Allianz-Tiriac recorded a 20 percent increase in life insurance premiums in Q1

Allianz-Tiriac underwrote in the first quarter of 2021 premiums from life insurance increasing by more than 20 percent compared to the same period last year, while home insurance sales increased by more than 17 percent. These developments confirm a paradigm shift in the way people pay attention to risk protection. The double-digit increases in these segments brought the share of life and non-car insurance to almost 52 percent of total subscriptions at the end of March 2021.

In the car insurance segment, underwriting was constant in the first quarter of 2021, given the increase in Casco insurance sales and the slight decrease in MTPL insurance sales.

The total premiums subscribed by Allianz-Tiriac in the period January-March 2021 accumulated 396.7 million lei, slightly higher than in the first quarter of 2020.

“The year 2021 started encouragingly for Allianz-Tiriac. Sales in the first three months were slightly higher than in the first quarter of 2020, which had seen a double-digit increase before the pandemic began. People are now looking more than ever for products that are relevant to their needs and easy to access, and to offer them the best solutions, we are betting in 2021 on simplifying insurer-customer interaction by implementing intuitive sales and compensation tools that support at the same time the effort of our distribution partners. Therefore, in our strategic approach for future success we rely both on the professionalism and intelligence of the team we work with, as well as on artificial intelligence and modern business applications,” said Virgil Șoncutean, CEO of Allianz-Tiriac Asigurari.

In the first quarter of 2021, Allianz-Tiriac paid customers and third parties compensation of 180 million lei, slightly lower than the same period in 2020. On the other hand, the compensations paid on behalf of the car policies, which represent over 70 percent of the total compensations increased by over 11 percent.