Facebook LinkedIn

The status of the petitions registered in 2019

Bucharest, March 31, 2020 - The Financial Supervisory Authority (A.S.F.) received in 2019 a number of 26,911 petitions. Of these, 95.42% represent petitions for the insurance-reinsurance market, 3.76% are petitions for the private pensions market, and 0.82% are petitions for the financial instruments and investments market.

A.S.F. also performed an analysis of three specific indicators of consumer protection activity for the insurance-reinsurance market, highlighting the position of each entity supervised and / or regulated by the Authority in relation to the market reference level, based on the number of petitions registered at ASF

The main objective of this approach is to promote transparency, accessibility and fairness for consumers of non-bank financial products and to correctly evaluate the information resulting from the activity of solving the petitions.

 

Petitions registered on the insurance-reinsurance market

In 2019, A.S.F. filed a total of 25,679 petitions. Only 20,837 petitions transmitted by the insured / injured persons, petitions falling within the competence of the ASF, were registered and solved per petitioner. The other petitions (4,842) were connected or classified, according to the provisions of Ordinance no. 27/2002 regarding the regulation of the activity of solving the petitions and with the internal procedures of A.S.F.

From the analysis of the data reported by the insurance companies at ASF, it was found that the 20,837 petitions analyzed and solved uniquely by the petitioner represent 1.28% of the total number of damages files approved by the insurers in 2019 and 0 , 13% of the total number of insurance contracts in force on 31.12.2019.

What the petitioners have complained about: In 2019, 83.63% of the petitioners complained about the non-observance of the provisions of the legislation in the field and of the A.S.F. norms, respectively of the contractual conditions. Other issues noted included non-payment / partial payment of compensation / redemption amounts requested by the insured / injured (11.03%), respectively requests for information on the bonus-malus system (1.20%).

The structure of the petitions according to the insurance class: in 2019, the highest weight is held by the petitions registered on the general insurance class, 99.27%, the petitions registered on the compulsory motor liability insurance class RCA and the Green Card representing 91.94% out of the total.

Method of finalizing the petitions: the share of the number of petitions resolved in favor of the petitioners in the total number of the single petitions analyzed in 2019 was 59.05% (12,305 petitions respectively). Of these, 75.42% were finalized by payment, the applications having legitimacy and legal framework for settlement. The rest of the petitions had procedural requests, non-quantifiable material (opening of the file of damage, reconstitution, transmission of payment acceptance to service units, etc.).

8,532 petitions (40.95%) were represented as unfavorable or found to be unfounded, representing species on which A.S.F. does not have the capacity to intervene in the application of the current legislation and / or for which A.S.F. it cannot ask the insurers to pay the claims made.

The structure of the petitions according to the requested entity: the distribution of the number of unique petitions registered with A.S.F. in 2019, by types of entities claimed, it highlights the following:

  • 95.18% of the number of single petitions were directed against insurance companies authorized by the Financial Supervisory Authority;
  • 1.27% of the number of single petitions were directed against insurers / intermediaries in the European Economic Area who carry out insurance activity in Romania on the basis of the principle of free movement of services, respectively on the basis of the right of establishment;
  • 0.25% of the number of single petitions were registered against the main intermediaries authorized by the Financial Supervisory Authority;
  • 3.30% of the number of single petitions are various requests.

From the analysis of the unique petitions it follows that the insurance company with the largest number of petitions registered as a single petitioner in 2019 is Euroins Romania Asigurare Reasigurare S.A., with 12,005 petitions, respectively 57.61% of the total number of petitions.

Insurance companies for which most single petitions were registered in 2019, compared to the number of single petitions registered in 2018

Nr. crt.

Insurance company / Intermediary

Number of unique petitions registered in 2018

Share of the number of unique petitions registered by the company in the total number of petitions registered in 2018 (%)

Number of unique petitions registered in 2019

Share of the number of unique petitions registered by the company in the total number of petitions registered in 2019 (%)

1

Euroins S.A.

2.060

24,78%

12.005

57,61%

2

City Insurance S.A.

1.776

21,36%

4.607

22,11%

3

Omniasig VIG S.A.

631

7,59%

870

4,18%

4

Asirom VIG S.A.

1.885

22,68%

867

4,16%

5

Groupama S.A.

