The cost of vehicle repairs covered by MTPL insurance has continued to rise steadily over the past four years, according to a recent study by the Romanian Motor Insurers’ Bureau (BAAR) based on using data from the Audatex platform, incorporating over 650,000 repair estimates from service shops across Romania.

The value of MTPL (compulsory motor insurance) claims paid by insurers in Romania rose by 36% in 9M 2024, exceeding RON 3.4 billion (~ EUR 680 million), according to a statement from UNSAR, the professional association of the local insurers.

The Bucharest Court of Appeal has upheld the bankruptcy ruling against EUROINS Romania Asigurare-Reasigurare S.A., rejecting the insurer’s appeal against the 2023 decision of the Bucharest Tribunal.

A key concern for Romanian insurers in early 2024 was the 22% rise in daily claims payments, reaching EUR 5.6 million from EUR 4.6 million in 2023, including FGA payouts and insurer reserves, revealed Alexandru Ciuncan, President of UNSAR, the professional association of the Romanian insurers.

Romanian insurance companies will see a significant reduction in their financial contributions to the Romanian Motor Insurers’ Bureau (BAAR) starting this year, following a phased reimbursement process set to conclude by 2027.

Groupama, the leader of Romania's insurance market and the largest employer in the country’s insurance industry, has been awarded the prestigious "Top Employer" certification for the eighth consecutive year by the Netherlands-based Top Employer Institute, the global authority in employer excellence.

The Bucharest-Ilfov development region, comprising Romania’s capital and its surrounding county, remains the national leader in voluntary home insurance coverage. Nearly 3 in 10 homes in this region—representing 29% of the total—are protected by insurance policies against risks such as fires, natural disasters, explosions, storms, and theft.

Romanian insurers aggregated net profit continued to grow in 1H 2024, a trend that has been observed since 2021, the main influence being the increase in MTPL insurance rates, as this business line is the most prominent in the Romanian insurance market, data provided by the market authority show.

Hellas Direct, the insurance company celebrating its second anniversary in Romania, reaffirms its long-term commitment to the Romanian market. The company announces plans to invest EUR 68 million, generated directly in the local market, to strengthen its presence and expand its range of services.

Reimbursement of medical expenses, hospitalization, surgical procedures, and temporary incapacity to work were the Top 5 most accessed coverages in the Romanian life insurance market in 2023, while 4 out of the 5 largest indemnities paid under this insurance line were granted as a result of the insured individuals' deaths, data provided by UNSAR show.

Insurers active on the Romanian market wrote gross premiums worth EUR 3.39 billion in the first three quarters of 2024, which is by 11.45% more y-o-y. Out of this total, local insurers accounted for EUR 2.88 billion, while the remaining EUR 513 million were generated by branches of EU insurers operating on FOS/FOE.

The largest compensation received by a Romanian homeowner whose residence was protected by an optional insurance policy and affected by a fire exceeded EUR 422,000, according to an analysis conducted among UNSAR (the professional union of the Romanian insurers) members.

The Romanian Government has announced it decided on Wednesday, during its final meeting of the year, the cap on rates and commissions for MTPL insurance policies was extended by another three months, until March 31, 2025. The decision was met with protests from industry, as it threatens insurance brokers’ financial sustainability, as well as the level of financial protection in our society.

In 1H 2024, claims paid for storm-related damages to insured homes by members of UNSAR – the professional association of the Romanian insurers, reached RON 24 million (~EUR 4.8 million), which about 94% of the total compensations paid in 2023 under voluntary home insurance policies, the association said.

Sorin GRECEANU, General Manager of BAAR (the Romanian Motor Insurers' Bureau), was elected in early December 2024 as the President of the Council of Bureaux (COB) for a five-year term, starting in June 2025. The COB oversees the international MTPL insurance system, including the Green Card framework.

LIFE IS HARD, a leader in digitalization solutions for businesses based in Romania, announces the winning of a new European funding project, entitled "Work is cool - Students prepared for competition and performance", worth a total of approximately EUR 1 million.

On Thursday, December 5, 2024, the Romanian Association of Insurance and Reinsurance Brokers (PRBAR) elected a new Board of Directors during the organization's General Assembly. Viorel VASILE, CEO of Safety Broker, was elected as the new President of PRBAR.

Ethniki, Hellenic General Insurance S.A. ("Ethniki") announced the signing on 1 November 2024 of the agreement for the acquisition by SIGNAL IDUNA, subsidiary of the homonymous German group, of the 96.74% stake that the Greek insurer owns in the Romanian GARANTA Asigurari.

The Romanian Insurance Pool against Natural Disasters (PAID) has selected Moody’s to help the organization model and manage earthquake risk. Moody’s partnership with PAID will also include cooperation in sharing claims data to help with the ongoing development of Moody’s RMS Europe Earthquake HD Model.

The gross written premiums by companies domiciled in Romania amounted to ~ EUR 961.3 million, 0.4% up y-o-y, and accounting for 86% of the total volume written in Romania. Meanwhile, GWP by branches operating in Romania under FOE reached EUR 154.5 million in Q1 2024.