BUCHAREST (Romania), March 22 (SeeNews) – The gross written premiums (GWP) of Romanian insurers rose by 10% on the year to 10.5 billion lei ($2.4 billion/2.3 million euro) in 2016, its highest value since 2008, data from the national financial regulator ASF showed on Wednesday.
The insurance sector has exceeded last year the historic peak of 8.94 billion lei reached in 2008. During the time, several companies went out of the market - Astra Asigurari, Carpatica Insurance Forte Insurance and Lig Insurance.
GWPs from no-life insurance grew by 11% to 7.71 billion lei in 2016, ASF said in a statement. Of the total gross premiums written by insurance companies for general insurance, the highest shares are held by civil liabilities for the use of land auto vehicles and for fire and natural disasters.
The premiums of the life insurance segment increased 6% on the year to 1.66 billion lei in 2016 period.
"The insurance market in Romania is characterized by a high degree of concentration. Last year, 87% of the total volume of gross premiums written was conducted by 10 insurance companies of the 31 that were carrying out insurance/reinsurance activity at end-2016, similar to previous years," ASF said.
At the end of 2016, insurance companies reported gross paid allowances - excluding maturities and partial and total surrenders - in total for the two categories of insurance in the amount of 3.75 billion lei.
In 2016, the the Policyholders Guarantee Fund paid damages amounting to 144.7 million lei, of which 78% were for civil liability car insurance (RCA).
Following are Romania's top five insurers in 2016, GWPs (billion lei) and market share:
|
GWPs (life and general insurance) |
Market share (%) |
Allianz Tiriac Asigurari |
1.227 |
13.08 |
Omniasig |
1.083 |
11.54 |
Asirom Vienna Insurance Group |
1.072 |
11.42 |
Groupama Asigurari |
0.932 |
9.93 |
Euroins Romania Asigurare |
0.870 |
9.27 |
(1 euro=4.5631 Romanian lei)