Asirom: Comprehensive insurance is now as expensive as in developed EU countries

Comprehensive insurance policies, the leading line of business for insurance companies on the Romanian market, have seen an almost 40% price increase over the last two years, and now cost the same as in developed EU countries, where the standard of living is, nonetheless higher, says Boris Schneider, general manager of Asirom, the third largest player on the insurance market, controlled by Austrian-based Vienna Insurance Group. This observation comes after insurers had said for many years that auto insurance prices needed to reach the level of those operated in other European countries. “Comprehensive insurance now costs as much as in the EU or even more, due to the state of Romanian roads, to traffic behaviour and to the cost of repairs. All these factors lead to price increases. Over the last two-three years, fees have gone up 30-40%. This is normal given the progression of the exchange rate, which influences the price of car parts, most of which are imported,” explains Schneider. These policies are not mandatory and cover risks such as car damage and car theft, this being the main reason for the price increase.