Astra-Uniqa, a company held by businessman Dan Adamescu and Austrian group Uniqa, posted the highest losses on the insurance market last year: almost 21 million euros (69.9 million RON). In 2006, the company reported a marginal profit, or around 236,000 euros (832,000 RON). Another insurance company, which incurred significant losses in 2007 is Ardaf, which lost over 10 million euros, 70% less than in the previous year. According to Astra-Uniqa, one of the causes of the losses was the new methodology used in the actuarial calculation of reserves, in an attempt to rally to the calculation methods used in the European Union. Another factor was the fast increase in claim rates on the motor segment and the growth of the sales network. "Last year, the claim rate for motor insurance saw a major increase, as did the value of the average claim. On the auto liability segment, the claim rate went up from 7% to 11%, while for comprehensive insurance, it went up to 60%, compared with 40-45% in 2006. As a result, we had to significantly increase the claims reserve," Radu Mustatea, general manager of Astra-Uniqa, told ZF.
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