STATISTICS: ROMANIA 3Q2015: Growth in GWP, with a new configuration of the market rankings

According to data provided by the Romanian FSA, the local insurance market saw a 7.6% positive change in GWP at the end of the 3rd quarter of 2015, to EUR 1.43 billion. Life insurance GWP went up by 9.46%, while on the non-life side the growth in premium production was of 7%, boosted by the MTPL line growth.

Although the Unit-Linked segment recorded the best dynamic among the life insurance lines, in absolute terms the highest contribution to the overall sector's premium growth, of about EUR 15 million, was provided by the traditional life insurance products. However, neither the life insurance weight in the overall market portfolio, nor the subclasses' share in total GWP, changed significantly.

On the non-life insurance segment, the MTPL line acted as the market driver, not only posting the highest growth in GWP, both in relative and absolute terms, but also offsetting the decrease in premiums recorded on other business lines, especially on the CASCO insurance one.

The special situation of ASTRA Asigurari led to significant changes in the market rankings. Thus, although the company was still active on the market, the limitations imposed by the ASF with regard to the underwriting volumes on different insurance lines, as well as the reputation issues of the company prevented it from maintaining a leading position in GWP terms. In addition, as underlined by the ASF, because of the procedures imposed by company's bankruptcy status, the statistical sheets for 3Q2015 contain only the half year data for ASTRA Asigurari.

Thus, Top 3 Romanian insurers are ALLIANZ TIRIAC (12.15% market share), OMNIASIG VIG (10.96%) and GROUPAMA (9.14%). NN Insurance leads the life insurance segment, maintaining an undisputable position, with an almost 35% market share, while ALLIANZ TIRIAC holds the top position on the non-life segment (13.8%).

Access www.xprimm.com and download the 3Q2015 Romanian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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