September 27 (SeeNews) - The gross written premiums (GWP) of Romanian insurers increased by 37% on the year in the first half of 2022 to 8.76 billion lei ($1.7 billion/1.77 billion euro), the country's financial regulator, ASF, said on Tuesday.
During the first semester of 2022, the Romanian insurance market remained focused on general insurance, which accounted for 83% of total GWPs, ASF said in a press release.
General insurance GWPs amounted to 7.27 billion lei in the first half of 2022, up 44% on the year, while life insurance rose by an annual 11% to 1.5 billion lei.
At the end of June, all insurance companies active on the local market met both the Solvency Capital Requirement (SCR) and the Minimum Capital Requirements (MCR). The SCR rate at the market level was 1.58, while the MCR rate was 3.64.
At end-June, gross technical reserves constituted by insurance companies totalled 22.6 billion lei, up 10% year-on-year.
The insurance market in Romania is characterised by a medium to high degree of concentration, ASF noted. In the first six months of 2022, some 92% of the total gross written premiums were achieved by ten insurance companies out of 26 currently active on the market.
Following are Romania's top five insurers by market share at end-June 2022:
Company |
Market share (%) |
Groupama Asigurari
|
17.78% |
Allianz Tiriac Asigurari
|
17.74% |
Euroins Romania Asigurare
|
17.46% |
Omniasig VIG
|
12.10% |
Asirom VIG |
7.24% |
The gross written premiums of Romanian insurers increased 24% on the year to 14.2 billion lei in 2021.
(1 euro= 4.9437 Romanian lei)