Sursa foto: assets.publishing.service.gov.uk
Uniqa Asigurari has stopped distributing Motor Third Party Liability (MTPL) policies since Monday, according to a company announcement, quoted by Agerpres. The company has given assurances that it will continue to meet its obligations in this insurance segment, in accordance with the contractual conditions, for all motor third party liability policies in force in the company’s portfolio.
“In line with the sustainable development strategy assumed, Uniqa Asigurări has consistently pursued the objective of reducing the impact of third party liability insurance on the company’s portfolio and results, as this is a segment which, at the market level, has not proven its ability to be profitable over the last ten years,” was the explanation sent by the company.
“Uniqa Asigurări SA has received from the Financial Supervisory Authority the approval of the decision to withdraw, upon request, the authorization to practice compulsory motor third party liability insurance (RCA). As of 06.12.2021, the company will stop the distribution of MTPL policies. (…) Uniqa Asigurări continues to comply with its obligations in the segment of MTPL insurance, providing the highest level of servicing, in accordance with the contractual conditions, for all motor third party liability policies in force in the company’s portfolio. According to the most recent analysis of the approved damage files for MTPL, published by the Financial Supervisory Authority, Uniqa is the company with the shortest average duration of payment of damage files on the MTPL market in Romania, only 2.8 days/dossier”, the document states.
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According to data reported at the end of September, Uniqa Asigurări has a solvency ratio of 183%, which it has the capacity to support additionally from unused own funds, which is positioned above the average solvency ratio at the insurance market level of 154%, according to the most recent data available, related to the first half of 2021 and given that the regulatory requirement at the market level for this indicator is 100%.
At the same time, the company’s liquidity ratio is 1.98, which is almost double the market level requirements, and these indicators confirm the stability of Uniqa Asigurări and its ability to honor its commitments to its more than 300,000 customers in Romania, who have chosen it as a trusted partner for insurance protection solutions, the release said.
Uniqa Asigurări’s Supervisory Board Chairman Franz Weiler said Uniqa reaffirms its firm commitment to the development of its Romanian operations in the context of the decision to exit the MTPL market.
“Uniqa has a firm commitment to the development of operations in Romania, with ambitious targets to achieve 5-star customer ratings across all lines of business, relying on well-calibrated solutions and processes, as well as the skills of our team of professionals,” he said.
In line with its sustainable development strategy, Uniqa Asigurări has consistently pursued the goal of reducing the impact of MTPL insurance on the company’s portfolio and results, as this is a segment that has not proven to be profitable in the market over the last ten years, the release said.
According to the source, as a result of the measures consistently applied to support this objective, Uniqa Asigurări has now reached a market share of only 0.5% in the segment of MTPL insurance, which, in terms of the volume of the company’s sales activity, means an average of 50 MTPL policies sold daily.
The company’s managing director and chairman of the Uniqa Asigurări board of directors, Paul Cazacu, said that the share of non-auto insurance in the company’s portfolio has now increased to 50%.
“We have had a steady strategic direction for the past six years, focusing on developing the non-auto insurance segments. We have increased the share of these segments in Uniqa Insurance’s portfolio from 20% in 2015 to around 50% today. Uniqa continues to grow its business in a sustainable way, with a solid financial base, firm standards for responsible business and clear objectives in terms of the quality of experience offered to customers and partners,” said Cazacu.
The Financial Supervisory Authority Council approved on 24 November the withdrawal, upon request, of the authorization for the practice of compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents granted to Uniqa Asigurări SA.