Romania’s insurance market, up 3.5% in 2017

Romania’s insurance market continued on an uptrend in 2017 as the total gross premiums underwritten by local insurers went up by 3.5% versus 2016, to RON 9.7 billion (EUR 2.12 billion), according to the financial market regulator ASF. The positive evolution was mainly driven by the life insurance segment, which went up by 21% versus 2016, to RON 2.02 billion (EUR 442 million). Meanwhile, the gross premiums underwritten on the general insurance segment remained unchanged compared to 2016, at RON 7.7 billion (EUR 1.68 billion). Car insurance represented 74% of the total premiums on the general insurance segment and 59% of the total insurance market in 2017. The top 10 local insurers accounted for almos 89% of the total premiums underwritten in 2017. City Insurance was first last year, with a market share of 12.9%, followed by Allianz-Tiriac, with 12.7%, and Euroins, with 11.2%. Omniasig and Asirom, both part of Vienna Insurance Group, ranked next, with 10.9% and 10% shares of the gross premiums. Groupama, NN Asigurari de Viata, Generali, Uniqua, and BCR Asigurari de Viata completed the top 10. editor@romania-insider.com