STATISTICS: ROMANIA, 1Q2020: Private health insurance expanded by 44% y-o-y
Between January-March 2020, the Romanian insurance market wrote a gross amount of premiums of RON 2.95 billion (~EUR 612 million*), up 8.8% year-on-year, and paid a total volume of claims in amount of RON 1.79 billion (~EUR 370 million*), 14.2% more y-o-y, the latest figures from the Financial Supervisory Authority (ASF) show.
The life sector totaled RON 617 million (+7.2%) in GWP and RON 266 million (+18.5%) in claims paid. The life sector's share in total GWP was 20.9%, decreasing by 0.31 percentage points compared to the first quarter of 2019 share.
"Annuities and supplementary life insurance" segment, the most voluminous category of the sector, grew by 15.9% y-o-y in GWP, while "Unit-linked" segment shrunk by 15.7% in GWP. Other forms of life insurance surged together by 69.3% in GWP.
The non-life sector totaled RON 2.34 billion (+9.2%) in GWP and RON 1.52 billion (+13.4%) in claims paid. The non-life sector's share in total GWP was 79.1%, increasing in weight by a tiny fraction compared to 1Q2019.
With the exception of "Travel" (-6.7%) and "Accident and illness" (-6.4%) insurance, most non-life insurance classed expanded their GWP volume when compared to the first quarter of the prior year. In terms of GWP, the largest non-life insurance classes — "MTPL" (+4.6%), "Motor Hull" (+8.4%) and "Fire and allied perils" property insurance (+8.7%) — maintained their relative growing trends. "Health" (+43.6%) and "Warranties" (+95.7%) insurance classes recorded the most substantial relative growths in terms of GWP when compared to 1Q2019.
At the end of the first quarter of 2020, the overall market ranking in terms of GWP of local insurance companies was led by City Insurance, Allianz-Tiriac Asigurari, Euroins Romania, Omniasig VIG and Groupama Asigurari, the TOP-5 companies keeping the same positions as the year before. Life ranking was led by NN Asigurari de Viata (34.5% share), Non-life ranking and MTPL ranking were led by City Insurance (23.1% and 39.9%), while Health ranking was led by SIGNAL Iduna (75.9% share for life related Health insurance, 51.7% share for non-life Health insurance).
* for the following exchange rates:
1 EUR = 4.8254 RON (as of March 31, 2020)
1 EUR = 4.7628 RON (as of March 31, 2019)
Access xprimm.com and download the latest Romanian insurance market statistics.
Author: Cosmin CONCEATU
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