BNR Exchange Rates
16.05.2012- 1 EUR
4.4463 RON - 1 USD 3.4987 RON
- 1 CHF 3.7020 RON
- 1 GBP 5.5669 RON
- 1 gr. aur
172.7896 RON
Head of Allianz-Tiriac: Insurers' losses will be at least as big as last yearUpdated: 29-09-2008 |
The insurance market will see net losses at least similar to those recorded in 2007, worth almost 76 million euros, forecasts Cristian Constantinescu, general manager of Allianz-Tiriac, the largest company on the market. "After what happened this year on the market, the loss will be at least similar to last year's. The reason is the perpetual problem with auto liability insurance, where insurers charge half the price they should normally charge, because the competition does the same," says Constantinescu, one of the most powerful managers in the insurance
sector. Unlike in other years, in 2008, the auto liability market has seen a modest rise, mainly due to the low prices operated by many companies in order to gain market share. Auto liability policies and comprehensive insurance policies generate the biggest losses for insurers, due to the high frequency of car accidents, and to the fees set by companies, which only consider competition, and ignore the risks involved.
"My main disappointment this year has been that company managers are aware that they are losing money, there have been discussions at market level as to the directions that should be taken in order to return to normal, but nobody has followed them. At the beginning of the year, we clearly felt the shareholders' pressure on profit, but we have heard nothing about that in the last few months," added the head of Allianz-Tiriac.
Before last year's results were available, Constantinescu forecast an up to 80 million-euro loss for 2007; an estimate that came close to the around 76 million-euro loss announced by the Insurance Supervisory Commission.
Ziarul Financiar
Latest News:
- Call for Entries for Deloitte Central Europe Technology Fast 50 2012
- Millennium Bank offers term deposits with monthly interest payment
- Deloitte European Salary Survey: Sweden, Belgium and the Netherlands, at the top of the pyramid of the tax systems
- Citibank Romania Announces New Partnerships Extending its ATM and Repayment Network by 500 Locations Countrywide
- NBR delivers a silver coin dedicated to Sergiu Celibidache – 100 years since his birth.
- MILLENNIUM BCP NAMED BEST BANK IN PORTUGAL FOR SECOND STRAIGHT YEAR BY EMEA FINANCE
- PwC Romania awarded by the Babes-Bolyai University
- COSMOTE Romania launches a new advertising campaign promoting its Business Portfolio
- On April, National Bank of Romania's foreign exchange reserves stood at EUR 34,336 million
- BCR achieves solid quarterly operating result despite economic slowdown
- The National Bank keeps unchanged the monetary rate
- Tomas Spurny begins mandate as BCR CEO
- PIC reorganization plan approved by creditors and confirmed by the syndic judge
- Upgrading water supply network in Romania's Mures county €15.9 million loan to S.C. Compania Aquaserv S.A.
- COSMOTE Romania introduces the online payment service
Most Popular News
- Three billion euros to be invested in energy private-public partnerships
- Romanian state plans to keep 8 pct of Petrom, at least
- IMF mission extends stay in Romania till May 9
- IMF, FinMin Vladescu discuss Government revenues collection
- Videanu admits that he is in conflict of interests in connection to Marmosim
- Greece gets 110 billion euros, biggest bailout in history
- BNR governor Mugur Isarescu: Situation is quite complicated
- Romanian-German meeting on fresh cooperation opportunities
- Gov't to earmark 6.4pc of GDP for investment
- FinMin Vladescu: Cutting 25pc off public wages pool will not generate needed savings
