STATISTICS: ROMANIA, 3Q2016: Double digit GWP growth supported by the raising MTPL tariffs

The Romanian insurance market ended the first three quarters of 2016 with GWP amounting to EUR 1.53 billion, 10.6% up y-o-y, supported by the significant increase in the MTPL prices recorded in the first part of the year.

Recording a lower than average growth rate, life insurance business' weight in the market portfolio went down to 17%. GWP for life insurance amounted to EUR 261.3 million, 1.3% up y-o-y.

On the non-life side, GWP went up by 12.7% y-o-y, to EUR 1.27 billion, driven by the 33% increase in GWP recorded by the MTPL insurance line. Raising insurance tariffs, especially on the corporate segment, was the main growth factor.

The property insurance segment saw an overall decrease of 4.6% in GWP, both mandatory and voluntary insurance policies' sales recording a negative trend.

ALLIANZ-TIRIAC is the absolute market leader, with a 13.06% share of the total GWP, followed by ASIROM-VIG, which increased its market share by over 5pp, following its rapid business increase on the MTPL line. OMNIASIG ranks third, with a stable market share, of about 11%.

Access www.xprimm.com and download the 3Q2016 Romanian insurance market statistics.

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

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