The insurance market in Romania continued the upward trend in 2017 too and the insurance companies authorized and regulated by the Financial Supervisory Authority (ASF) subscribed gross premiums of RON 9.7 billion, 3.5 percent more compared to the previous year, as a press release informs.
”A change in trends during the previous years is the consolidation of the life insurance segment, which registered a significant appreciation last year of 21 percent compared to 2016. If during 2012 – 2014 the life insurance activity was decreasing in terms of the amount of gross written premiums, as of 2015 this segment resumed its growth and in 2017 the development of the insurance sector was due to the life insurance segment,” the release reads.
ASF report also shows that the Romanian insurance market is characterized by a high degree of concentration. In 2017, almost 89 percent of the total gross written premiums were made by 10 insurance companies out of 31 companies performing insurance / reinsurance activity on 31 December 2017.
Gross premiums written (GPR) by general insurance amounted to about RON 7.7 billion last year, while the GPR by life insurance companies increased by 21 percent year-on-year, reaching about RON 2.02 billion.
According to ASF, the total amount of insurance premiums subscribed for MTPL (RCA) insurance in 2017 reached RON 3.7 billion. In 2017, the branches cumulated gross written premiums amounting to RON 755.6 million, up by 12 percent yoy.
As a result of the centralization of the reports sent by the insurance brokers on end-December 2017, it results that the value of the premiums for general and life insurance was in the amount of RON 6.15 billion, down by 0. 86 percent yoy.