The Romanian insurance market declined by 1.5 percent in the first quarter of this year to RON 2.53 billion (EUR 544 million), due mainly to a decline of car insurance’s prices, Financial Supervisory Authority (ASF) data show.
The car insurance segment maintains its dominant position, with compulsory car insurance (RCA) accounting for 37 percent of the insurance market in the first quarter of 2018, according to ASF.
The average RCA premium declined by 19 percent year on year in Q1 to RON 589 per year.
The life insurance segment posted also a decline, after a record high in 2017.
“Gross premiums related to life insurance reached the amount of RON 529 million, a slight decrease (1.7 percent) compared to the same period of the previous year,” ASF said.
Romania has 30 insurance companies. Allianz-Tiriac climbed on the leading position in the first quarter of this year, with a market share of 13.8 percent, followed by City Insurance (12.5 percent), Asirom VIG (11.7 percent), Omniasig VIG (11.6 percent) and Euroins (9.9 percent).
Austria’s Vienna Insurance Group (VIG) controls 27.1 percent of the Romanian insurance market through its three local subsidiaries.
In 2017, the Romanian insurance market grew by 3.5 percent, up to RON 9.7 billion (EUR 2.1 billion), due mainly to the rapid increase of life insurance segment.