Misu NEGRITOIU: The predictability on the Romanian insurance market grew

17 May 2016 —
Misu NEGRITOIU: The predictability on the Romanian insurance market grew
misu_negritoiu_fiar2016"There are no more arguments for increasing the MTPL insurance premiums and we have the premises for a sustainable development. This makes us affirm that the predictability on the Romanian insurance market grew", Misu NEGRITOIU, President of ASF, declared during the "Insurance Market Trends" Conference at FIAR 2016.

He underlined that there are no more surprises on the Romanian insurance market.

"At the end of this year, we expect the claims combined ratio to reach an equilibrium, to reach approximately 100%, and that we don't have the deviations that we have today", Misu NEGRITOIU explained.

The President of ASF also pointed out that the Financial Supervisory Authority implemented 3 laws in the past year, which redefined the market. "The MTPL aw would be the fourth and we have IDD. With these 5 laws, the insurance legislative framework in Romania is well established probably for the next 20 to 30 years", he added.

Misu NEGRITOIU pointed out that the market's transparency was achieved through the two audit exercises, unique in Europe - BSR and BSRE - through which the entire market was audited. "These exercises and the measures we took afterwards pointed out the weaknesses, as well as the strong points of the market", he added, underlining that a difference must be made between the players' capacity in the market.

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