Romania's insurance market advanced by 5% to RON 11.5 billion (EUR 2.36 bln) in 2020, according to the head of financial markets regulator ASF, Nicu Marcu.

The market reached the equivalent of some 2.3% of GDP, Marcu announced (it was actually just over 1% of GDP), underlining the market's good performance given the circumstances and its robust potential, Ziarul Financiar reported.

In a speech held at a local business conference, Nicu Marcu said that the general insurance segment reached RON 9.28 bln (EUR 1.9 bln) after a 6% leap versus 2019, while the life insurance segment shrunk by 2% compared to 2019, reaching RON 2.22 bln (EUR 455 mln).

The mandatory (RCA) and voluntary (CASCO) car insurance segments accounted together for over half of the total insurance market after they advanced by 5% (to RON 3.97 bln) and 4% (to RON 2.41 bln), respectively.

The health insurance market soared by 18%, but it remains relatively small - RON 451.5 mln (just under EUR 100 mln).

andrei@romania-insider.com

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