Romania’s insurance market declined in 2013, according to revised data published by the Financial Supervisory Authority (ASF), which contradict the initial data released earlier this year which showed a small growth of the market in 2013.

The total value of gross premiums underwritten for local insurance companies was EUR 1.84 billion in 2013, some 0.9 percent lower, in euro, compared to 2012. In local currency, the decline was 1.6 percent, data published by the ASF in its annual report shows.

Initial data released by the ASF at the beginning of this year showed a 1.1 percent increase of the insurance market, in euro terms (0.4 percent in RON), to EUR 1.87 billion.

The general insurance segment saw a small increase in gross premiums underwritten, to EUR 1.47 billion, which is 1.2 percent more than in 2012. The life insurance segment, however, dropped almost 9 percent, to EUR 370 million, ASF data shows.

The total value of the assets managed by insurance companies dropped some 3 percent last year, to EUR 4.1 billion. This was mainly due to local insurer Astra, the leader of the market, who halved its assets.

The local insurance companies ended the year with a record net loss of EUR 290 million, four times larger than in 2012.

Andrei Chirileasa, andrei@romania-insider.com