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Proiect asigurari si reasigurari - RCA

Proiect asigurari si reasigurari - RCA

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Published by Adriana Ruda
Piata asigurarilor RCA din Romania - analiza anilor 2008 si 2009
Piata asigurarilor RCA din Romania - analiza anilor 2008 si 2009

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Academy of Economic Studies, Business Administration Faculty, English Section Bucharest

Insurance and Reinsurance Project
„Romanian Motor Insurance Market”

Students: RUDA ADRIANA SIVU LAURA Group 136

2009

....page 4 2..................…………………page 15 References……………………………………………………………........2 Small insurance dictionary.page 4 2.........1 Why and when do we need a motor insurance?..page 13 CHAPTER 5: Conclusions ..page 3 CHAPTER 2: Motor insurance generalities…………………………....page 4 CHAPTER 3: Types of motor insurance used in Romania………….........................................page 16 2 ...............................………………………………........TABLE OF CONTENTS CHAPTER 1: Introduction……………........page 7 CHAPTER 4: The Romanian motor insurance market in 2008 and 2009..........

in the subsidies of the insurance companies or in the bank assurance system. The key-success factor is to know and to use the art of conversation on the telephone. The video can be used to evaluate the damages. a video camera placed in an auto-shop can help the specialists of an insurance company to evaluate the damages from their office. without giving up the old ones. the contact that he/she establishes with a potential client will be made through it. Market research shows that the insurance industry is in a continuous expansion. in a way. Not only that. All the methods have a series of advantages and disadvantages. Whether we are taking the bus to go to work or travel by car or airplane. people are constantly surrounded by risky situations. but having the disadvantage of not being able to properly evaluate the damages. The telephone is a vital instrument in the field. This leads to a decrease in the costs of travel and centralizes. Despite this.Chapter 1: Introduction We are living in a world full of risks. because. The characteristics of modern insurances and the factors that influence them determined the insurance companies to adopt new technologies that have the role of reducing the costs and increase efficiency. but it is also necessary to have behind the whole system a team of well-trained specialists. Among these. one has to take an important measure. that of insuring their vehicles. problems concerning the management of damages can be solved. because of its applications. that the policy terms which will be settled by telephone to be known by the public with the help of mass-media. in advance. it is not a fully independent system. due to the fact that it needs. Furthermore. As an efficacy example we can mention recording a car accident. The internet has the highest potential as a way of selling insurances. It seems that the optimal solution is the usage of both technologies: old and new. growing proportionally with the new equipment and machinery used in this domain of activity. especially for the insurance agent. and increases the risk control efficiency. This type of insurance is called motor insurance or auto insurance. of its limited access and of its price. the ones that have a major role in selling insurances and in the management of damages are the internet. because it is still used together with the traditional selling of insurances. Thus. in order to avoid suck perils. 3 . What we can conclude is that the insurance companies will have to search and evaluate the new technologies. the evaluation activity of the damages. Nevertheless. it is not used at a wide scale. at lower costs. The telephone offers a higher security. telephone and video. the advantage being the time efficiency and avoidance of bureaucracy. many times. But there is hope that the internet will have the most important place in the near future. For instance. through telephone. who will sustain this technology.

2. or better said. These frequently appear in traffic and can be: • • • • • • Damaging your own vehicle Damaging another vehicle Damaging or destroying other assets Hurting yourself or other persons from the vehicle that you drive Hurting other persons from another vehicle involved in the accident. because of the high costs of the repairs. All these events affect our budget and it is possible to end up in the situation where one will not be able to use the vehicle for a long period of time. People who were in unwanted situations like this will realize that a motor insurance would have saved them. which designates. have at least 5% from the total voting rights in the general meeting of the shareholders Insurance activity – the activity made in or from Romania. before using that car in traffic. When do we need a motor insurance? The best time of acquiring this type of insurance is when you buy a new or second-hand car.2 Small insurance dictionary Important shareholders – shareholders that. the negotiation. by natural disasters or it can be stolen.1 Why and when do we need a motor insurance? Why do we need a motor insurance? Having and driving a car implies taking risks. but also the investment or the increasing of own and owned funds 4 . in the parking-lot. the closing of insurance and reinsurance policies. or hurting a jay Your car can be damaged or destroyed while it is staying in the garage. the cashing of bonuses. the offering. without taking into consideration the replacement of it. liquidation of damages. the recuperation activity. the intermediation.Chapter 2: Motor insurance generalities 2. alone or through or in connection with other persons. mainly.

