Insurer Allianz-Tiriac doubles business in Q1 2022 after City Insurance bankruptcy

Romanian insurer Allianz-Tiriac, a joint venture between German group Allianz and Romanian billionaire Ion Tiriac, doubled its gross written premiums in the first quarter of 2022 compared with the same period of last year as the number of new customers increased fourfold.

The company reported that its business reached RON 820 million (EUR 166 mln) in the first quarter as car insurance subscriptions tripled year-on-year. The life and agro insurance segment also supported the growth.

The company’s management explained that the dynamics were influenced by the context in the RCA market, namely the bankruptcy of the biggest insurer in Romania – City Insurance, which made almost half of the Romanian drivers choose another insurer.

Allianz-Țiriac says it was one of the most active RCA insurers and that it kept the tariff policy unchanged for the annual insurances. However, the company expects the conjunctural effect to dissipate considerably in the next period.

“In the first quarter we had a short-term effect, determined by the situation in the RCA market and a structural effect, generated by the increased attention we pay to life insurance. We estimate that the first one will be consumed by the end of 2022, while in the area of ​​life and health insurance, a large-scale opportunity has opened up, which we intend to value even more,” commented Virgil Șoncutean, CEO of Allianz-Țiriac.

(Photo source: the company)