A 15-25% and 10-20% growth for RCA and CASCO, respectively, is being foreseen for the next year

Narcis Nicola, RomEuro Insurance Consulting – Broker de Asigurare (in Romanian) insurance manager speaks about the evolution of the Romanian insurers’ business after the European integration and about the consequences on the transport field.

 

RBT: What are the new opportunities for the insurance companies after the European integration?

Narcis Nicola: Firstly, there are special opportunities conveyed by the alteration in the legislative field, in terms of adapting to EU’s request – for example, the mandatory character of new professional liability insurance products, the growth of the minimal limit for some professional liability insurances. Secondly, the overall foreseen economical growth, which implies new business possibilities for insurers, is another opportunity.

 

RBT: The integration has been associated with the policies’ rise in price. Should we be expecting higher prices for RCA and CASCO?

N.N.: There will not be major shocks from one year to another. A 15-25% and 10-20% growth for RCA and CASCO, respectively, is being foreseen for the next year. There are many explanations for this trend: the continuous growth in the liability limits – which should be harmonized, within 30 months from the adherence, on the base of the fifth European Directive -, the rise in price for automotive parts and the rising workforce costs in the automotive service business.