insurer

Most insurers on the Romanian market are not prepared financially for a new earthquake like the one in Bucharest in 1977, mainly because of the lack of reinsurance, said Cristian Constantinescu, president of the National Union of Romanian Insurance and Reinsurance Companies (UNSAR).

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.

Romania’s Association of Independent Car Services (ASSAI) notified the country’s insurance watchdog, competition authority and financial guard Wednesday over allegedly illegal contract clauses used by insurer Omniasig.