Romanian insurance companies recoded a high increase in net losses: 575.78 million lei or, in other words, approximately 128% against the net losses value in 2007, according to the date published by the Insurance Supervision Commission(CSA) on Wednesday. According to the authority, 99% of the losses are attributable to four companies: Ardaf, Uniqa, BT Asigurari and Asiban.

The profit volume at the end of 2008 was 266.58 million lei. The losses amounted to 842.36 million lei, resulting in a net loss of 575.78 million lei.

The four companies who attracted 99% of the losses have been taken over last year by important international groups, which announced major changes in the companies' development strategies. Asiban ans BT Asigurari will merge under French group Groupama.

2008 saw a 666.45 million lei loss in general insurance and a 92.70 million lei technical profit for life insurances.

The insurance companies recorded a 253.15 million lei net loss in 2007.