums volume in the first 3 quarters, and CertAsig maintained business volumes in this segment in spite of an overall decline in construction projects in Romania this year (due mainly to a slow down in public infrastructure works)

 “Our clients are companies in diverse industries and of all sizes, ranging from single employee SMEs to multi-national corporates active in several countries. As one of the most dynamic and innovative corporate insurers, we see 2017 as a year of increased maturity for companies, in terms of understanding what insurance can do for their businesses: aside from providing protection from various risks, specialised insurance products can also enable companies to be more competitive in their respective markets”, says James Grindley, CertAsig’s CEO.

Among the company’s most high-profile new policies or clients so far this year were:

  • Romania’s National History Museum (cargo policy for the exhibition of Romania’s steel crown and King Ferdinand’s mace for a total insured sum of 10 million Euros)
  • Engineering policy for the Highway Brasov – Tg Mures – Cluj – Oradea, with a total insured sum of 62 million Euros; engineering policies for various other high-scale projects such as the extension of the Waste Water Treatment Plant in Glina, Ilfov County; construction of photo-voltaic parks in Europe;
  • D&O policy for the management team of Oltenia Energy Complex, one of the biggest energy providers in Romania
  • The Depeche Mode concert in Cluj, Sting concert in Cluj, the EUROPA FM’s outdoor concert on the Venus – Saturn beach, Gasca ZURLI shows and tours across Romania (32 cities)
  • The Fort Boyard show at Pro TV

CertAsig is one of very few Romanian-registered insurance companies with an international presence. The company’s main market is Romania, with 65% of premiums with Turkey generating 20% of GWP and Bulgaria another 15%. Earlier this year, CertAsig started underwriting business under Freedom of Services Act in the Czech Republic, where it opened an office in Prague.

CLAIMS

One of CertAsig’s main competitive advantages is its reputation for fair and prompt claims processing, and the first 9 months of 2017 were no exception. The company paid total claims amounting to 2.8 million Euros.

The top 3 claims were paid on Marine insurance (1.5 million Euros on a Marine Hull, 0.4 million USD on a Marine P&I) and Bonds (infrastructure construction project in Romania).

The CertAsig portfolio is secured by AA and A rated reinsurance agreements underwritten with some of the strongest names in reinsurance including Swiss Re, Hannover Re, Partner Re and Lloyd’s.

Cristina Hlinschi – Sense Marketing: 0745 108 852

cristina@sensemarketing.ro

Leave a Reply

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>