Romanian insurance brokerage market expanded by more than half billion RON
Romanian brokerage market totaled RON 7.9 billion (EUR 1.6 billion) last year, more than half billion RON as compared with 2019, according to the most recent statistics published by Romanian FSA.
Of this total, about 96.3% was related to non-life insurance policies - most of them (73%) to the two motor classes (MTPL RON 3.8 billion, MoD RON 1.8 billion), the remaining 3.7% being related to non-life subclasses.
It is worth mention the mediation ratio expressed as brokers' GWP / overall GWP increased to 68.3% from 65.5% a year before.
FSA figures revealed that at the level of the entire brokerage market, the productivity expressed as ratio between total brokers' GWP / and total persons dealing with the insurance intermediation/distribution activity, own employees (insurance brokers) or of collaborators (brokerage assistants), decreased from RON 444.67 person/year to RON 392.11.
Last year, brokers' income increased by 10.52 y-o-y to RON 1.39 billion, representing about 17.77% of total mediated premiums. The average commission on life segment was 43.49%, while on non-life it totaled 16.77%.
As compared with YE2019, the overall market ranking remained unchanged. Thus, the larges insurance broker in the country as GWP remained SAFETY Broker (~EUR 119 million), followed by the local unit of MMC - MARSH Broker (EUR 118) and DESTINE Broker (EUR 92 million).
The top 3 insurance brokers with the highest GWP volume related to life insurance segment were AMSTERDAM Broker (~EUR 25.3 million), OVB ALLFINANZ (EUR 10.70 million) and KUNDEN Broker (EUR 7.23 million).
Author: Andrei Victor
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