STATISTICS: ROMANIA, 3Q2019: motor insurance lines determine once again the market dynamics
Romanian insurance market has achieved a 6.7% y-o-y growth in GWP terms, reaching a total volume of EUR 1.7 billion at the end of Q3. At the same time, claims paid by the insurers went up by 13%, to EUR 1.04 billion, mostly because of the increasing claims expenses on the MTPL line.
The portfolio structure at market level remain almost unchanged y-o-y, with life insurance lines accounting for 20.48% vs. 21.26% in 3Q2018 and motor insurance classes accounting together for about 57% of the total GWP, while property insurance lines continued to hold an about 12% share.
In absolute values, the largest contribution to the market growth belonged to the Motor Hull insurance line, which has provided for about one third of the additional GWP volume. The motor insurance segment's overall contribution exceeded half of the EUR 108 premiums volume written in addition to 3Q2018.
According to the market shares data provided by the Romanian Financial Supervisory Authority, City Insurance ranked 1st, with a 17.4% share of the total GWP, followed by ALLIANZ-TIRIAC and OMNIASIG VIG separated by a narrowing gap, of less than 1 percentage point (12.57% and 11.63% respectively). Top 5 is completed by EUROINS (11.54%) and GROUPAMA 10.14%. Top 5 is clearly dominated by non-life insurers weighting all together for about 63% of the total market's premium production.
Access xprimm.com and download the 3Q2019 Romanian insurance market statistics, in RON and EUR.
Author: Daniela GHETU
Comment this article