Non-life GWP reached RON 5.78 billion (EUR 1.27 billion), up by 1.3% y-o-y, and GWP related to life insurance totaled RON 1.52 billion (EUR 335.80 million), 30.3% more y-o-y.
"Even though in Romania the insurance market is still dominated by general insurance and motor insurance, the analysis of the data reported by the insurance companies show, in the last period, an increase of the life insurance segment," as ASF announced in a statement.
In case of life insurance segment, the highest shares are held by traditional policies (RON 1 billion) and Unit-Linked products (RON 435 million) and which together accumulate about 96% of the total life GWP.
For non-life segment, the two motor insurance lines (MoD and MTPL) generates together about 60% of total GWP, or more than 75% of non-life GWP: RON 4.35 billion. Of this total, "the total amount of insurance premiums written for compulsory motor insurance in the first nine months of 2017 reached RON 2.86 billion. (...) The combined rate for A10 class (MTPL) was 96.38% in the first nine months of 2017".
According to the ASF analysis, at the level of the entire insurance market, the number of insurance contracts in force at the end of the first nine months of 2017 was 14,066,477, up by 15% compared to the same period of the previous year. The number of insurance contracts in force at the end of the third quarter of 2017 for non-life insurance represents 88% of the total number of contracts.
In the first nine months of 2017, 88% of the total GWP was made by 10 insurers out of the 31 companies active in the market. The largest insurers in the country were CITY Insurance (13.4% market share), ALLIANZ-TIRIAC (12.6%) and EUROINS (11.8%).
It is worth to mention that CITY Insurance and EUROINS were the largest MTPL insurers in the country (out of 9 companies authorized to sell MTPL policies). The two mentioned insurers accounted together for a share of 59% of total MTPL market.
Access www.xprimm.com and download the 3Q2017 Romanian insurance market statistics.
Market indicators (in EUR and RON):
- GWP / Claims
- Growth rates
- All insurance market
- Life insurance
- Non-life insurance
- MTPL ranking