Austrian Boris Schneider says Asirom's profitability will beaffected this year by the VAT raise, which will have a directimpact on the value of claims settled. Under the circumstances, theinsurer is considering both cutting costs and increasingpremiums.
The general insurance market will record a significant two-digitdecline this year because of the decline of the auto business, saysBoris Schneider, general manager of Asirom, one of the leadingcompanies on the insurance market.
"In real terms, I think the general insurance market will fall by10-15% this year. Asirom will in turn see a decline in premiumsunderwritten, we are moving at the same pace as the market. In thefirst half of the year we recorded a decline, both owing to theeconomic conditions, and to the dumping conducted by somecompanies," the Austrian says.
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