UNIQA Asigurari is counting on rebalancing the portfolio this year
UNIQA Asigurari aims the portfolio rebalancing by reducing motor share and encouraging other classes of insurance, to the detriment of increasing market share. The company ended the first eight months of this year with a decline of 4% of business, to RON 339 million, a better evolution than that recorded at six months, when the underwritings of UNIQA registered a reduction of 8%.
Also, UNIQA Asigurari recorded at the end of August a profit of RON 5 million, the same value as at the end of June, so the company believes that it is likely to end this year with a positive financial result.
Regarding the motor segment, the company posted an increase of 2.6% in Motor Hull, compared to the first eight months of 2008, up to RON 185 million, while on the MTPL class it registered a decreasing evolution of 3.4%, to RON 107 million.
"The decrease on the MTPL class was induced by our intention to reduce the share of the motor classes for portfolio rebalancing. All insurers in Romania want to encourage other classes, and in September it was made the first major step in this regard, namely the establishment of PAID", said Ileana HORVATH, President of the Directorate of UNIQA Asigurari.
At the same time, she said, since next year, the limits of compensation for MTPL are doubling, so that by 2012 they will align to the levels prevailing in the EU.
Claims paid by the insured in the first eight months amounted to RON 282.7 million, 5.3% more compared to the similar period of last year. Medium claims on Motor Hull increased with 14%, up to 20% over the 2008 level, until about RON 5,700, and on the MTPL they have also increased, to RON 5.200-6.000, but the frequency of claims was reduced, completed the President of UNIQA Asigurari.
"In the past two months, claims increased quite a lot, due to the introduction of the amicable report of car accidents resulting only in material damage, because Romanian drivers are very inventive and resort to all sorts of agreements in the declaration of damage. However, the phenomenon is temporary, because next year, along with the introduction of the bonus-malus system, more accidents will mean a higher insurance premium", also stated Ileana HORVATH.
Author: Andreea IONETE
on 08.10.2009
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