The insurance companies licensed and regulated by the Financial Supervisory Authority (ASF) registered, during the first semester of 2017, a total gross premiums written (GPW) totalling RON 5.04 billion, up by 8 percent as compared with the same period of the previous year, a press release informs.
In non-life insurance (NLI) segment, the insurers underwrote gross premiums amounting to RON 3.97 billion, up by 2 percent year-on-year. At the same time, life insurance (LI) segment registered a 36 percent lead as compared with the first six months of 2016, insurance companies registering RON 1.07 billion in terms of GPW.
An analysis of data reported by insurance companies reveals that the insurance market in Romania features a high level of concentration. Out of the total gross premiums written during the first half of 2017, 88 percent was covered by 10 insurance companies out of the 31 companies conducting the insurance/ reinsurance business on June 30, 2017.
The insurance premiums underwritten for RCA insurance reached, during the first semester of 2017, the total value of RON 2,041,889.248, the remainder to class A10 total (RON 2,105,340.326) being represented by the carrier liability insurance for goods carried and the RCA insurance policies underwritten on other EU member states territory under the right of freedom to provide services.
In 2016 and during the first semester of 2017, Euroins, City Insurance and Asirom were the companies to hold the highest market share on the RCA insurance market, together holding more than half of the market (54 percent on end-2016 and 71 percent on end-June 2017).
During H1, the insurance companies reported gross claims paid, cumulatively for the two insurance categories, amounting to RON 2,032,895.173.
The net result during the first semester of 2017 for the whole insurance market was positive, reaching RON 260 million, up by 11 percent as compared with last year’s similar period. Based on the entire home insurance market a decrease by approximately 10 percent was registered in gross premiums written during H1 yoy.
At the same time, the insurance contracts in force at the end of H1 counted 14,586,982 units, growing by 11 percent as compared with the similar period of the previous year.