STATISTICS: ROMANIA: The insurance market exceeded last year its historic peak in GWP terms

The Romanian insurance market continued its sustained growth trend in 2016 as well, reaching a GWP volume of RON 9.38 billion (or EUR 2.1 billion), 10% more y-o-y. The non-life insurance segment recorded an increase of 11% compared with 2015, while life insurance went up by 6%. The maximum growth rate over the previous year was recorded in health insurance, with approximately 95%.

"Exceeding the historic peak of RON 8.94 billion - reached by the Romanian market in 2008 -, is an outstanding performance, considering that several companies, with a significant contribution to the market size in the past years, went out of the market in 2016: ASTRA Asigurari, CARPATICA Asig, FORTE Asigurari and LIG Insurance," Romanian FSA pointed out in a press release.

According to FSA figures, of the total gross premiums written by insurance companies for general insurance, the highest shares are held by classes MTPL, MoD and  fire and natural disaster, the share of these three classes being 89% of total total non-life GWP.
In case of life segment, the highest shares are held by classes C1 - Life insurance, annuities and additional life insurance, respectively C3 - Life insurance and annuities related to investment funds, which together accumulate 95% of total life GWP.

The market ranking is characterized by a high degree of concentration. Last year, 87% of the total volume of gross premiums written was conducted by 10 insurance companies of the 31 that were carrying on 31.12.2016 out insurance/reinsurance activity, similar to previous years.

Access and download the FY2016 Romanian insurance market statistics.

Market indicators (in EUR and RON):
  • GWP
  • Growth rates
  • Portfolio
Market rankings (in EUR and RON):
  • All insurance market
  • Life insurance
  • Non-life insurance

Related articles

COLONNADE Insurance to start operations in Romania

COLONNADE Insurance, part of the Canadian group FAIRFAX Financial Holdings, officially begins its activity in Romania, following AIG's entry into a strategic partnership with COLONNADE Insurance to manage existing policies for AIG Europe Limited's Romanian Branch.


Romania, a key-market for VIG

Romania is a key-market for VIG, the Austrian group taking the commitment to be a long-term investor on the local insurance market, the VIENNA Insurance Group representatives stated on Monday, December 4th, during a press conference.


ATRADIUS enters Romanian and Bulgarian markets

ATRADIUS - the second largest provider of credit insurance in the world, announced it expanded its international presence with two new locations in Bulgaria and Romania, as a part of the company's global expansion strategy.



New Head of Investor Relations at AEGON

Jan Willem WEIDEMA has been appointed as the new Head of Investor Relations at AEGON. He succeeds Willem van den BERG who has led the Investor Relations team over the past 7 years.


Robin SPENCER to leave NN Group

NN Group announced that Robin SPENCER will step down as Chief Executive Officer of International Insurance and member of the Management Board of NN Group, effective 1 June 2018.



"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.



"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.



Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.



The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!


Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".


Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.


See all