BUSINESSFINANCIALINSURANCE

ASF: MTPL market in Romania, up by 30 pc in 2016

By Anca Bernovici
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The motor third party liability (RCA) insurance market continued to increase in the fourth quarter of 2016, continuing the upward trend of the past five years. Thus, the total volume of gross premiums written (GPW) in the MTPL segment reached in 2016 a total of RON 4.03 billion, up by 30 percent, year-on-year, the Financial Supervisory Authority (ASF) shows, a press release informs.

The number of MTPL contracts concluded, expressed in annual units, reached a level of 4,983,409 last year, which means an increase by over 5 percent compared to the previous year.

A reversal of the upward trend of average premiums is noticed at the level of the entire market in the fourth quarter of 2016. Thus, the value of the average quarterly premium in the fourth quarter was RON 822, compared to RON 901 in the third quarter.

At the same time, ASF continued the monitoring of monthly medium premiums, at the end of December 2016 the average annualized MTPL premium for natural persons amounting to RON 465 for cars, RON 978 for motor vehicles for freight transport and RON 1,814 for passenger motor vehicles.

For legal persons, the average premiums reached, at the end of 2016, RON 712 for cars, RON 2,527 for motor vehicles for freight transport and RON 2,191 for passenger motor vehicles.

At the end of 2016, the largest market share was recorded by Euroins (21 percent), followed by Asirom (17.3 percent), City Insurance (16.1 percent), Carpatica (10.5 percent), Allianz-Tiriac (9.5 percent), Omniasig (9 percent), Groupama (7 percent), Generali (5.1 percent) and Uniqa (4.9 percent).

Based on provisional data reported by insurance companies, on December 31, 2016, the combined (gross reinsurance) rate was 108.48 percent.

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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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