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A US-based large company to enter the Romanian RCA market

By Anca Bernovici
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The domestic compulsory motor insurance policies (RCA) market is becoming more and more attractive for important players.

”We will probably have, by mid-year, yet another big player to enter the Romanian market. It is a player coming from the United States, perhaps through a branch,” Cornel Coca Constantinescu, Vice-President of the Financial Supervisory Authority (ASF), stated in a press conference on Tuesday, hotnews.ro informs.

The top 10 brokers have a 45 percent share of the total premiums, which allows a development in the future, compared to the insurance market where there is a concentration.

The latest ASF data show that Safety Broker (7.34 percent), Marsh (7.15 percent) and Transilvania Insurance Broker (5.59 percent) were the first three places in the top 10 insurance brokers in depending on the volume of premiums in the first 9 months of 2017.

On the other hand, the insurance market in Romania is dependent on RCA sales. The total amount of insurance premiums written for compulsory motor insurance in the first nine months of 2017 reached RON 2.86 billion.

In the first nine months of 2017 there is a significant concentration, the first two insurers – City Insurance and Euroins – accounted for almost 59 percent (compared to 38 percent in 2016) of the total gross written premiums related to RCA insurance in Romania.

”Of the nine players we have on the RCA market currently, only 5 players are actually active, because the others are only operational and have a market share of 1 percent or even less,” Cornel Coca Constantinescu said.

 

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Anca Bernovici

Anca Bernovici

I started my way in life with the intention to pursue a teaching career. But, after graduating from the Faculty of Letters – the University of Bucharest in 2004, my first job as a reporter at one of the leading newspapers in Romania changed my perspective. I have specialized in communication and communication campaigns, following the Master's courses at the Faculty of Journalism and Communication Studies (FJSC), attending a BBC Communications scholarship.
I’ve represented several important publications in Romania as business journalist, being accredited in the finance and banking field. In 2015, I had the opportunity to interview the International Monetary Fund (IMF) Mission Chief for Romania, Andrea Schaechter. As business journalist, I also had the opportunity to interview ministers for Economics and Commercial
Affairs offices within different embassies in Romania or officials of large companies investing on the domestic market.
After almost 15 years of journalism, I still want to explore new ways, to inform and stay updated. That’s why The Romania Journal project fits me so well.
Today I describe myself as a passionate about the history of world culture, having a PhD in Hebrew Culture and Civilization, after a scholarship at the University of Haifa International School, as a language addict, an environmental activist, pet lover and traveler.

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