The Romanian insurance market was down 3.4 percent in the first quarter of the year on the same period of 2013, to a volume of gross written premiums of some EUR 453 million. This amount represents 1.26 percent of the country’s Gross Domestic Products in the first quarter, according to data from the country’s Financial Surveillance Authority ASF. There are 37 insurance companies in Romania, and the first 10 of them based on the gross written premiums made 80 percent of the market.

The largest insurer was Allianz Tiriac, with a market share of 12.5 percent, and gross written premiums of some EUR 58 million for the first quarter, followed by Astra (under special administration), with 10.5 percent market share. Third came Omniasig, with a 9.3 percent market share and gross written premiums of some EUR 43.4 million, and then came Carpatica, with 8 percent market share, and premiums of EUR 37.1 million. The full top 10 is below.

“The insurance market has been relatively stable in the beginning of 2014, despite the structural problems from previous years. We have seen improvements, mainly after the ASF intervention, on creating reserves to cover for damages, which were up from 65 percent to 73 percent, in line with the European level,” said Misu Negritoiu, the ASF president.

Gross premiums for general insurance were down 2 percent in Q1. On this segment, 44 percent of the premiums were written for transported goods (CMR) and the mandatory car insurance (RCA). These two generated gross written premiums of some EUR 168 million, a growth of 10 percent on the same period of 2013. A quarter of the general insurance market was held by the car insurance CASCO, where premiums were down 10 percent, to some EUR 94.5 million.

The life insurance segment was down 8.9 percent, to some EUR 86 million.

The average yearly premium for the whole market was of RON 468 (some EUR 105) in the first quarter of the year, similar to the level in Q1 2013.

The damages covered by insurance companies in the first quarter of the year were at some EUR 296 million, up 0.93 percent year-on-year. Most of these were paid on account of general insurance contracts.

Top 10 insurance companies in Romania, for gross written premiums, Q1, 2014

(Source: Romania-Insider.com based on data from the Romanian Financial Surveillance Authority ASF)

editor@romania-insider.com