and which compensates those that will have an injury from the fund made out of received bonuses.natural or legal person. the first one being reinsured. with a third party. each one covers a certain part of it Free paid reserve fund – the total amount with which the members of the society contributed to its funds Danger – this term refers to possible causes of losing in assets insurances. storm. an insurance fund. for its clients. Romanian or not. and also based on other incomes received from the activity undertaken Insured – the person that has an insurance contract with the insurer Insurer – natural or legal person. with the contribution of more insured persons exposed to certain risks. authorized by the State. from all the insurance and reinsurance contracts. which. according to the conditions stipulated in the mandate contract. negotiates or signs insurance contracts and offers other services related to the protection against risks or regularization of damages Catastrophe – an event or a series of events which cause substantial damages in a short period of time Coinsurance – the activity/operation through which two or more insured subscribe to the same risk. like fire. without being an insurance broker or an insurer Insurance – the operation through which an insurer establishes. before deducting any amounts Net premiums received – bonuses received from which we deduct the amounts paid as reinsurance bonuses Reinsurance – the operation of insuring an insurer by another insurer.Insurance agent – natural or legal person. in the name and in the account of the insurance company. which are reinforced in a referential period of time. empowered. including the reinsurance bonuses received. under the authorization of an insurance agency. Romanian or not. including the reinsurance bonuses received in the referential period. and the second one being the re-insurer 5 . to negotiate or to close contracts. with the help of the mutuality principle. before deducting them from these amounts Gross premiums received – bonuses received from which we deduct the amounts paid and to be paid as a bonus of reinsurance Gross premiums received – the amount of bonuses received. earth-quakes etc. or a entity authorized by the State to practice insurance activities Insurance broker . Insurance portfolio – a part or all of the insurance contracts signed by an insurer Gross premiums underwritten – bonuses received or to be received.

Retention own – the part from the risk that remains in the duty of the insurer after the reinsurance deduction is made Risk – any situation that derives from the activity of a person or from the activity of an organization and which determines loses. civil liability etc. physical damages. Insured risk – the phenomenon (the event) or group of phenomenon. which. once produced. material damages. oblige the insurer to pay the insured (or the beneficiary of the insurance) the compensation or the insured amount Insurance society – legal person whose associates are also insured and insurers 6 .

Chapter 3: Types of motor insurance used in Romania A. What compensation do I receive? In case of partial damages: Repairs costs. storms. spots. scratching. explosion. carbonization and other diverse destructions which result from fire Floods. including the fall of other objects on the vehicle Fire. inverting. the weight of snow or of ice Theft of the vehicle or of parts of it Damages made to the vehicle or to parts of it as a result of a theft The risks related before are covered on the Romanian territory. hits. remains in the property of the insured 7 . or automatically when you purchase the green card from one of the representatives. smoking. avalanche. Vehicle crash and theft insurance What can you insure? Vehicles registered in Romania. collapsing or landslides. actions of water flowing and by the objects in the water Torrential raining. respectively the costs of replacing the damaged parts The expense made by the transportation of the vehicle to the nearest auto-shop which can make the repair or to a shelter The expenses made to limit the damages In case of full damage: The insured amount written in the insurance. thunder. earth-quake. Covering these risks can be extended outside Romanian territory. hail. hurricane. owned by natural or legal persons What risks do they cover? Collision. less the costs of the undamaged parts. on a specific paid bonus demanded. falls.

The insurance of the drivers and of the persons in the vehicle What can you insure? The driver and the persons in the vehicle insured for damage and theft What are the risks covered by the insurance? Death or total or partial permanent invalidity produced in traffic or by accidents in traffic What is the compensation? The insured amount in the contract in case of total invalidity or death An amount in the limit of the invalidity degree established by the doctor. the diagnosis. valid outside Romanian territory (Green Card) What can you insure? Natural or legal persons that have vehicles registered in Romania What kind of risks does it cover? The injuries that the insured or the persons included in the insurance that have the responsibility towards third parties that suffered a damage from the vehicle accident. surgical treatment or medicines. Motor third party liability (MTPL). in case of partial invalidity The amount of the medical expenditures in case a person is hurt in the vehicle for: the hospital.B. if he/she was obliged to repay 8 . transport C. which take place on the countries’ territories mentioned in the international insurance document called “green card” What are the compensations? The amounts owed to third partied that suffered a damage in case of physical damages or death The expense made by the insured in the civil lawsuit.

