Allianz-Tiriac totalled 153 million euros in gross premiums underwritten in the first six months of the year Allianz-Tiriac, the leader of the insurance market ended the first six months with an operating income derived from general insurance to the tune of 4 million euros, which is half the profit in the same time of 2005, according to the data in the half-year report published by the German Allianz-Tiriac group. The report does not reveal any data about the life insurance business.
Allianz-Tiriac representatives say the main cause for this trend is the increase in the claims ratio for auto insurance. The comprehensive auto insurance, the auto liability insurance and the Green Card insurance accounted for 75% of the company's portfolio at the end of last year.
"The upward trend of the claims ratio on the segment of auto insurance has been more visible over the last two years," stated Marius Onofrei, public relations and communication manager with Allianz-Tiriac. He said the operating profit in the report of the Allianz group, which owns 51.62% in the insurer, was calculated in line with international accounting standards and was different from the figures the company reports to the Insurance Supervision Commission, calculated under the Romanian accounting standards. Allianz-Tiriac's communication manager added that more details on the results of the company in the first half would be made public some time this week.
Following the increase in the claims on the auto insurance segment, the company changed the manner in which it calculates the rates for the comprehensive and auto liability insurance policies. The premium quote will therefore no longer depend on the value of the car alone (for comprehensive insurance) or the cylinder capacity (for auto liability insurance), but on a number of things, such as the age of the insured client, the
