The reinsurance costs may rise by at least 10% for 2009, which will probably boost tariffs charged by insurers, due to international turmoil, said the managing director of Allianz-Tiriac Asigurari, Cristian Constantinescu (photo).

For next year, the reinsurance policies will be renewed in the forthcoming period, the company representative said.

“A major part of the losses registered by the reinsurers were compensated, in some cases, by the investments’ outcome”, Constantinescu added, with a reference to the fact that reinsurers placed a part of the money on the financial markets.

“The first effect of the crisis is the fallout of the credit and everything related to policy or long-term loan, leasing and banking loan, but the decline has not affected our portfolio, because the growth rate is still stable. It remains to be seen how the market will stabilize within a few months,” said Aurel Badea, executive manager at Allianz-Tiriac.

Despite the poor international economy, the insurance company has diversified its distribution channels, starting with policy issuing in electronic system for natural persons for three types of products, via Allianz Direct service which enables a call-center for clients (Call Center Allianz Tiriac).

Therefore, the insurance products that Allianz Direct cover are third party cover from car accident (RCA), vehicle insurance (theft or damage) – Casco Direct, and travels abroad, all available for companies.

Payment of insurance products via Allianz Direct can be made online, but also cash, via banking card at automatic telling machine, banking transfer or direct debit.

Translated by Camelia Oancea