GE Money sells insurance policies for mortgage and property credits

GE Money, the consumer finance arm of General Electric, signed partnerships with insurers Allianz-Tiriac and Generali Asigurari, to start selling housing insurance policies for mortgage and real estate credits, reads a GE Money release.
Apart from fire, lightning, explosion, aircraft crashes or fall of parts thereof, vehicle crashes and catastrophic risks such as earthquakes, floods, torrential rain (indirect effects thereof included) hail, storm, hurricane, the house insurance policies available at GE Money also cover damage arisen at the water, heat and sewage installations.
"The local all-risk insurance market witnessed an upward trend over the last two years. In 2007, total gross underwritten premiums in this class stood at some 1.71 billion euros. The growth rate was 33% from the year before. For 2008 we estimate that this growth pace will keep steady, backed by the new residential constructions and implicitly by the high number of mortgage credits resulted from the sale thereof, and also because the insurance penetration rate is still low in Romania (1.77% of the GDP) compared to Central and Eastern Europe," said Monica Mihai, Insurance Leader GE Money Romania.
GE Money entered the Romanian market in 2006 by the takeover of the three companies specializing in non-banking financial services: Leasemart Holding BV (owner of Motoractive Leasing), Ralfi SA (specializing in consumer loans) and Domenia Credit (specializing in moorage and real estate credits).
Since the takeover, the three entities underwent an integration process and as of June 2008 they communicate under the GE Money brand, although they kept their juridical independence. In Romania, GE Money offers a broad array of services that include car and equipment leasing, mortgage and real estate credits, personal need credits, shopping cards, debt consolidation loans, property secured personal need loans.
The three businesses are run in partnership by General Electric Capital Corporation (GECC) – a company of General Electric – and Dogus Holding A.S.
GE Money, a General Electric division, holds assets worth 211 bln dollars and is one of the main suppliers of financial services for consumers, retailers and car dealers from 52 countries.
GE offers financial technology, media and services and is dedicated to developing products and services aimed at increasing living standards.
GE services clients in over 100 countries and has over 300,000 employees worldwide.

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