The insurance sector continues downtrend in Romania

The volume of gross premiums underwritten by local insurance companies fell by 6.8% in the first half of this year, to less than EUR 900 million, according to data from the Financial Supervisory Authority (ASF). Insurers had lower sales both for general insurance but for life insurance as well. On the life insurance segment, premium sales decreased by 10%, to some EUR 175 million, while on general insurance, revenues went down by 6%, to EUR 720 million. Insurers posted total losses of EUR 12 million for the period. The total assets of local insurance companies were up by 1% compared to the end of last year, to EUR 4.16 billion. The ten largest insurance companies held almost 80% of the total market, in terms of gross premiums underwritten. Allianz-Tiriac, Astra and Omniasig were the largest three insurers, followed by Groupama and Carpatica Asig. Astra and Carpatica Asig are currently under special administration. Andrei Chirileasa, andrei@romania-insider.com