Romania’s insurance market rose 3.5 pct in 2017, to RON 9.7 bln; life insurance up 21 pct

The Romanian insurance market grew by 3.5 percent in 2017, up to RON 9.7 billion (EUR 2.1 billion), due mainly to the rapid increase of life insurance segment, but the market penetration of insurances declined, (ASF) data show.

The car insurance segment, including compulsory car insurance (RCA), maintains its dominant position, with 59 percent of the insurance market in 2017, according to ASF. Car insurance market rose 8 percent last year, to RON 5.7 billion.

But life insurance segment recorded the highest growth rate in 2017. “A change in the trends recorded over the past years is the consolidation of the life insurance segment, which had a significant increase, of 21 percent, in 2017 compared to the previous year,” ASF said.

Romania has 31 insurance companies. City Insurance climbed on the leading position last year, with a market share of 12.9 percent, followed by Allianz-Tiriac (12.7 percent), Euroins (11.2 percent), Omniasig VIG (10.9 percent) and Asitom VIG (10 percent).

Austria’s Vienna Insurance Group (VIG) controls 24.5 percent of the Romanian insurance market through its three local subsidiaries.