Cristian ROSU, Vice President of the Insurance-Reinsurance Sector from the FSA - Financial Supervision Authority of Romania, commented on the 1H2020 market results:
"From FSA's point of view, the insurance market had an unexpectedly good evolution. The first quarter of 2020 grew by almost 9% when compared to the same period of prior year, while in the second quarter, which was deeply marked by the emergency and alert states caused by the pandemic, having a negative impact on the Romanian economy, we were expecting massive and significant decreases, which fortunately was not the case."
The GWP ratio between the life and non-life sectors slightly tilted in favor of the non-life sector, as a direct effect of a 4.2% decrease in life GWP and a 5.4% increase in non-life GWP. About 19.2% of the market's GWP was brought by life insurance classes, while the rest of 80.8% came from non-life insurance classes.
Motor classes, MTPL and Motor Hull, continued to weight the most in the market, with an overall combined market share of 56.5% (-0.7 pp.). The motor classes' GWP increased by 2.2%, a surprising result considering the Government's restrictions on movement, caused by the pandemic, which desolated the main boulevards of the country.
Despite its stable increase in premiums, the motor insurance "duo" lost 0.7 percentage points from the market, signaling that other insurance classes gained traction and increased as well. Some of these classes include Warranties (+90.1% GWP change), Health (+27.7%) and GTPL (+7.8%).
Property classes, the second largest group from the non-life sector, expanded by 7.7%, both Fire and allied perils and Damages to property increasing at very similar rates.
At June 30th, 2020, the total number of insurance companies operating in Romania was 27. Of this number, 14 companies were specialized in non-life business, 7 were specialized in life insurance, while 6 of them were active in both life and non-life sectors.
The overall market's (life and non-life combined) TOP-10 ranking included: Allianz-Tiriac, Asirom VIG, BRD Asigurari de Viata, City Insurance, Euroins, Generali, Groupama, NN Asigurari de Viata, Omniasig VIG, UNIQA (alphabetically ordered, find each company position in our database).
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