ASF: Insurance companies’ gross written premiums, up by 6 pc in the first nine months

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The insurance market in Romania continued its growth trend in the first nine months of this year. The insurance companies authorized and regulated by ASF recorded in the first nine months of 2017 a total gross written premiums (GWP) of RON 7.32 billion, 6 percent more than in the same period of the previous year.

Gross written premiums related to non-life insurance (GI) reached RON 5.78 billion in the first nine months of the year, up by 1 percent over the same period of the previous year, and gross written premiums related to life insurance (LI) reached RON 1.52 billion, 30 percent more than in the same period of the previous year.

Even though in Romania the insurance market is still dominated by general insurance and car insurance, the analysis of the data reported by the insurance companies show, in the last period, an increase of the life insurance segment.

In the first nine months of 2017, 88 percent of the total gross written premiums were made by 10 insurance companies out of the 31 companies carrying out insurance / reinsurance activities on 30 September 2017.

The total amount of insurance premiums written for compulsory motor insurance in the first nine months of 2017 reached RON 2.86 billion. The remainder of RON 94.93 million, up to the total of A10 class (RON 2.96 billion), was the carrier’s insurance for goods transported as a carrier and RCA insurances subscribed on the territory of other EU Member States under the right of free provision of services.

Of the total gross written premiums for life insurance (RON 1.52 billion), the highest shares are held by the C1 classes – Life insurance, annuities and supplementary life insurance, and C3 – life insurance and annuities related to funds investment and which together accumulate 96 percent of the total GWP for life assurance.

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