Romanian Insurer Allianz-Tiriac To Raise Auto Civil Liability Policy Prices By 20% In 2010

Romanian insurer Allianz-Tiriac Asigurari will increase price for auto civil liability policy RCA by at least 20% for contracts starting January 1, 2010, and in some cases prices will double compared to the beginning of 2009, the insurer’s general manager Cristian Constantinescu said Monday.

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"There are many reasons why prices will increase. The first would be the euro/leu exchange rate and the influence of claim rate on certain age and location segments. On the other hand, starting 2010 the claim limit for this type of policies will increase from EUR300,000 to EUR500,000 for damages, and from EUR1.5 million to EUR2.5 million for injuries and decease," Constantinescu said.

In the first nine years of 2009, Allianz-Tiriac subscribed RCA policies worth 166 million lei (EUR1=RON 4.2968), up 12% compared to the same interval in 2008.

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