The volume of gross premiums received for reinsurance by companies on the domestic market increased by 150% in euros last year, to 22.2 million euros (78.3 million RON), according to the 2006 report conducted by the Insurance Supervision Commission (CSA), which was published last week. "The significant increase in the volume of premiums received for reinsurance is a consequence of the high cost of reinsurance internationally, and of the stringent conditions imposed by external insurers who want to give up part of the risks that are present on external markets," indicates the CSA report. Consequently, increasingly more Romanian companies prefer to reinsure themselves domestically, which proves less expensive, but carries higher risks. In 2006, premiums received for reinsurance accounted for 1.7% of the total volume of gross underwritten premiums handled by insurance companies. The company that posted the highest revenues from reinsurance in 2006 was Omniasig, with a business worth around 11 million euros (38.7 million RON) on this segment, therefore controlling almost half the market.
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