Location map
author: OCHA/ ReliefWeb

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

- 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
Pop. density*:81.9people/km2
GDP*:202.7EUR billion

European Union:
EU member, since 2007

Currency: Leu
Code: RON
Since: 2005

Insurance market portfolio
* 2018 estimates
Overall Property*:12%
Overall Motor*:57%



Romanians may no longer be able to conclude insurances in European currency

Romanians will no longer be able to conclude insurance contracts in EUR, according to a bill adopted by Romanian Senate and debated these days in Chamber of Deputies, informed the Romanian insurance portal here. According to the quoted source, among the most common insurance contracts concluded in European currency are the life, MoD and HH policies.

ROMANIA: ASF fines CITY Insurance for violating the methodology for reserves

As a result of the periodic control performed at the largest Romanian insurer as GWP - CITY Insurance, the ASF Board decided to sanction the company with a fine of RON 100 k (about EUR 20 k), after finding a series of violations of the law regarding the methodology of calculating the technical reserves, as the market authority annouced in a statement published on its website.

ROMANIA: Only one in five homes are insured

Only one in five Romanian homes is insured, 43 years after the largest earthquake that hitted the country in 1977, although the earthquake is the second risk that Romanians are worried about when it comes to their homes (57%), after the fire (65% ), according to the study prepared by IRES for UNSAR - The National Association of Insurance and Reinsurance Companies in Romania, informed

ROMANIA: ASF has withdraw the operating authorisation of CERTASIG

The Board of the Financial Supervisory Authority (ASF) has decided, during the meeting on 19.02.2020, to withdraw the operating authorisation of the company CERTASIG Societate de Asigurare si Reasigurare S.A (CERTASIG), due to the fact that the company did not restored the level of eligible own funds covering the minimum capital requirement (MCR) within the term provided by law, wrote Romanian insurance portal

EUROINS Romania was fined by ASF with more than EUR 100 k. FGA assigned as temporary administrator

The Board of the Romanian Financial Supervisory Authority (ASF) decided to amend EUROINS Romania with RON 500,000 (more than EUR 100,000), as a result of violation of some provisions of MTPL Law as the procedures for solving the MTPL claim files, deficiencies regarding the internal control mechanisms at the company level, irregularities regarding the establishment of technical reserves and data quality, as the market authority annunce in a statement.