NN Romania enters the non-life insurance market

16 July 2020 — Daniela GHETU
NN Romania, the life insurance market's leader, announced plans to expand the activity by entering the non-life insurance market. Earlier this year, the Dutch insurer has made the same move on the Hungarian market.

On July 15, NN Romania obtained the approval from the Financial Supervision Authority for the registration of the legal entity that will operate the new business line, according to the existing legislative framework. The full operating license process is expected to be completed in the autumn of this year.

NN is the largest life insurance and private pension company in Romania. By accessing a new market segment, NN Romania expands its product portfolio to better meet customer needs, offering them general insurance, except for car insurance.

NN will announce the detailed plans for the new business line and the types of general insurance that will enter the company's offer with the official launch in this segment, planned until the end of this year.

In Hungary, NN started its non-life operations by launching this year a payment protection insurance product, distributed by banking partners and home insurance - to be provided through banking partners, sales network and online channels. Nest year, travel insurance will be added to the company's offering.

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