166

2,00%

370

1,78%

6

Allianz–Țiriac S.A.

286

3,44%

344

1,65%

7

Generali România S.A.

224

2,69%

206

0,99%

8

Grawe România S.A.

60

0,72%

204

0,98%

9

Uniqa Asigurări S.A.

157

1,89%

160

0,77%

10

Alte societăți /intermediari

1.068

12,85%

1.204

5,77%

 

TOTAL

8.313

100,00%

20.837

100,00%

 

Petitions registered on the private pensions market

In 2019, a total of 1,011 petitions were registered for the private pensions market, with 948 petitions being uniquely instrumented / solved per petitioner. The other petitions (63) were connected or classified, according to the provisions of the Ordinance no. 27/2002 and the internal procedures of A.S.F.

Of the total of the single resolved petitions, 84.39% referred to privately administered pension funds (Pillar II), while the petitions submitted by the participants who joined the optional pension funds (Pillar III) represent 1.37% out of the total. The difference, of 14.24%, represents petitions for which no type of pension fund has been selected.

96.10% of the petitions were resolved in favor of the petitioners - in these cases favorable solutions could be determined, legally founded, 3.90% of the petitions being resolved unfavorably or found to be unfounded.

Petitions registered on the market for financial instruments and investments

In 2019, for the market of financial instruments and investments, a total of 221 petitions were received, with 147 petitions being solved per petitioner. The other 74 petitions were connected or classified, according to the provisions of Ordinance no. 27/2002 and with the internal procedures of A.S.F.

From the analysis of the petitions it follows that the distribution of the single petitions by types of entities claimed shows that 24.49% were petitions transmitted for issuers, 12.93% being registered petitions for unauthorized entities. 80.27% of the petitions were finalized in favor of the petitioners - favorable solutions could be determined, legally based, and 19.73% were resolved unfavorably or found to be unfounded.

Specific indicators of the consumer protection activity

The analysis of the specific indicators of the consumer protection activity for the insurance - reinsurance market was performed for the first nine insurance companies that registered the most petitions at A.S.F. The statistical data from the records of the Public Relations, Petitions and Financial Education Department were taken into account regarding the number of unique petitions registered for the insurance companies in Romania (authorized by A.S.F.), as well as the information transmitted A.S.F. by insurers, through quarterly reports, regarding the number of damages notified and the contracts in force on 31.12.2019.

The three specific indicators calculated were:

Indicator number of petitions / number of contracts - Ip / c

Indicator number of petitions / number of damages notified - Ip / d

Indicator number of petitions resolved favorably / number of damages notified - Ipf / d

The values ​​resulting from the analysis of the specific indicators of the consumer protection activity, on the statistical data for the year 2019, mainly highlight the following aspects:

  • Company classification: Allianz-Țiriac S.A., Generali România S.A., Grawe România S.A., Groupama S.A., Omniasig VIG S.A. and Uniqa Asigurări S.A. in good compliance degrees for the three indicators;
  • classification of companies City Insurance S.A. and Euroins S.A. in medium / low degrees of compliance, based on the values ​​of the three indicators calculated for 2019, it highlights the existence of deficiencies in their activity, especially regarding the instrumentation and liquidation of damages. This fact is also confirmed by the large number of petitions registered with A.S.F. for the two companies during the analyzed period, these cumulating 79.72% of the total number of single petitions registered in the insurance market;
  • modification of the classification of the company Asirom VIG S.A. from the low level of compliance for the three indicators in 2018, to the level of good compliance for all the indicators calculated for 2019, it shows an improvement of the company's activity, especially regarding the instrumentation and liquidation of damages, an aspect reflected by the decrease with 54.01% of the number of registered petitions.

Detailed analysis of the situation of the petitions registered by A.S.F. in 2019, as well as the detailed analysis of the specific indicators of the consumer protection activity calculated for the insurance - reinsurance market for 2019 can be consulted here ( in Romanian).

*********

About ASF

ASF is the national authority set up in 2013 through OUG 93/2012 approved by Law 113/2013, for the regulation and supervision of insurance markets, private pensions and the capital market. ASF contributes to strengthening the integrated operating framework of the three sectors, which amounts over 10 million participants. More information can be found at www.asfromania.ro.