The price of the MTPL policy increased by 15% in 2010
The MTPL tarrifs valid for 2010 increased by 15% compared with 2009, according to estimates of the Insurance Supervisory Commission.
Moreover, between 2005-2010, the price paid by the Romanians for mandatory motor insurance has increased more than three times, while the claims paid by insurers on the MTPL segment had a multiplying factor of 7-8. Thus, if in 2005 the volume of claims on the MTPL segment amounted to RON 441 million, for the end of this year, insurers estimate a value of over RON 3 billion, according to UNSAR data.
Among the main reasons why MTPL prices rose there are included price increases of spare parts and of labor, fleet renewal, increased frequency of accidents and expanding the assumed liabilities.
However, in terms of claims growth, the activity on the MTPL segment brought considerable losses to profile companies. Only in 2009, the losses recorded by insurers on this segment could rise to over EUR 150 million.
In this context, CNA - the National Conference of Motor Insurance will be the framework within which specialists from the domain will discuss the development guidelines and the optimal solutions to face an adverse economic period, but also the directions for making the profile market more profitable. The event will take place on March 4th this year, at the Parliament Palace.
Author: Mihai CRACEA
on 25.02.2010
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