ROMANIA: insurance market increased by 8% in 2019, MTPL combined ratio rose to 116.6%
Last year, the Romanian insurance market advanced by 8% y-o-y in GWP to about RON 11 billion (EUR 2.25 billion), according to Cristian ROSU, Vice President, Insurance - Reinsurance Sector, ASF.
According to ASF representative, the general insurances segment increased by 7% y-o-y, a sector still dominated by motor policies, while the life insurance segment increased by 8% y-o-y. At the same time, MTPL GWP increased by 5% y-o-y wrote 1asig.ro.
CITY Insurance remains the main player in the market, with a market share of over 17% (and a share of 39% on MTPL segment), followed by ALLIANZ-TIRIAC Asigurari, with a share of 12.43% of the entire market, OMNIASIG VIG - 11.9% and EUROINS Romania - 11.66% (with a share of 32-33% on MTPL).
"It is worth mention that two players dominate the RCA market, with a share of 71%", said Cristian ROSU, on the ocassion of Quo Vadis Conference - Insurance Market in 2020, organized by ISF and DC Media Group.
"From the ASF's point of view, this concentration on MTPL requires an increase in respect of the level of supervision. Any concentration can lead to an increased risk and can induce some general risks through contagion. But I think that such things can be controlled," said Cristian ROSU.
In the life insurance market, according to the ASF Vice President, NN Life Insurance leads the top players, with a share of 38%.
At the claims chapter, the MTPL combined ratio increased to 116.6% (from about 112% in 2018) and to 122.11% on MoD (from about 112% in 2018). For the entire non-life insurance segment, the same indicator was 108.26% in 2019, compared to 102.83% in 2018.
Author: Andrei Victor
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