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Romania's insurance market grows 4.5% in 2018

Romania's insurance market grows 4.5% in 2018

BUCHAREST (Romania), March 21 (SeeNews) – The gross written premiums (GWP) of Romanian insurers increased 4.5% on the year to 10.14 billion lei ($2.4 billion/2.1 million euro) in 2018, the country's financial regulator ASF said.

Last year was characterized by an improvement in solvency ratios, ASF said in a press release on Wednesday.

At the end of December, all insurance companies met both the Solvency Capital Requirement (SCR) and the Minimum Capital Requirements (MCR). The SCR rate at the market level was 1.71, while the MCR rate recorded a value of 3.87.

At the end of 2018, gross technical reserves constituted by insurance companies totalled 16 billion lei, 5% higher year-on-year.

As of end-December, 29 insurance companies regulated by ASF were active in the insurance market, out of which 16 offered only non-life insurance, seven offered only life insurance and six had composite activity.

The insurance market in Romania is characterized by a medium to high degree of concentration, ASF noted. In 2018, some 89% of the total gross written premiums were achieved by 10 insurance companies out of the 29.

Following are Romania's top five insurers in 2018 by market share:

  Market share (%)
City Insurance 14.64
Allianz Tiriac Asigurari 12.99
Omniasig VIG 11.56
Euroins Romania Asigurare 9.94
Groupama Asigurari 9.90

(1 euro=4.7558 Romanian lei)