Insurers have to increase prices for auto policies, due to high costs, deems GroupamaPublish date: 14-11-2008
Losses registered by the Romanian insurance market in the auto segment make it impossible for players to avoid increasing prices in 2009, declared today the Groupama official in Romania, Denis Rousset.
The French insurer Groupama predicts that the market will advance slower next year than it did this year, when it increased by 25 percent.
The insurer is currently planning the merger of its three companies on the Romanian market, Asiban, BT Asigurari and OTP Garancia Asigurari into one single entity named Groupama Asigurari. The process will be completed by the end of 2009 and will propel Groupama to third place on the Romanian market, after Vienna Insurance Group and Alllianz-Tiriac.
Groupama officials admitted that the price paid for the three insurers could have been smaller had the transactions been closed before the financial market got more turbulent.
Groupama aims to control 15 percent of the auto insurance market in the next 5 years. The group's products will be distributed through Banca Transilvania and OTP Bank, with which it inked exclusivity contracts and through BRD SocGen and CEC Bank.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei