Insurance market in Romania slightly increases with 0.4 per cent in 2013

The insurance market reached 8.29 billion lei in 2013, 0.4 per cent more than the previous year, while its share in GDP dropped to 1.31 per cent, from 1.4 per cent in 2012, according to provisional data of the Financial Supervision Authority.

2014-03-18 11:12:19

In the analysed period of time, the amounts paid by insurance companies in 2013 dropped by 4.7 per cent to 4.94 billion lei. More than half of subscribed premiums (50.84 per cent) were in Bucharest and Ilfov county.

In the general insurance segment, most subscribed premiums were RCS insurances (mandatory vehicle insurance), with a share of 37.18 per cent of total, which means 2.467 billion lei. The second insurance category was CASCO insurances with 1.795 billion lei incomes, on the drop by 6.33 per cent compared to 2012. Insurance policies for fire and other natural calamities ranked third, with 1.168 billion lei, on the rise by 8.1 per cent against 2012.

In the life insurance segment, traditional class A policies reached incomes of 1.04 billion lei, on the drop by 5.97 per cent compared to 2012, while class 3, unit linked policies attracted 548.43 million lei in 2013, dropping by 12.43 per cent against 2012. As for damages, the amounts paid by insurance companies for the general insurance segment were of 4.198 billion lei, on the drop by 5.74 per cent.

At the end of 2013, 38 insurance companies and 596 brokers were authorized to function. The first insurance companies cover 80.76 per cent of the market.