“Uniqa comes from a position at the moment, with 0.5% of the auto liability insurance market, a strategy implemented as of 2015, and due to situations with unwanted losses, we found a new strategy, which is to promote the non-auto, life and comprehensive auto insurance (Casco) segment,” Valentin Coroiu explained.
“We came from a position with auto liability insurance generating 80% of our business. The 0.5% on this segment translates into a 5% share of our portfolio. (…) Following talks with the management, we reviewed the opportunities we have for our journey on this market, as well as containing the area that generates losses. We have now submitted a request to the authorities to have our auto liability insurance license withdrawn. We no longer want a presence on this segment but will be present on the rest.”
Uniqa Romania, part of Austria’s UNIQA group, operates via two companies, Uniqa Asigurari and Uniqa Asigurari de Viata. It continues with its strategy to lower the auto liability insurance share in its business, which has reached 0.58% at the moment compared with 4.91% in 2016, Uniqa officials told ZF.
(English version by Loredana Fratila-Cristescu)