Romanian insurance market premiums reach EUR 1.4 bln in nine months

Newsroom 11/12/2015 | 17:49

Romania’s insurance market registered an increase of 7.4 percent over the previous year in gross written premiums (GWP) during the first nine months, totaling RON 6.33 billion (EUR 1.4 billion), according to data from the Financial Supervision Authority (ASF).

Of the total GWP, general insurance represent nearly RON 5 billion, up 6.9 percent, and life insurance policies represent some RON 1.32 billion, up 9.3 percent year on year.

At the end of September 35 insurers were active on the local market, of which 20 only offered general insurance, 8 offered only life insurance and 7 of them offered composed insurance services.

In the case of general insurance, the first three insurers in terms of turnover for the first nne months of the year were Allianz-Tiriac Asigurari (RON 694.8 million), holding a market share of 13.85 percent, Omniasig VIG (RON 694.3 million), with a market share of 13.84 percent and Groupama Asigurari (RON 543.6 million), which had a market share of 10.84 percent.

When it comes to life insurance, the first three companies were NN Asigurari de Viata (with a RON 460.8 million and 34.98 percent market share), BCR Asigurari de Viata (RON 186 million and 14.2 percent market share) and Metropolitan Life (RON 171.7 million, 13.04 percent market share).

In the first nine months of 2015, insurance companies reported gross claims paid for the two categories of insurance amounting to RON 3.48 billion, registering a decrease of 3.51 percent from the same period of 2014.

Of the total gross claims paid, RON 2.87 billion is related to general insurance contracts (82.5 percent in total volume of insurance benefit plans), while RON 610,02 million were from life insurance. Both volumes went down compared to the first nine months of 2014, general insurance policies claimed by 3.69 percent and life insurance by 2.63 percent.

The top three insurers based on the amount of claims paid were Omniasig VIG (RON 401.9 million), Euroins with RON 358.8 million and Groupama with RON 321.1 million.

Natalia Martian

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