UniCredit Bank, Allianz-Tiriac Sign Partnership For Distribution Of Insurance Policies In Romania

UniCredit Bank, the fourth largest bank in Romania by assets, and Allianz-Tiriac Asigurari, the largest insurance company at the end of the first half of 2018, on Monday said they signed a partnership for the distribution of life and general insurance, by implementing a regional partnership.

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Imaginea articolului UniCredit Bank, Allianz-Tiriac Sign Partnership For Distribution Of Insurance Policies In Romania

UniCredit Bank, Allianz-Tiriac Sign Partnership For Distribution Of Insurance Policies In Romania

The implementation of this agreement in Romania is based on a frame partnership between UniCredit and Allianz Group for Central and Eastern Europe, which had been announced at the beginning of June 2018.

Private individual customers of UniCredit Bank will be able to acquire home insurance, health insurance and other types of general insurance policies through the bank, as well as exclusive life protection insurance policies or protection and investment life insurance policies provided by Allianz-Tiriac Asigurari. The two partners have developed a home insurance policy which complements the acquisition of mortgage loans, and a life insurance policy for customers with lei-denominated current accounts.

Allianz-Tiriac, thus, becomes the insurer providing insurance products to UniCredit Bank customers in “one stop shop” system, through the bank’s extended branch network. The new insurance products complement the banking products provided by UniCredit Bank.

UniCredit Bank outranked Raiffeisen Bank in 2017, in the top ten of the local banking system, placing fourth. This result came after UniCredit boosted its asset value by 14.9% to RON37.54 billion, accounting for 8.78% of the market.

Allianz-Tiriac Asigurari climbed to the top spot among local insurers, in the first half of 2018, with a 13.6% market share, compared to the second spot held in the same period a year ago, with a 12.72% market share, which represents a total value of underwritten gross premiums of RON685.44 million, translating into a 6.9% increase.

 

 

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