STATISTICS: ROMANIA, 1Q 2023: under the first effects of the Euroins failure

4 July 2023 — Daniela GHETU
STATISTICS:  ROMANIA, 1Q 2023: under the first effects of the Euroins failure

Romanian insurers reported GWP worth EUR 957.9 million in Q1 2023, which is only 1.74% up y-o-y. Out of this total, life insurance accounted for 16.75% share, with GWP of EUR 160.4 million, by 0.7% less than in the previous year. Non-life insurance saw a positive growth rate of 2.24%, to EIR 797.5 million, which is a rather modest evolution after the 2022 results.

While property insurance recorded a remarkable evolution, with GWP increasing by 20%, to about EUR 107 million, motor insurance performed less well, overall recording a 3.3% decrease in GWP. In fact, the MTPL insurance class was the driver of the negative trend.

MTPL insurance GWP totaled EUR ~EUR 440 million, down by 8.11% y-o-y. However, one should keep in mind that, as compared with the previous year, the number of insurers licensed to provide MTPL insurance decreased to six: Allianz-Tiriac, Asirom-VIG, Generali Romania, Grawe Romania, Groupama and Omniasig-VIG, while the ex MTPL market leader Euroins has lost its right to perform insurance activities by the middle of March. Yet, there are two other MTPL providers operating on the market on FoE, Axeria IARD and Hellas Direct. Together they have written gross premiums worth approx. EUR 46 million, which raises the MTPL market total to EUR 486 million, which is 2.4% less y-o-y. According to the market authority data, the number of MTPL contracts (annualized) sold in Q1 was by about 11% lower y-o-y. At the time, paid claims for this business line increased by 35%, mostly driven by inflation. In addition, the Guarantee fund approved claims payments for MTPL worth ~EUR 30.6 million, which raises the total close to EUR 240 million.

Access and download the Q1 2023 Romanian market statistics in RON and EUR:

GWP/CLAIMS portfolio per insurance classes
Market rankings: total, life, non-life, MTPL