Romania
UNSAR 30 Years: How to build a financially protected Romania
"In 1994, the year UNSAR was founded, the Romanian insurance market was about USD 150 million. Thirty years later, it has reached USD 4.5 billion," remarked Alexandru Ciuncan in his opening speech at the International Conference organized by UNSAR, the Romanian insurers’ association, to mark its 30th anniversary.
11 June 2024High level meeting between the Romanian and Turkish main insurance market bodies
On June 3-4, 2024, the Insurance and Private Pensions Regulation and Supervision Agency (SEDDK), the Turkish Insurance Association (TSB), and Maher Holding hosted some of the most prominent figures in Romania's insurance and finance sector, in a visit aiming at extending the regional cooperation in the re/insurance sector.
10 June 2024ROMANIA: first insurance product tailored for SMEs and sole proprietorships by BCR in cooperation with OMNIASIG VIG
In collaboration with OMNIASIG Vienna Insurance Group, Banca Comercială Română is expanding the George digital ecosystem with the introduction of George Smart Protect, the first insurance product tailored for micro-enterprises and sole proprietorships (PFA).
22 May 2024STATISTICS: ROMANIA, FY2023: positive dynamic despite the limitations imposed on MTPL prices
Romanian insurers (companies domiciled in the country) ended 2023 with GWP worth EUR 3.65 billion, up by 9.45% y-o-y. At the same time, paid claims decreased y-o-y by about 1.7%, to EUR 1.55 billion, data provided by the market authority (ASF) show.
4 April 2024STATISTICS: ROMANIA 9M2023: premium production steady despite the high inflation rate
Romanian insurers wrote gross premiums (GWP) worth approximately RON 13.1 billion (EUR 2.63 billion) in 9M 2023, 9% up y-o-y. Non-life insurance accounts for 83% of this total amount. Considering the 8.8% y-o-y inflation rate, the market remained steady in real terms.
7 February 2024Romania: ASIROM Vienna Insurance Group takes over the insurance portfolio from Aegon Romania
Following the acquisition by Vienna Insurance Group of the Aegon companies in Central and Eastern Europe, operation completed in June 2023, the insurance portfolio of the Romanian Aegon branch will be transferred to ASIROM Vienna Insurance Group.
17 January 2024Sorin MITITELU is the new Vice President, Coordinator of the Insurance-Reinsurance Sector od the Romanian Financial Supervisory Authority
On December 19, 2023 the Romanian Parliament has approved the appointment of the new Council of the Financial Supervisory Authority (ASF). Sorin MITITELU was appointed as Vice President, Coordinator of the Insurance-Reinsurance Sector for a 5 year mandate.
10 January 2024RECREX ensures the international claims management of Axeria Iard
RECREX Romania, a company affiliate of RECREX INTERNATIONAL INSURANCE SERVICES, has been appointed in June 2022 by Axeria Iard – Lyon to perform cross-border claims management to deliver a range of expanded services for the benefit of Axeria across Europe.
12 October 2023STATISTICS: ROMANIA, 1H 2023: Raising contribution to the market GWP of the foreign subsidiaries operating on FOE
Romanian insurers ended 1H 2023 with GWP worth EUR 1.83 billion, 3.28% more y-o-y, data provided by the Romanian Financial Supervising Authority (ASF) show. Out of this total GWP volume, life insurance provided EUR 305 million, while non-life insurance classes generated EUR 1.52 billion.
12 October 2023ROMANIA: a new player on the MTPL insurance market
The Romanian MTPL insurance market has a new player, after the Council of the Financial Supervisory Authority (A.S.F.) authorized, during the meeting on Tuesday, September 12, 2023, the company EAZY Asigurari S.A. to operate on this line of business.
14 September 2023Adrian MARIN reconfirmed at the helm of GENERALI Romania
Adrian MARIN’s mandate as Member and President of the Directorate at the company GENERALI Romania Asigurare Reasigurare S.A.was renewed, receiving the approval of the Council of the Romanian Financial Supervisory Authority on August, 23.
24 August 2023Romanian insurers awarded for their achievements throughout the last year
The Romanian insurance industry will celebrate tonight its achievements at the 23rd edition of the Insurance Market Awards Gala. The Awards Gala represents a culminating moment in the industry's calendar, the occasion to recognize and celebrate the achievements of insurance companies and professionals.
24 August 2023Paul CAZACU reconfirmed for new mandate at the management of Romanian UNIQA Asigurari
The Romanian Financial Supervisory Authority has approved the renewal of the mandate of President of the UNIQA Asigurari Directorate for Paul CAZACU, a role he initially assumed in February 2021.
8 August 2023STATISTICS: ROMANIA, 1Q 2023: under the first effects of the Euroins failure
Romanian insurers reported GWP worth EUR 957.9 million in Q1 2023, which is only 1.74% up y-o-y. Out of this total, life insurance accounted for 16.75% share, with GWP of EUR 160.4 million, by 0.7% less than in the previous year. Non-life insurance saw a positive growth rate of 2.24%, to EIR 797.5 million, which is a rather modest evolution after the 2022 results.
4 July 2023ROMANIA: insurance brokers intermediated GWP worth EUR 2.52 billion
GWP distributed by Romanian insurance brokers in the local market increased by 26% in 2022 compared to the previous year, up to almost RON 12.5 billion (EUR 2.52 billion). Thus, they distributed almost 76% of the total premium volume in the industry, the Financial Supervisory Authority's report reads.
22 June 2023Aegon completes the sale of CEE businesses to VIG
Dutch insurer Aegon announced the completion of the divestment of its businesses in Poland and Romania to Vienna Insurance Group for EUR 125 million.
13 June 2023STATISTICS: ROMANIA, FY2022: double digit growth in a difficult year, supported by non-life insurance
Romanian insurers ended 2022 with GWP worth EUR 3.34 billion, almost 16% up y-o-y. While the life insurance sector saw a rather stagnant evolution, growing by only 1.45% y-o-y, the non-life side recorded an almost 20% growth, to EUR 2.8 billion.
11 May 2023Eurohold accuses hostilities on Euroins Romania
Eurohold Bulgaria, a leading energy and financial group in Southeast Europe, accuses an organized attack against Euroins Romania, the largest insurer on the Romanian insurance market and the biggest unit of Euroins Insurance Group, the holding's subsidiary insurance group.
14 February 2023STATISTICS: ROMANIA, 9M2022: Significantly improved efficiency indicators for MTPL indurance
In 9M 2022, insurance companies licensed in Romania wrote gross premiums worth EUR 2.43 billion, up by 23% y-o-y, data from the market authority show. Adding to this amount GWP by insurers operating on FOE, the total market GWP reached 2.7 billion. Non-life insurance accounted for 83% of the total GWP.
22 December 2022Romania: fiscal incentives may convince more homeowners to buy the mandatory home insurance policy
While 82% of Romanians are aware of the obligation to have a mandatory insurance policy against natural disasters for their home, only 20% of the 9.6 million homes are protected by a compulsory PAD policy.
3 November 2022
