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.
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.
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.
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.
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.
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.
Dutch insurer Aegon announced the completion of the divestment of its businesses in Poland and Romania to Vienna Insurance Group for EUR 125 million.
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.
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.
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.
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.
Euroins Romania, the MTPL market leader in Romania, with an almost 32% market share on this LoB, increased its effort to extend the company business on the facultative insurance side. Non-MTPL GWP and number of contracts more than doubled in Q2 2022, the company said.
Allianz-Tiriac, one of the largest insurers in Romania, has developed the first complete car insurance product (MTPL and MoD insurance), intended for plug-in electric and hybrid cars.
Romanian insurers achieved GWP worth RON 8.76 billion (EUR 1.77 billion), in 1H2022, data provided by the supervising authority show. Considering also GWP by companies operating in Romanian based on the Freedom of Service (FOS) and Freedom of Establishment (FOE) rights, the total value of the local market climbs to EUR 1,92 billion.
The General Assembly of UNSAR - the National Union of Insurance and Reinsurance Companies in Romania, an organization to which 20 insurance companies representing about 90% of the insurance market belong - appointed on Thursday, by vote, the members of the Board of Directors for the next three years.
According to Financial Supervisory Authority's latest report, Euroins Romania ranks first in the non-life insurance market hierarchy after Q1 2022, with a market share of 23.2%. The company has sold by 36% more policies in Q1 2022 as compared to Q1 2021, reaching a total of 1,2 million policies.
The gross premiums written by the insurance companies in Romania, in Q1 2022, reached almost RON 4.66 billion lei (EUR 941.5 million), the highest quarterly value recorded in the history of the insurance market in Romania, increasing by 46% compared to similar period last year.
The Romanian High Court of Cassation and Justice decided this week to upheld the reasoning of the Bucharest Court of Appeal on the annulment of the Competition Council's sanctioning decision against UNSAR - the National Union of Insurance and Reinsurance Companies of Romania.
The EBRD is optimistic about the development of the Romanian and regional insurance market, after record-breaking results for 2021 from Bulgaria's Euroins Insurance Group (EIG), led by the strong performance of its largest entity, Euroins Romania Asigurare Reasigurare, the bank said in a press release.
One of the main causes of the Romanian MTPL market's leader CITY Insurance bankruptcy was the RON 1.2 billion deficit resulting from the sale of insurance policies below the notified tariff between 2018-2021, in order to increase market share, CITR, the judicial liquidator of City Insurance said today.