ROMANIA INSURANCE COMPANY COLLAPSE

CITR insolvency company announcement on Romania vehicle insurer EUROINS collapse

epa10839820 CITR CEO Paul Dieter Cirlanaru (L) and Alina Popa (R), head of the Euroins bankruptcy management team, attend a press conference at CITR headquarters in Bucharest, Romania, 04 September 2023. In March 2023, the Financial Supervisory Authority (ASF) requested the insolvency of Euroins, a liability car insurance company, and announced on 17 March 2023 that they would withdraw Euroins Romania's operating authorization. The bankruptcy management team of Euroins stated that this will affect 1.6 million clients with car liability insurance and 700,000 clients with health insurance. Initial estimates said that 140,000 customers suffered damages, resulting in a loss of 250 million euros to be covered by the Insurance Guarantee Fund (FGA). The CITR company is responsible for managing Euroins' bankruptcy and is taking the necessary legal steps to ensure proper compensation of affected clients. The FGA must pay compensations of approximately 1 billion euros (equivalent to 5 billion RON) to various entities based on the latest CITR estimates. EPA/ROBERT GHEMENT

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