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The situation of the RCA damage files opened and approved by the insurance companies in Q4 of 2019

Bucharest, April 8, 2020 - The Financial Supervisory Authority (A.S.F.) carried out an analysis of the damage files related to the compulsory auto policies (RCA) approved by the insurance companies in the fourth quarter of 2019.

In carrying out this analysis, account was taken of the legislative changes in the field of compulsory insurance RCA, respectively of the deadlines imposed by the normative acts applicable to the contracts under which the damage files were approved.

The insurance companies approved, in the fourth quarter of 2019, a number of 98,580 damages files based on the compulsory civil liability insurance (RCA) policies, with 5.55% more files than those approved in the third quarter since 2019. The average duration of payment, at the market level, of the damage files approved for material damages was 16.39 days / file.

Most of the damages files were notified, in the fourth quarter of 2019, to City Insurance S.A., respectively 34,731 files, and to Euroins S.A. - 33,917 files.

Two insurance companies have accumulated almost 70% of the total number of RCA damage files approved in the fourth quarter of 2019: City Insurance S.A. (35.23%) and Euroins S.A. (34.41%). The other insurance companies analyzed recorded each percentage below 8.30% of the total number of RCA damage files.

Two insurance companies registered a decrease in the number of damage files approved in the fourth quarter of 2019, compared to the third quarter of the same year: Asirom VIG S.A. (-4.36%) and Grawe România S.A. (-27.78%).

Seven insurance companies registered an increase in the number of damage files approved between October and December 2019, compared to the third quarter of 2019. The highest percentage increase was registered by Allinaz-Țiriac S.A. (+ 13.67%), followed by City Insurance S.A. (+ 12.22%). The other insurance companies registered increases below 4.75%.

From the point of view of the object of the compensation claims formulated in the damages files approved in the fourth quarter of 2019, a number of 85,975 files (87.21%) were approved for material damages, 3,638 files (3.69%) have have been notified for personal injury / death, and 8,967 files (9.10%) represent regress files.

From the way of solving the damage files, on the date of transmission of the reports to A.S.F., it follows that:

  • 49.08% of the total RCA market (48,379 files) are files settled by payment;
  • 49.95% of the total RCA market (49,241 files) are unfinished files;
  • 0.97% of the total RCA market (960 files) are files rejected from payment.

In the fourth quarter of 2019, compensation amounts in the total amount of 239,112,929 lei, of which: 198,538,194 lei (83.03% of the total) for material damages, were paid up to the date of transmission of the reports to ASF 13,941,008 lei (5.83% of the total) for personal injury and death and 26,633,727 lei (11.14% of the total) for recourse files.

According to the legislation in force, RCA insurers have the obligation to compensate the injured party for the damages suffered as a result of the accident caused by the vehicle insured through a compulsory RCA auto insurance policy, according to the claims made in the claim, proven by any means of proof. Without exceeding the compensation limits stipulated in the RCA insurance contract, under the conditions in which the insured event occurred during the validity period of the RCA insurance policy, the RCA insurers grant monetary compensation for:

a) personal injury or death, including for non-patrimonial damages;

b) material damage;

c) damages representing the consequence of the unused use of the damaged vehicle;

d) costs incurred by the injured person.

The detailed analysis of the reports on the damage files notified to the insurers under the compulsory insurance contracts RCA, in the fourth quarter of the year 2019, can be consulted here.