The leasing companies are GENERALI's most harming CASCO customers
 Insurer GENERALI, the eighth company on the motor insurance segment in 2007 will reduce its motor market share by the end of 2008 with 0.86 percentage points, to 4.70% (from 5.56% in the previous year). The insurer managed to lower its losses more than five times in 2007 due to the motor segment losses reduction measures, especially through introducing CASCO deductibles and tariffs segmentation.
As far as the claims in this field are concerned, the leasing portfolios are the most harmful for the company.
"Most claims are brought by 20% of GENERALI's CASCO clients, the rest of 80% insurances registering one claim a year at most. We have the worst results with the leasing portfolios: between 10-12% from the leasing companies contracted policies bring over 60% of the claims", Radu IONESCU, Head of the Motor Insurance Office at GENERALI, has stated.
According to a GENERALI analysis made between 2004-June 2006 regarding one of its leasing portfolio clients it has been pointed out that from a total amount of 14,725 policies, 7.31%, meaning 1,077 policies marked between 4 and 14 claims each, the compensation paid representing over 31.6% of the total claims value. From the same total amount of policies, 6,317 had no claims and 7,331 brought 11,812 claims, meaning between 1-3 claims per policy.
GENERALI adopted some measures for the auto segment claims cut since the middle of the past year, which are now culminating with an information and ... campaign launch for the drivers. The responsible drivers will be rewarded by the company through smaller premiums, segmented tariffs, quality services, Bonus Malus and deductibles for all CASCO policies.
The minimum deductible is EUR 100, but it grows depending on the insured amount calculated at about 0.5% of the new car's value.
"The premium reduction applied given due to the deductible is bigger than the minimum deductible itself, so the insured drivers who have one claim a year at most detain a clear financial advantage", Radu IONESCU has stated.
As far as the other motor segment is concerned, the GENERALI representatives suggested that there would be necessary a 40% growth for MTPL tariffs in order to register some decent results on this class, even 100% for some insured drivers having a bad claims history.
So, implementing and especially the functioning of the common data base for the insured drivers is absolutely necessary in order for the responsible drivers not to be charged more at CASCO or MTPL because of the other drivers' irresponsible behaviour in traffic.
According to a study made in all the countries the Italian group GENERALI is present, Romania had the biggest claims frequency on the CASCO segment, of 60%, followed by Bulgaria with 54%, while the minimum of 8% was registered in Slovenia.
Author: Andreea IONETE
on 10.10.2008
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