Romania’s insurance market goes up 11% in the first half of 2016

The gross written premiums on the local insurance market rose by 11% in the first six months of this year to RON 5 billion (EUR 1.11 billion). This sum also includes the premiums that local insurers get from selling their policies abroad, according to the Financial Supervisory Authority (ASF). The value of gross premiums that were written by the local companies only in Romania’s territory amounted to RON 4.92 billion (EUR 1.09 billion), up 13% year-on-year. The gross premiums that were written on the territory of other states by local companies recorded a decrease of 15%. They amounted to RON 80 million (EUR 18 million). The top five insurance companies accounted for 55% of the market. Asirom VIG was the top player in the first half, with gross premiums underwritten totaling EUR 147 million and a market share of 14%. It was followed by Allianz-Tiriac (12.7%), and Omniasig VIG, Carpatica Asig, and Groupama, with over 9% each. Both the general and the life insurance segments recorded increases of 11%, respectively 10%, in the first half of the year. The auto insurance accounted for 60% of the total premiums written in the first half. The mandatory car insurance (RCA) market increased by a third compared to the same period of 2015, reaching RON 2.09 billion (EUR 465 million). Asirom VIG, Carpatica Asig, Euroins, City Insurance, and Allianz-Tiriac were the top 5 players on this segment, making 80% of the total premiums. In July, ASF withdrew Carpatica Asig’s operating license and asked for the company’s bankruptcy due to its big financial problems. Last year, Astra Asigurari, another top local insurer went bankrupt. editor@romania-insider.com