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The Financial Supervisory Authority (ASF) and U.S. consultancy company Milliman have concluded a services contract for the actuarial analysis of the tariffs charged by the nine insurance undertakings authorised to conclude RCA policies, a press release informs.
“This is part of the package of actions taken by ASF in order to stabilise the RCA insurance market and discourage recent excesses in connection with the level of premium increases,” according to the quoted source.
Milliman will analyse complex data sets resulting from the portfolios of the nine insurers, including, but not limited to, the pricing variables (including the bonus-malus class) and expenses with fees and policy management, the criteria for the segmentation and adjustment of the premium rate.
The nine undertakings which shall be subject to the analysis are: Allianz-Țiriac, Asirom, Carpatica Asig, City Insurance, Euroins, Generali, Groupama, Omniasig and Uniqa.
The purpose of the independent analysis is to determine certain benchmarks at the market level regarding the average loss and the average rate of loss and to link the same with the tariffs charged, based on comparable data for the nine undertakings, and to assess the adequacy of tariffs in relation to the loss history.
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