Romanian insurers (companies domiciled in the country) ended 2023 with GWP worth EUR 3.65 billion, up by 9.45% y-o-y. At the same time, paid claims decreased y-o-y by about 1.7%, to EUR 1.55 billion, data provided by the market authority (ASF) show.
The above figures should be amended considering the following:
- Market data provided by the ASF refers exclusively to the insurers licensed in Romania. To have a comprehensive image of the market, one should add to the above figures the results recorded by the foreign insurers operating on FOE/FOS: GWP worth EUR 0.6 billion, paid claims of EUR 178 billion.
- Paid claims data are also not including the sums paid by the Guarantee Fund, reaching about EUR 175 billion
The structure of the market portfolio remained almost unchanged as compared with the previous year. Motor insurance classes account for about 76% of the non-life insurance, the largest share being held by the MTPL LoB (52% of the non-life business).
While life insurance segment’s growth rate was higher than the market average (11.43% up y-o-y), the LoB’s share in the overall portfolio increased insignificantly, remaining of nly about 16%.
GROUPAMA Asigurari (22.5% market share), ALLIANZ-TIRIAC (19.2%) and OMNIASIG VIG (13.1%) are the Top 3 market players in GWP terms. The same Top 3 leads the non-life ranking, while on the life insurance market’s Top 3 players are NN Asigurari de Viata, BCR Asigurari de Viata VIG and ALLIANZ-TIRIAC.
Access xprimm.com and download the FY 2023 Romanian market statistics in RON and EUR:
- GWP/CLAIMS portfolio per insurance classes
- Market rankings: total, life, non-life, MTPL
