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”Representatives from the service shops announced that they will up the repair prices by 20 to 50 percent, so the insurance companies needed to reasses their tariffs in order to stay profitable, “ explained Cristian Constantinescu, president of the National Union of insurance and Reinsurance Companies.
CASCO policy prices may even double in case of some insurance companies, according to their estimates ragarding the new costs. Constantinescu added that prices need to be put up because there are increasing risks since some companies are more interested in marketshare than covering their costs. These companies forced low prices on their competitors, and the market might crack under pressure.
