Romanian Insurers Up Auto Civil Liability Policy Premiums

05 ian. 2009, 17:50, English

In some cases, such as Euroins (former Asitrans) or Interamerican, the fees registered growth below 10%, while Allianz-Tiriac or Omniasig increased the prices by some 20% compared to 2008. At companies such as Astra, Unita or Generali, the insurance premium grew by more than 25%.

For individuals, the RCA policy for one car with a cylinder capacity of up to 1,200 cc costs between 264 lei (EUR1 = RON4.0296) and almost RON360.

According to data from insurance companies, for a car with a cylinder capacity between 1,201 and 1,400 cc, individuals will pay between RON260 and RON460.

For cars with engines between 1,800 and 2,000 cc, the driver will pay between RON500 and RON700, depending on the insurer.

The change was mainly brought about by the increase in the paid damage ceiling.

This year, the ceiling for paid damages by authorized companies will be EUR300,000 for material damages and EUR1.5 for human injury, which is twice as high as the one in 2008.

In 2010, the ceiling will reach EUR500,000 for material damages and EUR2.5 million for human injuries.

In addition, companies increased the premiums for RCA policies in a bid to maintain balance between revenues from subscriptions and spending on damages covered by these policies.

Countless insurer representatives stated in 2008 that activities on the RCA segment bring losses to companies and announced they will increase the premiums as well as apply selection criteria for clients, in order to cut losses.

In 2007, companies authorized on this segment subscribed revenues worth RON1.5 billion, up 22% on the year before.

The most important insurers included Omniasig – RON238.14 million, Asirom – RON204.19 million and Unita – RON191.35 million.

The value of damages covered reached RON838.32 million in 2007, up 26.4% on the year before.

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