Romania’s insurance market up 7.4% in Jan-Mar
The volume of premiums underwritten by Romanian insurance companies in the first three months of this year increased by 7.4% compared to the same period last year, to RON 2.71 billion (EUR 570 million), according to the financial markets regulator ASF.
The market is still dominated by the general (non-life) insurance business, a segment that holds a weight of 79%. At the same time, the trend toward stronger life insurance segment continued during the first quarter of 2019, ASF commented (although the figures indicate marginal advance).
The volume of gross premiums underwritten for non-life insurance amounted to RON 2.14 billion (EUR 450 million), up 7%, while the life insurance segment expanded by the slightly higher rate of 8.75% to RON 575 million (EUR 120 million).
The insurance market in Romania features high concentration. In the first quarter of 2019, approximately 91% of the total gross underwritten premiums were accumulated by 10 out of the 28 local insurers.
(Photo source: Shutterstock)