By the end of 1H, there were 28 insurance companies active on the Romanian market: 15 non-life insurers, 7 life insurers and 6 composite companies. In addition, 11 branches of foreign insurers were operating on FOE, accounting all together for a total GWP volume of about EUR 96 million. Premiums written by Romanian insurers on other markets are holding an about 2% share of the market GWP, a small share but which has almost doubled y-o-y.
Life insurance maintained its "traditional" share in the market portfolio, of about 21%, with GWP amounting to EUR 237.54 million (3% up y-o-y).
About three quarters of the non-life business were provided by the motor insurance lines. Thus, of the total non-life GWP, of EUR 91 million (about 7% up y-o-y), an amount of EUR 656.53 million came from the motor segment: the MTPL GWP amounted to EUR 425 million (3.2% up y-o-y), while on the Motor Hull class GWP went up by 9.2%, to EUR 231.5 million.
The bad news came from the paid claims side, where almost all classes have seen double-digit growth rates in the claims expenses. Overall, there is a discrepancy between the premiums and claims growth rates. For example, on the MTPL line, while the average premium went by about 2% y-o-y, the average claim increased by 11.7%. The average claim paid for bodily injuries on the MTPL class decreased by 13%, while for material damages the average claim value increased by 16%.
In the first half of 2019, insurance and / or reinsurance brokers have intermediated about 64% of the total volume of gross premiums written by insurers, in a slight increase compared to the similar period of 2018 (about 62%).
1 EUR = 4.7351 Lei - RON (June 30th, 2019)
1 EUR = 4.6611 Lei - RON (June 30th, 2018)