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In 2017, Omniasig strengthens its position as the leading local player in the insurance market for companies and manages, as well as Allianz Ţiriac in terms of gross premiums issued, to dominate the market. whole segment of the non-life voluntary insurance. Although overall ranked third overall insurance premiums due to reduced presence in the RCA zone, Omniasig was the leader on the two main lines of optional insurance, namely real estate and CASCO. and responsibilities.
Omniasig is the insurer of many leasing companies, but also big names in other fields, including state entities. For the second year in a row, she missed the Tarom account in 2017, that is to say the insurance for the responsibility of the company and for the planes, the largest police in Romania, in terms of the amount insured. As in 2016, the account was taken by a broker, Marsh, and led directly to the Lloyds syndicate in London, a kind of insurance and reinsurance exchange.
About this competition with foreign insurers and reinsurers speaks Mihai Tecău, chairman of Omniasig, in an interview for Capital. Even though the company he runs is a member of an Austrian group (VIG), Omniasig is registered in Romania, supervised by the Financial Supervisory Authority (FSA) and paying its taxes accordingly. This, believes Tecău, creates a competitive disadvantage in competition with outside companies that do not pay taxes at the same level.
Capital: Omniasig has a long tradition in business insurance. What is the current situation on the market
Mihai Tecău: There is huge competition in the corporate sector. Much higher than other years. And there is now competition not only locally but also internationally.
We are at the crossroads of interests between local groups and international groups, as some firms are part of international groups. Some buy their insurance directly from the outside. There is a possibility to compare yourself to what exists, and you think that this phenomenon will continue to develop. There will be companies that will turn to insurance purchased directly from the outside.
To balance this phenomenon, your economy must go. Investments should work, start new businesses, build new infrastructure, and then things can be compensated. If things stagnate and the insurance fund remains the same, it will still be divided into several forms, that is, some will be taken by companies here and there. others in the front line, that is, through intermediaries.
Capital: But how does this corporate focus towards insurers outside the country? Need products that are not in the local market?
Mihai Tecău : There are individual risks, which do not have a high frequency in Romania, or for which there are not many requests, for which you have to go out. But, for the most part, this is not the reason why some companies resort to companies registered outside of Romania for insurance.
In the local market, there are all the necessary insurance products for businesses. But there is also the concept of taxes. In the case of goods that are secured outside and are not located in this country, no fees are paid. Either here in Romania, the insurance costs are paid.
This should be regulated. This is a handicap for local businesses and I think the situation should be legalized. This has been discussed and I think this will happen in the future because our offer disappears at a higher cost than an offer from outside the country. But I say that 99% of what happens in Romania can be insured in Romania. A solution can be found on the local market. Only more sophisticated requests, which coincide with certain one-off risks, can not be provided here.
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