ROMANIA: The insurance market increased by 4.5% in 2018

21 March 2019 —
"In 2018, the Romanian insurance market improved its solvency indicators", Cristian ROSU, Vice-President Insurance and Reinsurance Sector, ASF - The Financial Supervision Authority declared on Tuesday, 21 March, commenting on the financial results reported on the Romanian market last year.

The declarations were made during ECFS - The European Conference of Financial Services, organized in Brasov by ISF - The Institute for Financial Studies and supported by XPRIMM Publications as Media Partner.

Cristian ROSU also pointed out that:
  • Underwritings on the household insurance segment increased by 5%, although the number of policies decreased by approximately 300,000 ;
  • The insurance penetration degree in GDP is 1.07% in Romania, compared with 8.1% in Germany or 12% in France ;
  • Insurance density in Romania is currently 109 euros, compared to over 350 euros in Poland or Czechia ;
  • The evolution of the Romanian insurance was favorable in 2018, but it was far from the planned objective: the insurance market increased less than the GDP ;;
  • It is very important to increase the financial education degree of Romanians; the Financial Supervisory Authority has a few projects dedicated to this aspect ;
  • Another aspect on which ASF is focusing is the improvement of the professional training of specialists activating on the insurance market. 
According to data recently published by the Financial Supervisory Authority, the gross written premiums on the Romanian insurance market totaled EUR 2.17 billion EUR (RON 10.14 billion) in 2018, increasing by 4.5% compared to the previous year. 

The gross written premiums on the general insurance market totaled RON 8.04 billion (approximately EUR 1.69 billion), increasing by 4.6% compared to 2017, while GWP on the life insurance segment totaled RON 2.1 billion (approximately EUR 441,5 million) in 2018, increasing by 4.3% compared to the previous year.