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 www.xprimm.com 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

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

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