Romania’s life insurance market could grow by 10% this year, from EUR 365 million gross premiums written in 2014, said Sorin Mititelu, CEO at BCR Asigurari de Viata Vienna Insurance Group.

The market went up by 7% in the first quarter of the year, as lending has resumed, especially in the retail sector. A slight increase in the Romanians’ purchasing power has also led to the insurance market’s growth. As the purchasing power and the value of GDP per capita will increase, the local insurance market will continue to go up.

Raising the deductibility ceiling for private health insurance starting January next year will also lead to the market’s growth, according to Mititelu, cited by local Agerpres. The deductions for health insurance will go up from EUR 250 to EUR 400 per year both for the employer and the employee. The Budget and Finance Commission approved the measure in the new Fiscal Code.

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