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Romanian RCA Insurers Tariffs 30% Below Mkt Value-Exec

Romanian insurers licensed to sell civil liability car insurance policies, or RCA, offer prices some 30% lower compared to the level imposed through the overall mandatory reserves set up for their contracts, Allianz-Tiriac Asigurari general manager Cristian Constantinescu said Tuesday.
Romanian RCA Insurers Tariffs 30% Below Mkt Value-Exec
19 dec. 2007, 16:11, English

In fact, the insurers register losses due to the high level of mandatory reserves, Constantinescu said, mentioning Romania’s insurance regulator CSA should only impose additional reserves for RCA policies alone.

 “I already held talks with CSA officials and perhaps the situation will be resolved in 2008,” Constantinescu said.

Allianz-Tiriac, the largest insurance company in Romania, will end this year with zero profit on the RCA segment at best, Constantinescu mentioned.