Gross claims paid by all insurers operating on the Romanian market, as well as by the Fund of Guarantee of Insureds (FGA) totaled EUR 1.27 billion. Paid claims for non-life insurance amounted to about 80% of the total. The sums approved for the payment of damages by the FGA totaled approximately EUR 99.8 million, of which approximately 94% represent amounts approved for the payment of MTPL damages.
Motor insurance lines remained the dominant LoBs, gross premiums wrote for Motor Hull and MTPL insurance accounting together for about 77% of the non-life GWP, or 64% of the total GWP. AT the same time, paid claims for the two lines account for 86% of the claims oaid for non-life insurance and almost 68% of the total volume of paid claims.
On the entire market as a whole, on September 30, 2022, the average annualized MTPL premium value was of RON 1,152, up 71% compared to the same period of the previous year, a raise in price that affected rather equally retail and corporate customers.
The average MTPL claim paid for personal injury has increased by approximately 23% y-o-y, reaching an average value of RON 85,269 (EUR 17,229) while for material damage the increase was of about 6%, to RON 7,757 (EUR 1,567). Overall, the average MTPL claim value for reached RON 9,583 (EUR 1,936).
The combined ratio for the MTPL insurance lines finally went down, after a very long time, to less than 100%, reaching 90,28% after 3Q 2022, from 131.94% in 3Q 2021.
Groupama and Allianz-Tiriac are leading the market, with very close market shares, of 17.9% and 17.7% respectively. They are followed by Euroins, with a 15.8% market share.