Romanian insurance companies recorded gross written premiums of over RON 5 billion (EUR 1 billion) in the first six months of this year, up 8% compared to the same period last year, according to the Financial Supervisory Authority (ASF).

The general insurance segment accounted for the largest amount, namely RON 3.97 billion (EUR 864 million), up 2% year-on-year.

Local companies sold life insurance policies of over RON 1 billion (EUR 233 million) during this period, up 36% year-on-year.

The Romanian insurance market is highly concentrated. Ten out of active 31 companies accounted for 88% of the total gross written premiums in the first six months of this year.

The total gross written premiums on the mandatory car insurance segment (RCA) reached over RON 2 million (EUR 444,000) in the first six months of this year. Euroins, City Insurance and Asirom were the companies with the highest share in the RCA market last year and in the first half of this year. They accounted for 71% of the RCA segment at the end of June.

The compensations paid in the first semester totaled over RON 2 billion (EUR 435 million), 96% of which were on the general insurance segment.

The insurance companies registered an overall net profit of RON 260 million (EUR 57 million), more than double compared to the same period of 2016.

editor@romania-insider.com