Romania
Romania: fire, electrical phenomena and storms are the Top 3 risks for home owners, UNSAR says
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.
13 January 2025Romanian Government extends the cap on rates and commissions for MTPL insurance for another 3 months raising discontent in the sector
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.
18 December 2024ROMANIA: Storm-related payouts in 1H 2024 nearly match the total for all of 2023
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.
17 December 2024Sorin GRECEANU, General Manager of the Romanian Motor Insurers' Bureau, elected President of COB, with a 5-years mandated starting in June 2025
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.
17 December 2024LIFE IS HARD invests in the future of students and technology through a new European funding project
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.
11 December 2024Viorel VASILE, CEO, Safety Broker, elected as new President of PRBAR
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.
9 December 2024Romania: SIGNAL IDUNA acquires the majority stake in GARANTA Asigurari, subsidiary of Ethniki
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.
5 November 2024PAID, The Romanian Insurance Pool against Natural Disasters, selects Moody’s to help model and manage Romania Earthquake Risk
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.
18 October 2024STATISTICS: ROMANIA, 1Q2024: foreign branches’ contribution to the market GWP is increasing
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.
28 August 2024Romania: improving national coverage rate in the mandatory housing insurance system
By the end of July, the national coverage rate in the Romanian mandatory housing insurance system exceeded 23%, PAID Romania (the Pool of Insurance Against Natural Disasters) reported. The result comes after a long period when the indicator’s value did not exceed 20%.
6 August 2024UNSAR 30 Years: How to build a financially protected Romania
"In 1994, the year UNSAR was founded, the Romanian insurance market was about USD 150 million. Thirty years later, it has reached USD 4.5 billion," remarked Alexandru Ciuncan in his opening speech at the International Conference organized by UNSAR, the Romanian insurers’ association, to mark its 30th anniversary.
11 June 2024High level meeting between the Romanian and Turkish main insurance market bodies
On June 3-4, 2024, the Insurance and Private Pensions Regulation and Supervision Agency (SEDDK), the Turkish Insurance Association (TSB), and Maher Holding hosted some of the most prominent figures in Romania's insurance and finance sector, in a visit aiming at extending the regional cooperation in the re/insurance sector.
10 June 2024ROMANIA: first insurance product tailored for SMEs and sole proprietorships by BCR in cooperation with OMNIASIG VIG
In collaboration with OMNIASIG Vienna Insurance Group, Banca Comercială Română is expanding the George digital ecosystem with the introduction of George Smart Protect, the first insurance product tailored for micro-enterprises and sole proprietorships (PFA).
22 May 2024STATISTICS: ROMANIA, FY2023: positive dynamic despite the limitations imposed on MTPL prices
Romanian insurers (companies domiciled in the country) ended 2023 with GWP worth EUR 3.65 billion, up by 9.45% y-o-y. At the same time, paid claims decreased y-o-y by about 1.7%, to EUR 1.55 billion, data provided by the market authority (ASF) show.
4 April 2024STATISTICS: ROMANIA 9M2023: premium production steady despite the high inflation rate
Romanian insurers wrote gross premiums (GWP) worth approximately RON 13.1 billion (EUR 2.63 billion) in 9M 2023, 9% up y-o-y. Non-life insurance accounts for 83% of this total amount. Considering the 8.8% y-o-y inflation rate, the market remained steady in real terms.
7 February 2024Romania: ASIROM Vienna Insurance Group takes over the insurance portfolio from Aegon Romania
Following the acquisition by Vienna Insurance Group of the Aegon companies in Central and Eastern Europe, operation completed in June 2023, the insurance portfolio of the Romanian Aegon branch will be transferred to ASIROM Vienna Insurance Group.
17 January 2024Sorin MITITELU is the new Vice President, Coordinator of the Insurance-Reinsurance Sector od the Romanian Financial Supervisory Authority
On December 19, 2023 the Romanian Parliament has approved the appointment of the new Council of the Financial Supervisory Authority (ASF). Sorin MITITELU was appointed as Vice President, Coordinator of the Insurance-Reinsurance Sector for a 5 year mandate.
10 January 2024RECREX ensures the international claims management of Axeria Iard
RECREX Romania, a company affiliate of RECREX INTERNATIONAL INSURANCE SERVICES, has been appointed in June 2022 by Axeria Iard – Lyon to perform cross-border claims management to deliver a range of expanded services for the benefit of Axeria across Europe.
12 October 2023STATISTICS: ROMANIA, 1H 2023: Raising contribution to the market GWP of the foreign subsidiaries operating on FOE
Romanian insurers ended 1H 2023 with GWP worth EUR 1.83 billion, 3.28% more y-o-y, data provided by the Romanian Financial Supervising Authority (ASF) show. Out of this total GWP volume, life insurance provided EUR 305 million, while non-life insurance classes generated EUR 1.52 billion.
12 October 2023ROMANIA: a new player on the MTPL insurance market
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.
14 September 2023
