Uniqa insurer steps back from Romania’s liability car insurance market

Romanian insurer Uniqa Asigurari notified the insurance brokers that, effective October 1, the fees that the company will pay for the sale of liability car insurance policies would be 1%, instead of 11-12%so far.

Previously, the company announced that it wanted to exit this market segment and, in this context, has already submitted to the Financial Supervisory Authority (ASF) a request.

Profit.ro quoting sources familiar with the case, explains that ASF would resist approving to withdraw Uniqa’s operating license for this particular market. Romania’s mandatory car insurance market is currently hit by the collapse of the market leader, and all the companies are re-shaping their strategies.

Normally, ASF is expected to encourage as many companies as possible to remain on the market to generate competition. Uniqa Insurance Group has been operating on the Romanian market since 2008.

Uniqa Insurance Group, headquartered in Austria, is one of the most important and dynamic insurance groups in Central and Eastern Europe.

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