ALLIANZ - TIRIAC ASIGURARI S.A.

  |  17.11.2017

The market begins to mature

MCR Interview: Virgil Soncutean, CEO Allianz Tiriac Insurance

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VIRGIL SONCUTEAN, CEO, Allianz-Tiriac Insurance

Q: First of all, how was 2017 for Allianz-Tiriac Insurance, comparing to your expectations and what are your perspectives for 2018?

 

Virgil Soncutean: In the first 9 months of 2017, Allianz-Tiriac has registered positive results on all financial indicators, gross written premiums and profit and this proves that we are a resilient company in spite of the market volatility. The Life & Health segment exceeded our growth expectation while the P&C segment meets our expectation. To break down the P&C segment: CASCO will meet our aspirations, non-motor exceeding, while MTPL will close the year below our expectations.

 

Briefly, 2017 was a good year for Allianz-Tiriac, overall.

 

Regarding next year, I foresee a greater competition in providing better services to the consumers with less focus on price. This is a positive sign that the market begins to mature.

 

Q: Have you seen any structural changes in the Romanian insurance market in 2017? Do you expect such changes for 2018? Please detail.

 

VS: Yes, the exit from the capping period (on MTPL) is a good news with fair possibility to return to a free market environment. However according to the public market data, at 6 months, the MTPL is concentrated more than 70% around 3 players and this is a cause for concern.

 

Q: What are the latest news regarding the health insurance sector of Allianz-Tiriac Insurance? Is the storm over for car insurance products?

 

VS: From the health segment perspective, Allianz-Tiriac have exceeded 120.000 customers. Today, the health segment represents the 5th most important line of business in our portfolio. This year is the first year we will make a profit out of this line of business. On the long term a growth that will exceed 20% will be expected from Health sector.

 

Regarding the motor segment, there is a relative calm period on the market; I don’t know if this is the calm after or before the storm… but we will see what happens.

 

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