STATISTICS: ROMANIA, 1Q 2022: Due to strongly increasing MTPL tariffs, the market saw a 46% y-o-y increase in GWP
The gross premiums written by the insurance companies in Romania, in Q1 2022, reached almost RON 4.66 billion lei (EUR 941.5 million), the highest quarterly value recorded in the history of the insurance market in Romania, increasing by 46% compared to similar period last year.
While both life and non-life segments saw double-digit growth rates, the largest contribution to the market growth belonged, by far, to the non-life insurance sector, particularly to the MTPL insurance line for which GWP more than doubled as compared with Q1 2021. The main reason behind this spectacular evolution is the increase of the average premium's value by about 80% y-o-y. Thus, GWP for MTPL insurance reached EUR 478.7 million, while the average premium value went up to RON 1,138, from RON 632 a year earlier. The average paid claim value also increased, but a much lower pace, of 11%, to RON 9,355. Overall, the expenses with MTPL insurance claims decreased by 16% y-o-y, to EUR 154.3 million.
Although except for the suretyship line, all other insurance classes have seen positive growth rate - most of the double-digit values -, none of the other lines recorded an evolution comparable to the MTPL line. The suretyship line of business, one of the most affected after the CITY Insurance bankruptcy in the autumn of 2021, recorded a 27.3% fall in GWP.
EUROINS Romania holds the first position in the total market ranking, climbing from the 4th position held in Q1 2021, following the bankruptcy of CITY Insurance, the former market leader. EUROINS had a market share of 19.2% in the first quarter of this year and gross written premiums amounting to 894.2 million lei, according to calculations made by XPRIMM Publications.
ALLIANZ-TIRIAC ranks second, with a market share of 17.6% and GWP of RON 819.7 million, while GROUPAMA acceded to the third place, with a share of 16% and subscriptions GWP at RON 745.2 million.
Author: Daniela GHETU
on 07.07.2022
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