ASF: Romanian insurance market hits fresh record of RON 10 bln in 2016

Romania’s insurance market went up by 10 percent in 2016 to a record-level of RON 10 billion, out of which the mandatory insurances segment with auto civil responsibility (RCA) continued to have the highest share, according to the data published on Tuesday by the Financial Supervision Authority (ASF).

„Thus, the insurance sector exceeded in 2016 the record level of RON 8.94 billion from 2008, taking into account that many companies went out of the market: Astra Asigurari, Carpatica Asig, Forte Asigurari and Lig Insurance,” said the ASF.

The general insurance field still has the highest share in the businesses from this sector, according to News.ro.

„The general insurance segment registered in 2016 a growth by 11 percent compared with 2015 and the life insurance segment had an increase by 6.7 percent. The highest increase compared to the last year was registered for health insurance by approximately 70 percent,” says the ASF release.

The gross subscribed premiums from the general insurance area reached RON 7.71 billion in 2016, a growth by 11 percent compared with 2015, while 54 percent of the value was  part of the RCA policies.

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The life insurance segment generated subscribed gross premiums of RON 1.66 billion.

The insurance companies had paid gross compensations of RON 3.75 billion in 2016, out of which RON 3.6 billion affiliated to the general insurances contracts that went down by 5 percent compared with 2015.

„The drop in the general insurances is due to the bankruptcy of three insurance companies: Astra, Carpatica and Forte,” says the ASF.