STATISTICS: ROMANIA, 1Q2019: Market GWP increased by 5% y-o-y
At the end of 31 March 2019, Romanian insurance market grew by EUR 27 million (+5.0%) y-o-y in terms of gross written premiums (GWP). In local currency, the premium growth was slightly higher (+7.4%), as Financial Supervisory Authority (ASF) figures show.
Life insurance classes held around 21.2% of the total market GWP, while the rest of the 78.8% GWP was brought by non-life classes. Compared to the first quarter of 2018, non-life share in total market slightly decreased, leaving more room for life insurance to increase its weight in the market.
Total life insurance GWP reached EUR 121 million, increasing by EUR 7 million (+6.4%), mainly due to unit-linked GWP increase of EUR 17 million (+59.7%). Life insurance claims have also increased, reaching EUR 47 million (+10.0%).
Non-life GWP totaled EUR 449 million, increasing by EUR 20 million (+4.7%). Motor business lines contributed the most to this GWP growth, Motor Hull adding an extra of EUR 8 million (+7.7%) while MTPL adding EUR 7 million (+7.3%) to the total non-life insurance premiums volume. Total indemnities paid for non-life sector was around EUR 282 million. The market combined ratio has increased from 99%, in 2018 first quarter, to 111% in the first quarter of 2019.
By the end of March 2019, all local insurers have met solvency requirements; SCR stood at 1.70 while MCR indicator was around 3.93 at market level.
The number of ASF authorized insurers in the first quarter of 2019 was 28 companies; out of those companies, 15 insurers had non-life only activity, 7 companies were specialized in life insurance, while 6 insurers had a composite activity. The top-10 companies list in terms of 1Q2019 GWP (life and non-life summed up) included: ALLIANZ-TIRIAC, ASIROM VIG, BCR VIG, CITY, EUROINS, GENERALI, GROUPAMA, NN, OMNIASIG VIG and UNIQA (alphabetically ordered). Their rankings can be found on our statistical database.
Access www.xprimm.com and download the 1Q2019 Romanian insurance market statistics, in RON and EUR.
* Presented figures were converted at the following exchange rates:
EUR/RON 4.7628 at March 31st, 2019
EUR/RON 4.6576 at March 31st, 2018
Author: Cosmin CONCEATU
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