Romania’s insurance market up 20% in 2021, still in the range of 1% of GDP
The Romanian insurance market ended the first nine months of 2021 with a volume of gross written premiums of RON 9.8 bln (EUR 2 bln), up 15% from the same period last year, according to data presented by Cristian Roşu, vice president of…
Andrei Chirileasa · Journalist
· Updated · 1 min read
The Romanian insurance market ended the first nine months of 2021 with a volume of gross written premiums of RON 9.8 bln (EUR 2 bln), up 15% from the same period last year, according to data presented by Cristian Roşu, vice president of the Financial Supervision (FSA), quoted by Ziarul Financiar.
It is a small, underdeveloped market accounting for only 1% of GDP (compared to, for instance, 12% in France) - which, on the upside, holds significant growth potential, ASF vice president stated.
The general insurance segment advanced by 13% to RON 7.77 bln, while the much smaller life insurance segment soared by 22% to RON 2.01 bln.
“I predict that, at the end of 2021, we will have an annual increase in terms of gross written premiums of over 20% compared to 2020, a very important growth rate, given that each year we had increases of only 8-10%,“ said Cristian Roşu during an online conference organized by the National Union of Insurance-Reinsurance Companies of Romania (UNSAR).
(Photo: Pixabay)
