Romania’s insurance market goes up by 9% in the first half of 2015

Romania’s insurance market went up by 9% in the first half of 2015 compared to the similar period of last year, to almost EUR 1 billion. The market also increased by 5% compared to the second half of 2014, according to a report of the local Financial Supervisory Authority (ASF) The total value of gross premiums underwritten in the general insurance segment was almost EUR 790 million, 9% higher than in the first six months of 2014. The life insurance premiums were close to EUR 190 million, up by 7.5% year-on-year. The highest growing market segment was the mandatory auto insurance, also known as RCA, which went up by 20% to some EUR 375 million. This segment represented almost 40% of all the market and almost half of the general insurance market. The ten biggest local insurance companies made over 80% of the revenues in the first half of the year. Two thirds of Romanians have an insurance policy Vienna Insurance Group increases business in Romania Underdeveloped life insurance sector in Romania, compared to EU average editor@romania-insider.com