A key concern for Romanian insurers in early 2024 was the 22% rise in daily claims payments, reaching EUR 5.6 million from EUR 4.6 million in 2023, including FGA payouts and insurer reserves, revealed Alexandru Ciuncan, President of UNSAR, the professional association of the Romanian insurers.

Addressing the first major insurance industry event of the year, "Challenges 2025 – New Risks, New Solutions," organized by Media XPRIMM, Ciuncan reflected on the past year, outlining both the challenges and opportunities facing Romania’s insurance sector.

Despite significant pressures, UNSAR recorded an 11-12% growth rate in 2024, outpacing Romania’s overall economic growth. Ciuncan emphasized that the coming months would be crucial for identifying and seizing new opportunities in the insurance market.

Romania’s insurance market in a European context

The President of UNSAR also referenced newly published data from EIOPA (the European Insurance and Occupational Pensions Authority), comparing Romania’s insurance penetration to European averages:

• 62% of Europeans have home insurance, whereas in Romania, only 24% of homes are covered by mandatory policies, and 17% have voluntary coverage.
• 57% of Europeans hold a voluntary CASCO policy, while in Romania, only about 10% of vehicles have optional insurance.
• 20% of Europeans have an occupational pension plan.
• 18% of Europeans hold life insurance with a savings or investment component, compared to 10-11% in Romania.

While acknowledging that Romania lags behind in insurance uptake, Ciuncan framed these figures as indicators of untapped market potential rather than setbacks. He expressed optimism that Romania is well-positioned to develop solutions that encourage broader insurance coverage.

Romanian consumers see value in insurance

According to EIOPA’s latest consumer study, Romanians are generally satisfied with their insurance policies. Nearly eight in ten policyholders believe their home insurance provides significant value, placing Romania sixth among the 27 EU member states in terms of consumer satisfaction with home insurance.

As the Romanian market matures, industry leaders see growing awareness and interest in insurance products, signaling a positive outlook for future expansion.