Mandatory car insurance prices in Romania, up by less than 5% in first day after ceiling removed

Prices of mandatory car insurance - RCA policies increased by less than 5% on Friday, on the first day after the removal of price ceilings for RCA policies. However, prices are likely to further increase for truck drivers who have recorded a lot of damages, especially abroad, said on Friday Bogdan Andriescu, president of the insurance brokers' association UNSICAR. In the case of drivers with a fair behavior, the tariffs could drop, he added. The RCA market became free again on Friday, after six months of compulsory RCA prices. In October last year, the Government decided to freeze the RCA costs for six months following large protests of carrier firms. During this period, the Parliament drafted a new RCA law, which was approved last week. The law establishes reference prices for the RCA policies. The Financial Supervisory Authority will later issue a set of norms that will limit the RCA prices to an interval over the reference price. Romania’s financial regulator sets mandatory car insurance reference prices editor@romania-insider.com