The Romania's motor insurance market is still in search of solutions for the high claims ratios both in MTPL and Motor Hull segments. Unfortunately, in the current economical environment, Motor Hull has become a luxury for many drivers. This has generated a drop in premiums by 10% in the first half of 2012, compared to last year, so it is difficult for insurers to deal with the claims, while increasing prices. Even for MTPL, which holds the leading position on the local market, there has been a decrease of 5% in written premiums.
Motor insurance was the main cause for the losses registered in the insurance market for years in a row. Nevertheless, MTPS and Motor Hull are important cash sources for companies and a means to attract new client by cross-selling.
As a consequence, it is at the Motor Insurance Conference, on the 3rd of October in Bucharest, where we will try to find the solutions for the following questions:
- Do we want more clients while we hold prices at a low level?
- Is a price increase vital for avoiding further losses?
- How do we deliver quality services in difficult market conditions?
There are only a few of the topics that will be addressed during the debates, which will bring together companies, authorities and related industries at the Parliament Palace in Bucharest, Romania.
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