Romania's insurance market goes up by 9% in the first quarter

Romania’s insurance market recorded gross written premiums of about EUR 545 million in the first quarter of the year, up 9.2% over the same period in 2015. The advance was supported both by the general insurance segment, which rose by 9.7%, as well as by the life insurance sector, which recorded a 6.6% growth. The general insurance market amounted to about EUR 449 million at the end of March whereas the life insurance segment reached EUR 98.3 million. Mandatory car insurance (RCA) continued to dominate the general insurance market, with a share of 56%. Local insurer Asirom, which is part of Austrian Vienna Insurance Group, went up to first place among the local general & life insurers, with gross written premiums of EUR 84 million at the end of the first quarter, as it accelerated sales on the RCA segment. Allianz-Tiriac, which was previously the market leader, came next, with gross written premiums of EUR 66.8 million. Omniasig VIG, Carpatica Asig, and Euroins completed the top 5. The gross claims paid by local insurers in the first quarter totaled EUR 244 million, 10.3% less than in the first three months of 2015. editor@romania-insider.com