Insurance market up by 8.73 pc in H1 to RON 4.32bn

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The insurance market in Romania grew by 8.73% in the first half of this year, to RON 4.32 billion, respectively by 5.08% as compared to the second half of 2014, according to the Financial Supervisory Authority (ASF).
“Insurance penetration increased by 0.03 percentage points against H1 2014 to 1.42%. In terms of insurance density (the ratio between underwritten gross premiums and the total resident population as of January 1) an increase of 9% in H1 was noticed as compared to the same period last year, reaching the maximum of the last five years (RON 217.2/person),” the report reads.
On the general insurance segment, gross underwritten premiums amounted to RON 3.48 billion, up by 9.02% against the same period last year and by 7.03% as compared to the level recorded in H2 2014. At the same time, on the life insurance segment, underwritten gross premiums reached RON 837.92 million, up by 7.54% as compared to the same period of the previous year, but down by 2.33% against H2 2014.
“The insurance market in Romania is characterized by a high degree of concentration. In H1 2015, some 80.69% of total underwritten premiums were conducted by 10 insurance companies out of 36 companies in the field,” the report further reads.

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