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Romania's insurance market grows 7.8% in H1

Romania's insurance market grows 7.8% in H1

BUCHAREST (Romania), September 5 (SeeNews) – The gross written premiums (GWP) of Romanian insurers increased 7.8% on the year to 5.44 billion lei ($1.3 billion/1.2 million euro) in the first half of 2019, the country's financial regulator ASF said on Thursday.

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

At the end of June, all but one of 28 insurance companies met both the Solvency Capital Requirement (SCR) and the Minimum Capital Requirements (MCR). The SCR rate at the market level was 1.72, while the MCR rate was 3.94.

Gross technical reserves constituted by insurance companies totalled 17 billion lei, 4.38% higher year-on-year in January-June.

At end-June, 28 insurance companies regulated by ASF were active in the insurance market, out of which 15 offered only non-life insurance, seven offered only life insurance and six had composite activity.

The insurance market in Romania is characterised by a medium to high degree of concentration, ASF noted. In the first six months of 2019, some 89% of the total gross written premiums were achieved by 10 insurance companies out of the 28.

Following are Romania's top five insurers at end-June 2019 by market share:

  Market share (%)
City Insurance 17.17
Allianz Tiriac Asigurari 12.77
Omniasig VIG 11.70
Euroins Romania Asigurare 11.51
Groupama Asigurari 9.97

The gross written premiums of Romanian insurers increased 4.5% on the year to 10.14 billion lei in 2018.

(1 euro=4.73 Romanian lei)