EIG Re and all other reinsurer groups will immediately renew the reinsurance contracts and resume the payments for all current and future claims in lieu of the Guarantee Fund if the Financial Supervisory Authority (ASF) renounces the revocation of the Euroins license, Eurohold Bulgaria representatives say in a press release sent to AGERPRES on Thursday.
"Two weeks after the abusive revocation of the Euroins Romania license, the compulsory car insurance market is in total confusion due to decisions without economic reason that have already caused the increase in the value of compulsory car insurance premiums. Much increased reference prices, two attempts at capping of failed prices, criticism from insurance companies and brokers, the blocking of repairs for thousands of customers and the prospect of losing jobs for thousands of employees in the insurance industry are only the most obvious consequences of the abusive decision of the ASF," the press release informs.
According to the cited source, the shareholder Eurohold Bulgaria AD does not agree that the Romanians should pay the bill for the ASF decisions and is decided to make every effort to be able to continue supporting Euroins Romania so that things return to normal and the compulsory car insurance market should not be affected further.
"The Romanian authorities have not yet explained why the Romanian taxpayer must pay for the ASF's ambition to destroy a strong insurance company that paid in 2022 claims totaling over 1.6 billion RON, of which 1 billion RON came from reinsurers. Euroins Romania is supported by a shareholder with net assets worth 3 billion EUR," said Asen Hristov, president of the Board of Directors of Eurohold Bulgaria AD.
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