Breaking News: Only EUR 10,000 between the Romanian insurance market leader and the runner-up! See now who they are and which insurers entered Top10!

22 November 2012 —
pistaBetween January-September 2012, the first ten insurance players in Romania reported underwritings exceeding EUR 1.1 billion, representing almost 82% of the entire insurance market. Their business decreased by only 7%, 3 percentage points over the overall market loss. In the analyzed period, the Romanian insurance market reported gross written premiums of EUR 1.4 billion, almost 4% less in European currency compared to the first nine months of 2011.

OMNIASIG VIG, the only company in TOP 5 that operates exclusively on the non-life segment, is the market leader, with gross written premiums of EUR 177.91 million. ASTRA Asigurari is placed second, but the two companies are being separated only by a slight difference of EUR 10.000 in underwritings. ALLIANZ-TIRIAC holds the third place, with business exceeding EUR 150 million and a market share of almost 11%.

Romanian insurers paid EUR 839 million in claims in 3Q 2012

According to data reported by the Romanian insurance companies and published yesterday by CSA (ISC - The Insurance Supervisory Commission), the non-life insurance segment generated total premiums of approximately RON 4.9 billion (EUR 1.08 billion), 1.74% more compared to September 2011. The growth was generated mainly by MTPL, GTPL and guarantee insurance. On the life insurance segment, the value of underwritings reached RON 1.3 billion (EUR 287.02 million), increasing by 0.28% compared to the first 9 months of last year.

At the end of September 2012, the total volume of paid claims reached almost RON 3.8 billion (EUR 839 million) up 3.9% y-o-y from RON 3.6 billion (EUR 794.83 million). The companies paid over RON 3.2 billion (EUR 706.5 million) for non-life insurance claims, 3.36% more than the value reported for the first 9 months of 2011. On the life insurance segment, the sums paid for indemnities, maturities and surrenders totalized almost RON 538.7 million (EUR 118.9 million), reporting a 7.3% increase compared to the same period last year.

As far as non-life insurance is concerned, three classes held, together, over 80% of the gross written premiums portfolio: MTPL, with RON 1.6 billion (EUR 353.25 million) in underwritings, CASCO - RON 1.4 billion (EUR 309.1 million), and fire and other natural perils - over RON 859.5 million (EUR 189.7 million).

Other insurance classes represented 19.66% of the gross premiums written on non-life insurance, increasing by 40% compared to the numbers reported on September 30th, 2011. Among them, GTPL (6.95%) and guarantee insurance (2.41%) grew significantly compared to the first three quarters of 2011.

On the life insurance segment, traditional policies were RON 801.2 million (EUR 176.8 million) out of total, while unit-linked insurance premiums totalized RON 440.6 million (EUR 97.27 million).

The mediation rate in total underwritings exceeded 40%

Between January-September 2012, the premiums mediated by insurance brokers amounted to RON 2.5 billion (EUR 551.96 million), 5.26% more y-o-y. Considering the total volume of gross written premiums, representing approximately RON 6.2 billion (EUR 1.4 billion), the mediation rate reached the 40% threshold.

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