Insurer Allianz Tiriac reports RON 35.23 million in 2008 pre-tax profit

Insurer Allianz-Tiriac Asigurari registered in 2008 a pre-tax profit of RON 35.23 million, 16 percent lower than in the previous year, as a result of more cautious approach of debt collection, the company informs.

Last year, provisions for the debts representing uncashed premium installments were substantially increased, in anticipation of the reduction in the solvency of some of the company’s clients.

At the same time, the amount of the provisions set up in connection with regressive claim collection was increased. On the other hand, the outcomes measuring the effectiveness of basic operations performed by Allianz-Tiriac, specifically the technical results, have significantly improved on the all-risk insurance segment, witnessing an increase of almost 50 percent, from 12.8 million lei in 2007 to 19.1 million lei in 2008.

The improvement of the claim rates on the car insurance category – CASCO and mandatory RCA – has decisively helped increase the profitability of general insurance operations.

„As of 2006, Allianz-Tiriac has succeeded in setting in place a downward trend for claims for its own car insurance portfolio, along with the introduction of the segmented offer system, which rigorously correlates the insurance premium with the client’s risk profile. In addition, a new auto claim settlement system was set in place in 2008 allowing a much more rigorous control of damage expenditures.

Together, these programs have proven their efficiency, placing Allianz-Tiriac among the very few companies that manage to get positive results from all-risk insurance underwriting,” said general director of Allianz-Tiriac Asigurari, Cristian Constantinescu.

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