Romanian Insurers Might Hike Tariffs If Car Insurance Revenues Continue To Fall

Romanian insurers will have to increase policy tariffs or reduce current spending if revenues on the car insurance segment continue to drop in 2011, insurer Allianz-Tiriac general manager Rangam Bir said Wednesday.

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Imaginea articolului Romanian Insurers Might Hike Tariffs If Car Insurance Revenues Continue To Fall

Romanian Insurers Might Hike Tariffs If Car Insurance Revenues Continue To Fall

According to Bir, insurers' liquidity will be impacted if car insurance underwritten premiums continue to decrease this year, which will trigger tariff hikes or spending cuts.

Allianz-Tiriac registered revenues amounting to RON1.03 billion in 2010, down 20% compared to the previous year.

The general and life insurance market dropped 5.7% in 2010, to 8.36 billion lei (EUR1=RON4.1902) due to a 7.5% decrease in revenues on the general insurance segment, to RON6.69 billion. On the other hand, underwritten premiums on the life insurance segment increased by 2.32%, to RON1.66 billion

Underwritten premiums on the car insurance segment accounted for 59.8% of overall underwritten premiums.

RCA underwritten premiums totaled RON2.51 billion last year, up 11.3% compared to 2009, while CASCO underwritten premiums dropped 25.1%, to RON2.49 billion, according to insurance regulator CSA.

Overall car insurance revenues amounted to RON5 billion in 2010, from RON5.58 billion in 2009 (-10.4%).

Damage claims paid for RCA insurance increased by 1.66% in 2010, to RON1.62 billion, while CASCO damage claims decreased by 14.4%, to RON2.48 billion, said CSA.

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