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Romanian ASF: The insurance market grew by 5% in 2020, to RON 11.5 billion

In 2020, the gross premiums written by the Romanian insurance companies reached RON 11.5 billion (~EUR 2.3 billion), increasing by approximately 5% compared to the previous year, declared Nicu MARCU, President of ASF - Financial Supervisory Authority cited by Romanian insurance news portal www.1asig.ro.

"The share of the insurance market in the Gross Domestic Product increased, last year, to about 2.3%. I consider the insurance market has a very high potential and I hope that share in GDP will continue to increase. Despite the complicated times, the market behaved well, in the current context generated by the COVID-19 pandemic", said Nicu MARCU.

1asig.ro wrote here that at the end of 2020, the non-life GWP reached RON 9.28 billion, increasing by 6% y-o-y, while the life segment decreased by 2% compared to 2019, reaching the value of RON 2.22 billion.

As in previous reporting periods, the motor policies generated the largest share of Romanian insurance market: MTPL FY2020 GWP totaled RON 3.97 billion (5% more y-o-y), while the MoD segment amounted RON 2.41 billion lei, (4% more y-o-y).

The health insurance market reached, last year, the value of RON 451.45 million, which represents an increase of 18% compared to the previous year. Warranties LoB reported also an signigicant growth rate of 68%, reaching a volume of gross written premiums of RON 464.52 million.

Author: Andrei Victor on 15.02.2021

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