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The insurance market in Romania in 2016 reached a volume of gross premiums written (GPW) of RON 10.05 billion, 10 percent more year-on-year, when it was recorded an increase of 9 percent compared with 2014 GPW, the Financial Supervisory Authority (ASF) data show.
General insurance segment recorded in 2016 an increase of 11 percent compared to 2015, while life insurance segment recorded a 6.7 percent advance. The greatest increase over the previous year was recorded in health insurance with approximately 70 percent.
Thus, the insurance sector has exceeded last year the historic peak of RON 8.94 billion reached in 2008, given the fact that several companies went out of the market: Astra Asigurari, Carpatica Insurance Forte Insurance and Lig Insurance.
The value of gross premiums written by insurance companies and branches only in Romania, was RON 9,93 billion, up 12 percent compared to the previous year (RON 8,86 billion), while gross premiums written in other states were RON 0.1 billion compared to 2015, when they reached a volume of RON 0.27 billion.
The gross premiums written by insurance companies for the life insurance activity recorded, last year, a volume of RON 1.66 billion, up 6 percent from the previous year, while branches cumulated a GPW of RON 356 billion in growth 11 percent from the previous year.
Last year, 87 percent of the total volume of gross premiums written was conducted by 10 insurance companies of the 31 that were carrying on December 31, 2016 out insurance/reinsurance activity, similar to previous years.
Thus, the top five companies with the largest volume of gross premiums written are: Allianz – Tiriac Asigurari, Omniasig VIG, Asirom VIG, Groupama Asigurari, Euroins Romania Asigurare Reasigurare.
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