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STATISTICS: Romania, 9M2021: Top 10 insurers provided together for 88% of total GWP

The Romanian insurance market is characterized by a medium to high degree of concentration. In 9M2021, approximately 88% of the total volume of GWP was carried out by 10 companies, according to the ASF - Financial Supervisory Authority report. See the rankings of the players as calculated by XPRIMM and what the changes were compared to the same period last year. more...

Romanian insurer Allianz-Tiriac is heading for a historic year in terms of sales and profitability

Allianz-Tiriac Insurance reported for 9M2021 GWP worth EUR 239 million, by over 19% up y-o-y. Sales grew significantly on all business lines, driven by the accelerated increase of the number of customers, the company stated in a press release. Operating profit for 9M 2021 stood at approx. EUR 22.6 million. more...

Romania: The insurance market grew by 15% in the first 9 months of 2021, to RON 9.8 billion

The Romanian insurance market grew by 15% y-o-y, in 9M 2021, reaching a GWP volume of RON 9.8 billion, Cristian ROSU, Vice President Insurance - Reinsurance, ASF - Financial Supervisory Authority stated for XPRIMM in an interview. more...

Romania: Only 7 insurers remained active on MTPL market after the voluntary exit of the smallest one and the opening of the bankruptcy procedures against the biggest

The Council of the Romanian Financial Supervision Authority (ASF) decided las week to approve the upon request, the exit of UNIQA Asigurari from Romanian MTPL insurance market, wrote www.1asig.ro here. more...

Romania: ALLIANZ-TIRIAC to finalize the integration of GOTHAER operations by the end of 2022

Romanian insurer ALLIANZ-TIRIAC Asigurari announced that it has received the necessary approvals from the Financial Supervisory Authority (ASF) and the Competition Council for the acquisition of the majority stake in GOTHAER Asigurari Reasigurari, 1asig.ro informed here. Until the merger is completed, the two insurers will operate as two independent entities, according to the rules of such an acquisition. more...

CITY Insurance bankruptcy case settlement prolonged

The Bucharest Court did not pronounce on Wednesday - 17th November 2021 -, regarding the initiation of bankruptcy proceedings in the case of the insurance-reinsurance company CITY Insurance SA, according to 1asig.ro. A solution to CITY's request to suspend the process until the solution of the appeal made against the ASF's decision to withdraw the authorization is expected, legal sources told 1asig.ro. more...

POLL: What do Romanians think about climate change, recycling, and home insurance?

Half of Romanians see climate change as a natural phenomenon, not a man-made one, according to a survey of more than 3,200 respondents conducted as part of the APPA (the Association for the Promotion of Insurance)'s "Home Insurance Month" campaign. According to the same survey, 1 in 2 are willing to reduce their electricity consumption and 4 in 10 are very willing to reduce their heating consumption to help fight climate change. more...

Study: 3 out of 4 Romanians say they are interested in insuring their home. Only 1 in 5 has insurance

74% of Romanians say they are interested in home and property insurance, according to an opinion poll conducted by UNSAR with IRES. The figure confirms the results of the 2020 survey, but there is an increase in the number of those who say they are very interested in this type of insurance - 24%, compared to 19% in 2020. more...

UNSAR: 1 out of 2 Romanians is worried about fire risk

Fire remains the danger most often mentioned by Romanians when referring to the risks that can affect their homes (56%), according to a new opinion poll conducted by UNSAR together with IRES. more...

Ileana DAMIAN to become the new COO in Generali Romania

Ileana DAMIAN has received the Romanian insurance regulator's approval to take over the position of Chief Operations Officer within Generali Romania, as Generali CEE Holding announced in a statement. She is replacing Daniela COVACESCU who resigned from her position. Ileana DAMIAN is becoming a member of the Board as well. more...

STATISTICS: ROMANIA, 1H2021: double digit GWP market growth, but on the verge of significant changes in the market structure

Romanian insurers reported GWP worth EUR 1.29 billion at the end of 1H2021, which is by 11,66% more y-o-y. As the Romanian Leu lost some weight against Euro in the last 12 months, the growth rate in local currency looks even better, reaching 13.6% y-o-y. more...

Romania: One in 20 cars causes each year an accident covered by MTPL insurance; the highest frequency of claims is in the cargo transport sector

Annually, out of every 20 cars registered in Romania, at least one produces a road accident resulting in material damage or personal injury and death*. This frequency can vary significantly, reaching values of over 22% in the area of cargo transport, UNSAR - the Romanian insurers' professional association has stated. more...

Life insurance, a support for Romanians during the COVID-19 pandemic

Almost two years have passed since the beginning of the COVID-19 pandemic, during which time the Romanian insurance industry has constantly adapted to consumers' needs, in some cases even by extending the coverage existing in the original policy wording. more...

Romania: Measures to protect the CITY Insurance victims

The bankruptcy of CITY Insurance - the largest player on the Romanian market, with a 20% share of the total industry and 45% in the MTPL segment, continues to be the hot topic of the week. more...

UNSAR: The largest compensation paid in 2020 on a home insurance amounted EUR 400k

The largest compensation paid last year by UNSAR insurers to cover the damages occurred on a voluntary home insurance policy was about EUR 400,000 (RON 1.9 million), 145% higher than in 2019. "It was paid in order to cover the damages caused by a fire", states UNSAR - the National Union of Insurance and Reinsurance Companies in Romania, wrote 1asig.ro here. more...

Kuldeep Kaushik appointed Chief Executive Officer of NN in Romania

NN Group announces that Kuldeep Kaushik will be appointed as CEO of NN in Romania, effective 1 November 2021, subject to regulatory approval and work authorization. Kuldeep takes over from Gerke Witteveen, Chief Financial Officer of NN in Romania, who has held the interim CEO role for the past period. more...

UNSAR: More and more Romanians choose life insurance. How to reduce the financial protection gap of the population

In Q1 2021, Romanians chose the protection offered by life insurance more than they did in any of the similar periods in the last five years. Thus, gross written premiums for this segment went up by 11.6% y-o-y, exceeding RON 688 million (~EUR 139.8) million. more...

STATISTICS: Romanian insurance market totaled almost EUR 650 m at the end of March

In Q1 2021, the Romanian insurance market totaled RON 3.19 billion (EUR 648.7 million), increasing by approximately 8.2% y-o-y, according to the quarterly report published by ASF - Financial Supervisory Authority, wrote 1asig.ro here. more...

Romania: Fires caused 66% of the largest paid claims under home insurance

In 2020, insurers member of UNSAR (the National Union of Insurance and Reinsurance Companies in Romania) paid aggregate claims of over RON 11 million (~EUR 2.2 million) for the 50 largest claims related to home insurance - up by 16% compared with from 2019, two thirds of these claims being caused by fires, according to data published by the association, 1asig.ro informed here. more...

UNSAR-IRES survey: 2 out of 3 Romanians would pay more for better medical services

Romanians want faster access and higher quality of medical services, according to the latest UNSAR-IRES survey, informed the insurance news portal www.1asig.ro here. more...

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