The non-life insurance sector accounts for 82% of the total GWP, increasing its weight in the market portfolio by about 1 percentage point. The change was caused by the lower-than-average growth rate recorded by the life insurance sector (15.75%).
Motor insurance classes (Motor Hull and MTPL) account for approximately 76% of the non-life GWP and 62% of the total GWP in 2021. Overall, motor insurance GWP amounted to EUR 1.78 billion, out of which EUR 1.23 billion belong to the MTPL business line, which saw a 43.67% growth rate, mostly die to price increases in the second half of the year, after the City Insurance failure.
The combined rate calculated on cumulative data for all classes of non-life insurance was at the end of 2021 at a value of about 121%, increasing compared to the value recorded in the previous year (110%). The combined rate for motor insurance - RCA and CASCO - has increased alarmingly in 2021 compared to previous years and is reaching record levels, according to the annual report of the ASF - Financial Supervisory Authority. Thus, the combined rate of RCA damage reached a record level of over 160%!
Following the bankruptcy of CITY Insurance, EUROINS Romania became the market leader, with a market share of 15.4%, up by 4 percentage points as compared with 2020. ALLIANZ-TIRIAC ranks second, with a 14.3% market share (up by about 3 p.p. y-o-y), while CITY Insurance dropped on the 3rd place, under the conditions in which ASF withdrew its authorization in September.
Access xprimm.com and download the FY2021 Romanian market statistics in RON and EUR:
- GWP/CLAIMS portfolio per insurance classes
- Market rankings: total, life, non-life, MTPL