which is produced between the moment of receiving the goods in the vehicle until the goods are handedover. is deducted. liters.D. pieces. outside the Romanian territory What can be insured? The entities that are involved in international shipping of goods. with vehicles mentioned in the insurance policy What risks does it cover? Total or partial loss of the goods or for destroying the goods. as well for overcoming the delivering deadline What are the compensations? In case of total damage: For the goods where quantity is expressed in kilograms. or the cost for replacing or reconditioning the goods. for the goods transported with the vehicle. liters. the value at the date of the incident insured from the total quantity which was fully destroyed For the other goods. linear meters. square meters or cubic meters. with the agreement of the insured. the value at the same date as the rest of the goods which are reusable or still worth something In case of partial damage: For the goods where quantity is expressed in kilograms. square meters or cubic meters. The depreciation degree is established in percentages. on the basis of examining the damaged goods For the other goods. The liability insurance of the transporter as a carrier. linear meters. the cost for the repairs of the components of damaged parts. the value at the date of the incident insured. the value at the same date as the rest of the goods which are reusable or still worth something 9 . the value at the date of the incident insured for the loss of the quality (depreciation) of that part from the total quantity which was destroyed and which is diminishing the value of those goods. pieces. from which you deduct. with the agreement of the insured.

with vehicles mentioned in the insurance policy What risks does it cover? The liability of the transporter for the damaged transported goods. The liability insurance of the transporter as a carrier. is deducted. square meters or cubic meters. The depreciation degree is established in percentages. the value at the date of the incident insured from the total quantity which was fully destroyed For the other goods. only on the Romanian territory What can be insured? The entities that are involved in shipping of goods within the Romanian borders.E. the value at the date of the incident insured. the cost for the repairs of the components of damaged parts. with the agreement of 10 . the value at the same date as the rest of the goods which are reusable or still worth something In case of partial damage: For the goods where quantity is expressed in kilograms. the value at the date of the incident insured for the loss of the quality (depreciation) of that part from the total quantity which was destroyed and which is diminishing the value of those goods. or the cost for replacing or reconditioning the goods. including the cases resulting from not complying with the clauses stipulated in the transport contract The damage brought to the goods as a result of some technical malfunctions of the vehicle or as a result of a fault made by the persons from which the transporter rented the vehicle What are the compensations? In case of total damage: For the goods where quantity is expressed in kilograms. on the basis of examining the damaged goods For the other goods. from which you deduct. caused by the transporter and/or the driver of the vehicle. with the agreement of the insured. linear meters. linear meters. liters. square meters or cubic meters. pieces. for the goods transported with the vehicle. liters. pieces.

in case the latter were not previously compensated by the insurer.000 euro. the value at the same date as the rest of the goods which are reusable or still worth something F. accidents which include: o Death or body injuries o Damages and destruction of goods (including vehicles) What are the compensations? For the motor third party liability insurance.the insured.000 euro. Motor third party liability (MTPL). exceeding the limits of the compulsory one What can be insured? Natural or legal persons that have vehicles registered in Romania What risks does it cover? The prejudices brought by the insured person/s to third parties involved in accidents on the Romanian territory. the lower limit for material damages was 150. the compensations are paid to the affected natural or legal persons. In 2008. Motor third party liability (MTPL) What can be insured? Natural or legal persons that have vehicles registered in Romania or outside Romania What risks does it cover? The prejudices brought by the insured person/s to third parties involved in accidents on the Romanian territory. The amounts the insured is obliged to pay for the damages and the court expenses of the persons who took the risks mentioned above The expenses made by the insured during the civil lawsuit Each year. accidents which include: o Death or body injuries 11 . the limit was 750. G. the government of Romania sets a limit for the compensations an insurer has to give to the insured. while in case of accidents resulting in deaths or body injuries.

the compensations are paid to the affected natural or legal persons. in case the latter were not previously compensated by the insurer. The amounts that exceed the limits imposed by law for MTPL and which the insured is obliged to pay for the damages and the court expenses of the persons taking the risks mentioned above The expenses made by the insured during the civil lawsuit 12 .o Damages and destruction of goods (including vehicles) What are the compensations? For the motor third party liability insurance.

