Romania’s insurance market up 11% y/y in 2024

Romania’s insurance market grew by 11% year-on-year in 2024, reaching a total gross written premium volume of RON 23.4bn (EUR 4.7bn), according to a report published on 1 April by the Financial Supervisory Authority (ASF). General insurance accounted for 81% of total underwritings, while life insurance represented 19%.

The total value of insurance premiums for RCA (mandatory motor third-party liability) insurance, subscribed by companies authorized by ASF and those operating under the freedom to provide services, stood at approximately RON 9.94bn (EUR 2bn), reflecting a 7% annual increase.

ASF reported that solvency levels among supervised insurance companies remained above unity at the end of December 2024. However, the Solvency Capital Requirement (SCR) ratio declined due to a 22% rise in solvency capital requirements, outpacing the 18% increase in eligible own funds. The liquidity indicator for non-life insurance stood at 3.09, slightly down from 3.14 at the end of 2023, as liquid assets increased by 20% while short-term liabilities grew by 23%. Conversely, the liquidity indicator for life insurance improved, supported by an 18% increase in liquid assets compared to a 15% rise in short-term liabilities.

The total volume of gross indemnities paid, including by branches, reached RON 10.6bn (EUR 2.1bn) in 2024, with general insurance accounting for 82% of payouts and life insurance for 18%.

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