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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.

During the analyzed period, the non-life insurance sector increased by 13% y-o-y, to RON 7.7 billion, while the life insurance GWP went up by 22% y-o-y, to RIN 2.1 billion.

"Still, non-life insurance is the market driver, although life insurance increased by 22% compared to the third quarter of last year," said Cristian ROSU. "Life insurance is far from the potential of this market, far from the need to cover this market, they largely include health insurance, which is also insurance with great potential in Romania," he added.

Regarding the non-life insurance side, class A10 - MTPL is still dominant, shoeing an increase of 18% compared to last year, with GWP amounting to RON 3.66 billion.

Class A3 - Motor Hull (CASCO) saw an increase of 14% in the first 9 months of 2021, exceeding RON 2 billion. Class A8 - fire insurance also advanced by 8%, to almost RON 1 billion, while the other non-life insurance classes recorded an increase of 2%.

In terms of life insurance, there was an increase of 25% in class C1 (life insurance, annuities and supplementary life insurance) and 21% in class C3 (life insurance and annuities, related to investment funds).

Author: Andreea RADU on 09.12.2021

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