Romania: insurers will increase the minimum compensation limits for Motor TPL contracts
By 23 December 2023, Romanian insurers will increase the minimum compensation limits for MTPL policies, after the European Parliament amended the Directive on motor third party liability insurance, informed 1asig.ro here.
Click here to read the amended Directive 2009/103/EC relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability.
Currently, according to the Romanian legislation on MTPL, the compensation limits are EUR 1.22 million for material damages and EUR 6.07 million for bodily injuries and deaths.
According to the amended Directive, the new compensation limits will be increased to:
On the Romanian Motor TPL segment, a market of EUR 900 million / year,, after the withdrawal of the authorization of the largest MTPL insurer (CITY Insurance, 46,3% at end-June 2021) and the voluntary exit of the insurer with the lowest market share in MTPL market (UNIQA Asigurari, <1% market share), remained active only seven insurers: Euroins Romania, Allianz-Tiriac, Asirom VIG, Omniasig VIG, Generali Romania, Grawe Romania and Groupama Asigurari.
- EUR 1.30 million per event for material damages - regardless of the number of victims.
- EUR 6.45 million - bodily injuries and deaths regardless of the number of victims or EUR 1.30 million for each victim.
Author: Andrei Victor
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