ROMANIA: The insurance market exceeded RON 6 billion at the end of June
The Romanian insurance market had an evolution above expectations in the first half of 2020, exceeding the threshold of RON 6 billion, said Cristian ROSU, Vice President on Insurance - Reinsurance, FSA (Financial Supervisory Authority), wrote www.1asig.ro here.
Thus, despite the effects generated by the coronavirus pandemic on the economic environment, the insurance segment reported a decrease of only about 6%, declared ROSU.
"According to the preliminary estimated figures, the Romanian insurance market, from the FSA point of view, had an unexpectedly good evolution. The first quarter of 2020 had a growth compared to the similar period of 2019 of about 9%, while in the second quarter, which was deeply marked by the state of emergency and the other successive alerts that had a negative effect on the Romanian economy, we expected that the decreases to be significant larger, but, fortunately, things were not so. Thus, we have a decrease compared to the similar period of last year of approximately 6% ", said Cristian ROSU.
"The H1 GWP totaled over RON 6 billion, which leads me to believe that we could close the year 2020 at the around 2019 level", added the FSA VP.
During H1 2020, the average combined ratio on MTPL reached 108% vs. 112% in H1 2019, while in case of MoDsegment the same indicator decreased vrom 120% to around 108%. ROSU mentioned that on the MTPL segment the GWP decreasd by around 7%, while on the MoD sector the decrease was only 3%.
Author: Andrei Victor
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