STATISTICS: Romania: CITY Insurance and EUROINS accounted together for about 60% of MTPL market

The Romanian insurance market continued its growth trend in 3Q 2017, according to the most recent statistics published by ASF. Local insurers reported 3Q GWP of RON 7.32 billion (EUR 1.61 billion), 6% more than in the same period of the previous year.

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
  • Portfolio
Market rankings TOP 10 (GWP in EUR and RON):
  • All insurance market
  • Life insurance
  • Non-life insurance
  • MTPL ranking

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

Share |

Related articles

ROMANIA: The insurance market increased by 4.5% in 2018

"In 2018, the Romanian insurance market improved its solvency indicators", Cristian ROSU, Vice-President Insurance and Reinsurance Sector, ASF - The Financial Supervision Authority declared on Tuesday, 21 March, commenting on the financial results reported on the Romanian market last year.

2019-03-21

Bogdan BICHINET to join GENERALI Romania as CFO

Bogdan BICHINET will join the management team of GENERALI Romania as Member of the Board and Chief Financial Officer - CFO starting March 1st, after this week the Board of the Romanian Financial Supervisory Authority (ASF) approved its appointment.

2019-02-28

FITCH Affirms EUROINS Romania at IFS 'BB-'; Outlook Stable

FITCH Ratings has affirmed EUROINS Romania Asigurare Reasigurare SA's (EUROINS Romania) Insurer Financial Strength (IFS) rating at 'BB-', and EUROHOLD Bulgaria AD's (EUROHOLD, the group's ultimate holding company) Long-Term Issuer Default Rating (IDR) at 'B'. The Outlooks are Stable.

2018-08-06

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all