Looking at the business evolution for the companies licensed in Romania, thus under the Romanian market authority's surveillance, GWP for H2022 showed a 36.5% increase y-o-y, most of it coming from the non-life side. Non-life GWP went up by 43.5%, to EUR 1.47 billion. The highest contribution to the market growth came from the MTPL line, for which GWP grew by over 82%, an evolution largely owed to the increasing prices of the MTPL policies as compared with the previous year. Life insurance premiums grew by 11%, to EUR 300 million.
More in detail, the companies operating in Romania based on the Freedom of Service (FOS) and Freedom of Establishment (FOE) rights had underwritten on the local market premiums in the amount of RON 730 million (EUR 147.6 million). These companies were active mostly on the MTPL liner, where their share in the total intermediation is almost 41%. The second important class from this point of view is class A9 (agricultural insurance), with a share of over 20%.
The evolution of gross written premiums came against the background of increased competition and was also accompanied by an improvement in the loss indicators. On June 30, 2022, the combined rate was 101.66%, down substantially from almost 121% in the first half of last year. In the case of the MTPL line, the combined rate dropped from over 142% to only 107.4%.
A remarkable evolution can also be observed regarding the market shares of insurers. Three companies practically occupy the first position in the full market aggregated ranking, with shares between approximately 17.5% and 18% of GWP. Groupama took first place, with 17.78% of PBS, followed by Allianz-Tiriac, with 17.74% and Euroins, with 17.46%. The high level of competition is also strictly maintained at the level of non-life insurance, which remains dominant in the market structure. On the first position is the company Euroins, with 21.02%, followed by Groupama, with 20.99% and Allianz-Tiriac, with 19.34%.
Last but not least, in the second quarter of 2022 the evolution of the average premium value for MTPL followed a stabilization path. At the end of June 2022, the average premium for MTPL insurance purchased by natural persons was 904 lei, down from 913 lei at the end of March 2022. In general (natural persons and legal entities), the average premium was of 1,154 lei on June 30, compared to 1,138 lei in March 2022.