Romania

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Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe, bordering the Black Sea;
- Neighbours: Bulgaria, Serbia, Hungary, Ukraine, Moldova.

Climate:
- temperate climate;
- cold, cloudy winters with frequent snow and fog;
- sunny summers with frequent showers and thunderstorms.

Natural hazards:
- earthquakes, most severe in south and southwest regions;
- geologic structure and climate promote landslides.

Macro indicators
* 2018 estimates
Surface:238,397km2
Population*:19.5million
Pop. density*:81.9people/km2
GDP*:202.7EUR billion
GDP/capita*:10,382.6EUR

European Union:
EU member, since 2007

Currency: Leu
Code: RON
Since: 2005


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:21%
TOTAL NON-LIFE*:79%
Overall Property*:12%
Overall Motor*:57%


Sources:


 


Statistics

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Romania 3Q2020 Insurance Companies Rankings

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Romania 3Q2020 Market Portfolio


See all statistics

Latest news

CertAsig largest insurance policies for ROMANIAN companies at EUR 77.8 mln in Q1 2017

Insurance company CertAsig registered the top insurance policies in a civil liability for a Romanian utility aviation company, for a technical insurance of a logistics company from Romania and an insurance policy for a infrastructure construction company from Romania, all of them amounting to EUR 77.8 million in the first quarter of 2017.






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%.

What will bring FIAR at its 20th anniversary edition?

This year FIAR - The International Insurance-Reinsurance Forum will see its 20th anniversary edition, celebrating not only a remarkable longevity, but also the long standing business relations - many of them established during the last two decades on its grounds. Besides a new location, situated in the most elegant Romanian mountain resort, the Forum will line up several conferences and an exquisite team of speakers.


PAID is preparing to effectively handle a major earthquake in Romania

PAID Romania - the national pool for disaster insurance -, is prepared to successfully assist the mandatory household policy owners in case a major earthquake will hit the country. Currently the PAID portfolio numbers 1.7 million mandatory household insurance policies PAD, covering about 20% of the Romanian housing stock.

New players on the Romanian MTPL insurance market

The Irish Euro Insurance DAC (commercial name LeasePlan Insurance) has received the Romanian Financial Supervisory Authority's positive answer for providing MTPL insurance in Romania, based on the EU FOS rights.

DallBogg - the second big Bulgarian insurer to enter Romanian MTPL market

The Romania's Financial Supervisory Authority - ASF announced, based on the FOS agreement, it has authorised Bulgarian insurer DallBogg to provide MTPL policies on the Romanian market. It is worth to mention that DallBogg becomes the second Bulgarian insurer operating on the Romanian MTPL market, after EUROINS - the market leader.

5% increase for the Romanian MTPL market in 2016

The Romanian MTPL insurance market has continued its ascending trend in the last quarter of the last year, reaching GWP of RON 4.03 billion for the full year of 2016. The number of MTPL contracts went up to 4.98 million, in annual units, 5% more y-o-y, according to the Romanian FSA data.

Romanian FSA's head, Misu NEGRITOIU exchanged views with the Austrian insurers' representatives in Vienna

Misu NEGRITOIU, President of the Romanian Financial Supervisory Authority (ASF), met last week in Vienna representatives of the Insurers' Association of Austria (VVO), the meeting focusing on the latest developments on the insurance markets in the two countries, as well as specific aspects related to the MTPL business line or Austria's experience in managing the high-risk insured persons.



What are RECREX's development plans for 2017?

This year, RECREX continues to focus on the development of its two main operational segments: fraud detection and claims buffering, Daniela BADALUTA, President of the company, explained in an interview for XPRIMM Publications.

Daniela BADALUTA, RECREX: The management on the loss adjustment segment of some Romanian insurers generates losses instead of benefits

"RECREX operates on one of the insurance market niches: we do not sell insurance, we are a loss adjuster. I believe loss adjusting is one of the most important aspects in this field, because managing claims is a key aspect for achieving success on the insurance market", Daniela BADALUTA, President, RECREX, explained in an interview for XPRIMM Publications.

Romanian MTPL market prepared to sit on solid foundations

After a stormy 2016, the Romanian MTPL market is prepared to sit on solid foundations in 2017, with sound operators and a more coherent structure, said yesterday Misu NEGRITOIU, the Romanian Financial Supervisory Authority head speaking at a market forecast meeting.

EUROINS Romania acquires the non-life portfolio of ATE Insurance Romania

EUROINS Romania, part of Bulgarian EUROINS Insurance Group (EIG), has reached an agreement to acquire the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of PIRAEUS Bank - a leading  banking institution in Greece. The deal was signed on January 19th, 2017. "The deal is subject to customary regulatory approvals", the EIG representative pointed out in a press release.