Romania's insurance market stagnates in first half

Insurers in Romania recorded gross premiums underwritten worth RON 5.04 billion (EUR 1.08 bln) in the first half of this year, a similar level to that recorded in the same period of 2017, according to data from the Financial Supervisory Authority (ASF). The general insurance sector saw total premiums of RON 3.97 billion (EUR 854 mln) while the life insurance sector recorded revenues of RON 1.07 billion (EUR 230 mln). In the general insurance sector, the mandatory car insurance (RCA) segment recorded a 9% drop compared to the first half of 2017, to RON 1.92 billion (EUR 413 mln). This was compensated by a 10.6% increase on the optional car insurance (CASCO) segment, which reached RON 988 million (EUR 212 million). The top ten insurers on the market had about 88% of the revenues in the first half. Allianz-Tiriac returned to the top spot, with a market share of 13.6%, followed by City Insurance – 13.21%. Omniasig – 11.07%, Asirom – 10.73% and Groupama – 10%. The damage claims covered by local insurance totaled RON 2.44 billion (EUR 524 mln) in the first half of this year, up 20% over the same period of 2017. Thus, the insurers saw a 25% drop in their cumulated net profits, to RON 196 million (EUR 42 million). editor@romania-insider.com