GE Money will sell household insurances
GE Money, the division of retail financial services of GENERAL ELECTRIC,
will start to sell household insurances from ALLIANZ -TIRIAC and
GENERALI for the customers that have contracted mortgages and property
credits, after a bancassurance partnership with the two companies.
"Customers have the opportunity to complete their household insurance
policy directly in the GE Money units," the Insurances Manager
of GE Money, Monica MIHAI, said.
According to the company, the approval of a loan from GE Money is not
conditioned by the purchase of the insurance policy through the company.
The household insurances that can be concluded through GE Money cover
the risks of fire, thunder, explosion, airplane crashes, car crashes.
Besides these, the catastrophic risks are also included, such as damages
due to earthquakes, floods, atmospheric phenomena - rain (including
its indirect effects), hail storms, storms, hurricane - and also
crashes of the water supply, heating and sewerage equipments.
GE Money's interest in the insurance market is also supplied
by the significant potential of this segment of the financial industry.
"For 2008, we estimate that the pace of growth will maintain, as it
is supported both by the new constructions and the large number of
mortgages that will result from their sale, and by the fact that the
degree of penetration of the insurances in Romania is low - 1.77%
of gross domestic product (GDP), compared with the countries of Central
and Eastern Europe", Monica MIHAI added.
GE Money entered the Romanian market in 2006, through the acquisition of three
companies specialized in non-banking financial services: LEASEMART Holding BV
(owner of MOTORACTIVE Leasing), RALFI IFN (company which offers consumer loans)
and Credit DOMENIA IFN (specialized in mortgages and property credits).
Since June 2008, the companies use the GE Money brand.
Author: Mihaela CIRCU
on 25.08.2008
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