Austrian Boris Schneider says Asirom's profitability will be affected this year by the VAT raise, which will have a direct impact on the value of claims settled. Under the circumstances, the insurer is considering both cutting costs and increasing premiums.

The general insurance market will record a significant two-digit decline this year because of the decline of the auto business, says Boris Schneider, general manager of Asirom, one of the leading companies on the insurance market.

"In real terms, I think the general insurance market will fall by 10-15% this year. Asirom will in turn see a decline in premiums underwritten, we are moving at the same pace as the market. In the first half of the year we recorded a decline, both owing to the economic conditions, and to the dumping conducted by some companies," the Austrian says.

Austrian Boris Schneider says Asirom's profitability will be affected this year by the VAT raise, which will have a direct impact on the value of claims settled. Under the circumstances, the insurer is considering both cutting costs and increasing premiums.

The general insurance market will record a significant two-digit decline this year because of the decline of the auto business, says Boris Schneider, general manager of Asirom, one of the leading companies on the insurance market.

"In real terms, I think the general insurance market will fall by 10-15% this year. Asirom will in turn see a decline in premiums underwritten, we are moving at the same pace as the market. In the first half of the year we recorded a decline, both owing to the economic conditions, and to the dumping conducted by some companies," the Austrian says.