The insurance sector in Romania doubled its net profit last year to RON 508 million (EUR 110 million) from RON 251 million in 2016, according to data compiled by Profit.ro.

Between 2006 and 2015, the local insurance sector recorded losses every year, which amounted to a total RON 3 billion. The worst year was 2013, when the losses reached RON 1.15 billion.

Of the 30 insurance companies that operated on the local market last year, 24 recorded profits, up from 19 in 2016, while only 6 were on a loss, down from 11 in the previous year. The profits totaled RON 560 million while the losses amounted to RON 52 million, resulting in an overall net result of RON 508 million.

The profit increase mainly came from the mandatory car insurance (RCA) sector. Euroins, the second-biggest player on this segment, recorded a net profit of almost RON 100 million, over three times higher than in 2016, while segment leader City Insurance went from RON 38 million losses in 2016 to a RON 17 million net profit in 2017.

The most profitable insurer in 2017 was Allianz-Tiriac, which ended the year with a net profit of RON 161 million, up by 65% year-on-year.

editor@romania-insider.com