However, although reversing the downsize trend seen in the previous year, the market still lacks some EUR 500 million in premium production to reach historic peak recorded in 2008, of EUR 2.4 billion.
Life insurance lines have recorded an overall growth in GWP of 10.8%, to EUR 408.1 million, the segment's share in the market portfolio increasing by some 0.5pp, to 20.7%. Unit-Linked insurance products saw the highest GWP growth rate, of 12.8%.
On the non-life side, GWP went up by 7.5%, to EUR 1.56 billion, an increase mainly supported by the MTPL insurance lines which saw a double digit increase in GWP, of 17.44%, to EUR 739.9 million and currently accounts for a 37.6% share of the market premium production. Remaining in the motor insurance field, it is worth noting that after years of continuously decreasing, also the Motor Hull line saw a slightly positive trend, with GWP going up 0.2%, to EUR 379.67 million. The 15% hike in the new cars sales recorded in 2015 certainly is one of main drivers of the GWP growth, along with the increasing MTPL tariffs.
Top 3 Romanian insurers in 2015 were ALLIANZ-TIRIAC, with a 12.05% market share, OMNIASIG VIG (11.16%) and GROUPAMA (9.20%). Only one pure life insurer is present in Top 10 ranking, namely NN Life Insurance (6th rank; 7.2% market share), while ASTRA still holds the last position in Top 10 despite considering only its 1H results.
It should also noted that a share of almost 60% of the market GWP represents the contribution of the insurance brokers' activity to the premium production of 2015, percentage which is by about 3pp higher than in 2014. The evolution seen by the insurance brokerage market contradicts the fears expressed by some of the market's observers last year when the FSA issued a new rule on the authorization and operation of insurance and/or reinsurance brokers, requiring an increase of the share capital of insurance brokers to RON 150,000 prior to 31 December 2015. Although at the time many felt that the new requirement may cause a weakening of the brokerage market through the loss of an important number of players, the result was quite opposite. Thus, although the total number of active insurance brokers apparently decreased, the overall activity was not affected because many of the small insurance intermediation companies have merged of became brokerage agents for larger brokers, continuing thus to do business. At the end, the insurance brokerage segment found itself in a better position, with stronger players and an increased volume of intermediated premiums.
Access www.xprimm.com and download the FY2015 Romanian insurance market statistics.
Market indicators (in EUR and RON):
- Growth rates
- All insurance market
- Life insurance
- Non-life insurance