Romanian Astra insurer goes bust, Hungarian clients seek compensation
Romanian insurer Astra, which also has a subsidiary in Hungary, has gone insolvent and its license has been withdrawn by Romania’s financial market watchdog Autoritatea de Supraveghere Financiară (ASF), the National Bank of Hungary (MNB) reported this morning.
According to the central bank’s report, Hungarian clients of Astra are eligible for compensation by Romania’s state insurance guarantee fund up to the equivalent of €100,000. ASF appointed an oversight commissioner to the insurer last year, MNB reported.
Astra saw revenues from premiums of HUF 2.8 bln in the first half, and a market share of 0.62%, according to data compiled by the Hungarian Insurers Association (MABISZ), Hungarian news agency MTI reported.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.