Among the motor insurance companies present on the Romanian market we can mention Allianz-Tiriac. most of the companies above agreed with revising the auto tariff systems. with a 17. the motor insurance market had an estimated value of approximately 1 billion euro. Generali and others. The first step has already been made: the leader of general insurance companies in Romania.87% market share during the opening semester of 2008 represented by a total volume of subscriptions of €131 million. Allianz-Tiriac Asigurari is the motor insurance leader. representing more than 70% from the total amount registered on the general insurance segment in Romania.Chapter 4: The Romanian motor insurance market in 2008 and 2009 Motor insurance represents. generally prudent drivers that rarely cause an accident. As far as the hierarchy on this market is concerned. In 2008. as compared to the European Union. initiated a new system of calculating the price of CASCO insurance. so as to correspond to the assumed risks. This high percent can be explained not only by the lack of knowledge Romanian citizens have concerning insurance. Omniasig. Unfortunately. with total subscriptions of €78. the damage rate is growing fast on the market. Asiban. Asirom. recording a 1. More precisely. older drivers. but also by each driver’s profile. the fee is established not only by the type and price of the car. The second place is occupied by Omniasig. the married ones. that managed to have a market share of 10. that cannot conquer the market with any other appealing products except car insurance. This 13 . reaching a percent of 34 in case of Motor Third Party Liability and 41% in case of CASCO insurance.77%. While Asirom is the third motor insurance company. but also by the professional incapacity of the insurance companies. The year 2009 came with an important change regarding the motor insurance market. While the ones involved in numerous accidents will have to pay more money. will pay less for a motor insurance starting July this year. more than two thirds of the insurance industry’s total. with 18% market share. Unita. some representatives suggested that all these corporations should contribute to creating a common database and to introducing a more proficient system of evaluating the damages. In order to increase their efficiency. where it cumulates 13-15%. in Romania.88 million. Allianz-Tiriac. BCR Asigurari. According to this new method. Ardaf. Furthermore. subscriptions totaling €135.85 million. The company had.85% decrease as compared to the first semester in 2008. in the first semester of 2008.

technical characteristics. As for the insured person. destination. the corporation believes they will not only make social justice – each driver pays according to the number of damages he made – but also reduce their costs of reimbursement to the insured. Consequently. The information regarding the vehicle will include the brand of the car. the insurance company will ask details about his/her age. 14 . date of acquiring the driver’s license. year of fabrication. Allianz’s forecasts show that around 50% of their customers will be paying less by 10% for CASCO insurance.way. residence. The rest of 40% of Allianz’s customers will have to pay 10-15% more for their CASCO policy. marital status. The corporation is certain that its competitors will soon modify their CASCO insurance systems as well. frequency and way of using the vehicle. The price of this type of insurance will depend on two aspects: the insured vehicle and the insured person. features. while 10% of their clients’ cost will remain the same. and his/her traffic conduct. model. safety systems etc.

To conclude. despite the fact that our auto fleet is one of the smallest. As we have seen in Allianz-Tiriac case.Chapter 5: Conclusions As we have seen in the previous chapters. Romanians are said to be among the most stressed drivers in the world. such as life insurance or property insurance. no one can tell for sure. so that the company’s revenues get back on an ascending track. Yet. 1 million automobiles. it does not take much for a Romanian citizen to realize that we have one of the most elevated rates of car damage. Thus. the measures of dealing with the high rate of damage can differ tremendously. All these factors represent opportunities for the insurance companies. while penalizing the reckless ones. which gained more and more ground in the general insurance sphere over the last couple of years. not all companies act the same. What is more. and they act in consequence. our country only has 277 kilometers of highway. Nevertheless. Any Romanian driver knows that what puts us in the top 3 countries in Europe with such a high rate is the infrastructure that can be seen throughout the country. we can say that the motor insurance industry will continue to develop and improve as long as people will use cars as a means of transport. and it is statistically proven that 95% of car accidents happen outside the highway network. the motor insurance Romanian market is a highlydeveloped field. They have changed their strategy and switched to rewarding the responsible clients by reducing the price of the insurance. 2 million residents. They begin making more advantageous offers and launch new attractive products. The roads are mostly made up of holes in the pavement or unevenly-spread cement. However. caring more sometimes about their pride rather than their own cars. Look at Bucharest for example. or because they consider the risk of damaging their vehicles higher than the risk of fire. corporations’ profits start decreasing and competition on the market rises. Whether this is because people are not very familiar with the other types of insurance. when these situations are met more often than expected. How many cars were there 7 years ago? And how many of them had insurance? 15 . Furthermore. it should not be a surprise that two out of three insured vehicles are involved in an accident. by driving chaotically and imprudent.

motorinsurance.100-33627.htm http://www.ro/asigurari_teribilistii_vor_plati_asigurari_auto_mai_scumpe.ro/articol/Finante-Banci/26849/Piata-asigurarilor-autoeste-estimata-anul-acesta-la-peste-un-milliard-euro.wall-street.html • http://www.ro/ALLIANZ-TIRIAC-OMNIASIG-si-ASIROM-circa-50-dinpiata-asigurarilor-auto-articol-2.co.uk/ http://www.generali.ro/articol_557/politele_auto_domina_piata_asigurarilor.1asig.References: • http://www.php http://www.ht ml 16 .businessadviser.ro/persoane_fizice/auto.html • • • • http://www.3.standard.ro/asigurare_auto.htm • http://www.asig.

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