EnglishCoface has allocated 2 million EUR for the introduction of loan insurance in Romania this year. Concurrently, subscribed gross premiums have been estimated at 1 million EUR by the end of the year, according to Cristian Ionescu, the general manager of Coface Romania.
Coface Romania started insurance operations in April via Coface Austria Kreditversicherung AG - Romania. "We offer full service - loan insurance, debt collection and credit information - through our own office, as well as through Coface Romania Credit Management Services," said Ionescu, quoted by NewsIn.
According to him, Coface customers generally have a turnover above 3 million EUR. Steel, IT, automotive, telecom companies get an insurance premium of 0.3%, whereas commerce and retail companies pay 0.6%. Farming businesses are the riskiest, so the premium is 0.8%. Coface insures up to 85% of the value of a contract or of the entire business. The claim is up to 25 times the premium but can go up to 30-35x if the premium is increased.
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