The life insurance industry has a low development level in Romania compared to other European countries.

This is one of the conclusions of the Competition Council’s study on this market, cited by local 1asig.ro.

In terms of gross underwritten premiums, the life insurance sector in Romania has a 0.3% share of the GDP, the same as in Bulgaria while the European average stands at 4.5% of the GDP. Hungary has a 1.4% share, Slovakia has a 1.6% share and the Czech Republic, 1.8%.

In terms of insurance premiums, a Romanian pays on average EUR 16 per year, far below the European average of EUR 1,072 euros per year.

editor@romania-insider.com