STATISTICS: ROMANIA, FY2022: double digit growth in a difficult year, supported by non-life insurance

11 May 2023 — Daniela GHETU
STATISTICS:  ROMANIA, FY2022: double digit growth in a difficult year, supported by non-life insurance
Romanian insurers ended 2022 with GWP worth EUR 3.34 billion, almost 16% up y-o-y. While the life insurance sector saw a rather stagnant evolution, growing by only 1.45% y-o-y, the non-life side recorded an almost 20% growth, to EUR 2.8 billion.

The highest contribution to the non-life insurance sector's growth came from the motor insurance LoBs, in particular from the mandatory MTPL insurance class which provided for 67% of the non-life premiums written additionally in comparison with 2021.

Paid claims went up, in average, by 2.3% y-o-y, reaching a to9tal of EUR 1.27 billion. It is worth noting that on the non-life insurance side, total paid claims decreased y-o-y by 2.4%, while on the mandatory MTPL line, the decrease was of almost 6% despite the challenges raised by inflation. However, one should not forget that payments for MTPL claims worth about EUR 132 million fell under the responsibility of the Guarantee Fund, a sum that should be added to the market total to get a fair image of the total claims paid.

AT the end of 2022, GROUPAMA Romania was holding the leadership position in the market overall ranking, with a market share of 18%, as compared with 11.4% the previous year, the largest of this accession being owed to the significant share that the company has taken over from the bankrupt City Insurance MTPL portfolio. ALLIANZ-TIRIAC ranks second, its market share increasing also by about 3 percentage points, to about 17.4%. Finally, EUROINS Romania ranked 3rd, with 16.9% market share.

Access xprimm.com and download the FY2022 Romanian market statistics in RON and EUR:

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