STATISTICS: Romanian largest 10 insurers accounted for 90% of total market
GWP of Romanian insurers reached RON 11.50 billion (EUR 2.36 billion), up by 4.64% y-o-y, according to the YE2020 market figures published on the Romanian FSA website. Overall paid claims totaled RON 6.92 billion (EUR 1.42 billion), up by 1.5% y-o-y.
As previously Xprimm reported, non-life insurance GWP accounted for 81% of the total GWP, reaching RON 9.28 billion (up by 6.26% y-o-y), while life insurance provided for GWP worth RON 2.21 billion, down by 1.6% y-o-y. Motor insurance lines maintained their dominant position, accounting together (MTPL and Motor Hull insurance) for about 71% of the non-life GWP or 57% of the total GWP.
The Romanian insurance market is characterized by a medium to high concentration degree. Thus, in 2020, approximately 89% of the total GWP volume was realized by 10 insurers out of the 28 market players.
The largest insurer in the country is CITY Insurance, with a market share of 20.07%, followed by OMNIASIG VIG (12.03%) - which climbed a position as compared with 2019, while ALLIANZ-TIRIAC (11.43%) dropped to third place.
Access xprimm.com and download the YE2020 Romanian market statistics in RON and EUR:
Author: Andrei Victor
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