Romania’s insurance market up 4.5 pct last year to RON 10.1 bln on booming health segment

The Romanian insurance market rose by 4.5 percent last year to RON 10.1 billion (EUR 2.2 billion), due mainly to a surge in health insurance segment, Financial Supervisory Authority (ASF) data show.

The car insurance segment maintains its dominant position, with compulsory car insurance (RCA) accounting for 35.6 percent of the insurance market in 2018, according to ASF.

The average RCA premium declined by 12 percent last year to RON 612 (EUR 132) per year.

The life insurance segment posted a modest increase, of 4 percent in 2018, up to RON 2.1 billion, after a record growth rate of in 2017 (+21 percent).

The biggest increase was registered by the health insurance segment, of 60 percent compared to 2017, up to RON 335 million.

Romania has 29 insurance companies. The local company City Insurance maintained the leading position in 2018, with a market share of 14.6 percent, followed by Allianz-Tiriac (13 percent), Omniasig VIG (11.6 percent), Euroins (9.9 percent) and Groupama (9.9 percent).

Austria’s Vienna Insurance Group (VIG) controls 23.7 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.