Porsche sets up insurance company

Financial Group Porsche will, by the end of this year, set up a general insurance company that will exclusively sell comprehensive insurance. “At the end of last year, the group decided to set up an insurance company, based on the right of free movement of services, which will operate as a subsidiary of the Austrian parent bank. This was considered to be the simplest way to do business in Romania,” said Virgil Chirica, head of insurance with the financial group Porsche Bank. He says the insurance company will start operating in the fourth quarter of this year, and will have the same strategy as the other companies in the group, i.e. will offer products dedicated to the automotive industry. “The first product we will offer is comprehensive insurance for the cars sold by Porsche. For auto liability insurance, we will choose one partner out of the four insurers that our insurance broker is working with,” added Chirica. The group’s insurance broker, Porsche Insurance Broker, works with insurance companies Allianz-Tiriac, Omniasig, Astra-Uniqa and Generali, whose products it will continue to sell after setting up its own company.