ASTRA Asigurari insures TAROM for the 4th year in a row

On 15.04.2010, ASTRA Asigurari - the leader on the Romanian aviation insurance market has renewed the insurance policy for the TAROM fleet after being declared the successful tenderer of the auction organized by the airline operator on the award of the Casco insurance service agreement for civil aircrafts and spare parts and Civil Liability towards passengers, baggage, goods, post and third parties.

The contract was concluded for the term set between 01.05.2010 and 30.04.2011 and it was awarded to the ASTRA Asigurari company for the 4th year in a row.The total insured amount for the aircraft hull liability CASCO insurance is USD 522,482,814 and the unique combined limit for third party civil liability insurance is USD 750,000,000.

The TAROM fleet consists of 26 aircrafts, of which 2 Airbus 310-325 aircrafts, 4 Airbus 318-100 aircrafts, 4 Boeing 737-300 aircrafts, 4 Boeing 737-700 aircrafts, 3 Boeing 737-800 aircrafts, 7 ATR 42-500 aircrafts and 2 ATR 72-500 aircrafts. The policies are 100% re-insured by the Willis Limited aviation broker, the largest aviation broker worldwide, with renowned re-insurers, specialized in the aviation insurer industry.

In recent years, the ASTRA Asigurari company has paid two of the highest compensations on the aviation insurance market in Romania, resulted from two incidents occurring on the Henri Coanda Otopeni Airport in December 2007 (USD 10,000,000 for a TAROM aircraft, the highest compensation ever paid in Romania), respectively April 2008 (USD 4,200,000 for a ROMAVIA aircraft). ASTRA has thus proven its professionalism and financial power and it has confirmed its position as leader of the aviation insurance market in Romania. The company’s portfolio includes some of the largest aviation clients in Romania: TAROM, ROMATSA, Blue Air, Romavia, the Henri Coanda and Aurel Vlaicu Airports, Romaero, the Romanian Aviation Academy, the Airports in Bacau, Constanta, Cluj-Napoca, etc.

About ASTRA Asigurari

At the end of 2009, the company has registered a total subscribed gross premium volume of lei 809,471,525, registering a 25% increase compared to 2008 and a net accounting profit amounting to lei 6,206,843, registering a 68% increase compared to 2008. The company is a market leader in the home insurance, vehicle liability insurance, marine and aviation hull liability insurance segment. For the results obtained in 2009, the Insurance Market Award Gala, organized by the PRIMM - Insurance & Pensions Magazine, the company was granted the “Insurer of the Year” Award for general insurance and the “Special Award for Professionalism and Performance” for the successful implementation of the insurance policy electronic issuance system.

Press Office - mihaela.constantin@astrasig.ro