ECONOMY FINANCE&BANKING TRANSPORTS

Road hauliers: Motor vehicle liability insurance should drop to 400 lei/vehicle a year for individuals

The RCA mandatory motor vehicle liability insurable rate for individuals should drop to about 400 lei/year per vehicle, road hauliers’ employers argue.

In a joint press statement by leaders of the UNTRR, APTE 2002, FORT and APULUM employers’ associations released on Wednesday, the associations say RCA rates levied on individuals should also drop in the period immediately ahead, with Milliman report data suggesting RCA rates of about 400 lei/year per motor vehicle, contrary to the statements of insurers and the Financial Oversight Authority (ASF) arguing for an increase instead

The statement says that when putting forth the 4,907 lei per one-year RCA policy per commercial vehicles in excess of 16 tonnes, the employers took into account recently released ASF data and computational methodology.

Given the circumstances, the road hauliers’ employers are calling on ASF and insurance companies to release historic data “to show how the RCA market has operated in Romania over the past 24 years, because suddenly in early 2015 (when, coincidently or not, ASF’s chairmanship was taken over by Misu Negritoiu), the RCA market is no longer functioning.” They are urging ASF and insureres to publicly and transparently prove what is it that justifies higher rates tha those suggested by the employers’ associations.

“ASF’s attitude has atrophied competitiveness among Romanian insurers offering RCA policies, companies that cannot live without this mandatory insurance policy because they are no longer competitive in optional insurance products,” argue the employers.

The employers’ associations are also calling on Parliament to disclose, via ASF, historic and current data on the RCA market, given that so far insurers “have published comments only not followed by any argument backed by hard data and figures.”

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