STATISTICS: Romania, Q3: Two insurers control almost three quarters of MTPL market
In the first 9 months of 2020, the insurance market in Romania posted GWP of RON 8.52 billion (~EUR 1.74 billion), increasing by approximately 4.77% y-o-y, shows in the report published at the end of December by Romanian ASF - Financial Supervisory Authority, according to the Romanian insurance portal www.1asig.ro here.
The GWP generated by non-life LoB totaled RON 6.87 billion, increasing by 6.34% compared to Q3 2019, while the same indicator related to life insurance decreased slightly, by -1.29% to RON 1.64 billion.
The non-life insurance segment remained dominated by motor policies, MoD and MTPL, summed-up, representing approximately 71% of non-life GWP and 57% of the total market.
At the end of September 2020, on the Romanian insurance market were active 28 insurers authorized and regulated by the FSA, of which 15 non-life insurers, 7 life insurers and 6 composite market players.
In terms of GWP, the largest insurers in the country were CITY Insurance, with a market share of 20.05%, followed by EUROINS Romania (11.68% - which climbed one place compared to the ranking from the first 6 months), ALLIANZ-TIRIAC Asigurari (11.68%), OMNIASIG VIG (11.45%) and GROUPAMA Asigurari (9.29%).
On the general insurance segment, CITY Insurance ranked first (market share of 24.80%), followed by EUROINS Romania (14.50%), OMNIASIG VIG (14.20%), ALLIANZ-TIRIAC Asigurari (12.40%) and GROUPAMA Asigurari (11.00%).
In the life insurance segment, NN Asigurari de Viata keeps its first place on the podium, with a market share of 38.20%, followed by BCR Asigurari de Viata VIG (15.80%) and BRD Asigurari de Viata (11.90%).
It is worth mention the high degree of concentration MTPL subclass, the largest two market players (CITY Insurance 42.67%, and EUROINS 32.07%) acumulating almost 75% of the MTPL insurance portfolio in Romania.
Author: Andrei Victor
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