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Market Guide: Life Insurance and Pensions in Romania 2006

Datamonitor
September 5, 2007
36 Pages - SKU: DFMN1558851

Abstract Table of Contents Search inside this report Related Reports

Countries covered: Romania

Introduction

This report is most appropriate for companies looking for an overview of the life insurance and pensions markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor's European Life and Pensions Interactive Database 2006.

Scope

Presents competitor market data for life insurance and pensions companies. Assesses regulatory barriers and opportunities. 5 years historic data from 2001-5 and 5 year forecast to 2010.

Highlights

Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance.

Reasons to Purchase

Get an overview of the life and pensions market, including past growth and forecast growth. Assess regulatory barriers and opportunities affecting life insurance and pensions in this country. Analyze competition from life insurance companies.

Overview

CATALYST

Summary

Executive Summary

Following compound annual growth of 30.3% from 2002 to 2004, between 2006 and 2010, growth in the Romanian life and pensions market is set to increase to 50.7%

The Romanian life and pensions market expanded by a compound annual rate of 30.3% between 2002 and 2004

Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance

The market has been successful in implementing legislation to adjust to Romania's 2007 EU accession

Over a third of the Romanian insurance market consists of composite firms

The majority of leading players are owned by foreign firms

Table of Contents

Table of figures

Table of tables

MARKET OVERVIEW

The Romanian life and pensions market expanded by a compound annual rate of 30.3% between 2002 and 2004

The Romanian life and pensions market experienced compound annual growth of 30.3% between 2002 and 2004

Premium income from non unit-linked insurance has increased significantly since 2002

MARKET FORECASTS

Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance

Over the next 5 years, premium income is set to grow at a compound annual rate of 50.7%

MARKET REGULATION

The market has been successful in implementing legislation to adjust to Romania's 2007 EU accession

The Insurance Supervision Agency regulates the life and pensions sector in Romania

The National Association of Insurance encourages national and international cooperation between insurance companies and associations

Since 2005 Romania has drawn up legislation to adapt the insurance sector regulations to EU standards

The EU Directive on Institutions for Occupational Retirement Provision has led Romania to establish occupational pension schemes as a third pillar

The Insurance Mediation Directive has created a single market for insurance in Europe

Romania has recently launched a financial sector modernization program

COMPETITIVE MARKET STRUCTURE

Over a third of the Romanian insurance market consists of composite firms

36% of insurance firms sell both life and non-life insurance

The top 5 life and pensions insurers control 67% of the market by gross premium income

MARKET LEADERS

The majority of leading players are owned by foreign firms

ING Asigurari de Viata is the life insurance market leader, based on premium income in 2005

AIG Life Romania is the second largest player in the life insurance sector

Asirom ranks third among life insurance companies in Romania

Allianz Tiriac is the fourth highest ranked life insurer

Omniasig Asigurari de Viatais ranks fifth by premium income

APPENDIX

Definitions

Capital redemption policy / bond

Composite insurer

Defined contribution pension scheme

Defined benefits pension scheme

Group policy

Individual pension scheme

Individual policy

Life assurance

Occupational pension scheme

Pension insurance policy

Premium income

Regular premium

Single premium

Technical provisions

Traditional insurance

Unit-linked insurance

Further reading

Interactive Databases

Reports and Briefs

Ask the analyst

Datamonitor consulting

Disclaimer

List of Tables

Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005

Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005

Table 3: Life and pensions insurance premium income, segmented by investment risk, EURm, 2002-2005

Table 4: Life and pensions insurance premium income, segmented by investment risk, in percentages, 2002-2005

Table 5: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010

Table 6: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010

Table 7: Number of insurance providers segmented by type, as at Dec 2005

Table 8: Top 5 life and pensions insurers by premium income, as at Dec 2005

List of Figures

Figure 1: Life insurance premiums accounted for 98% of total premium income in 2004

Figure 2: Premium income from non unit-linked insurance has increased significantly since 2002

Figure 3: Over the next 5 years, premium income is set to grow at a compound annual rate of 50.7%, compared to 30.3% growth between 2002 and 2004

Figure 4: 36% of Romanian insurance firms sell both life and non-life insurance

Figure 5: The top 5 life and pensions insurers control 67% of the market, by premium income

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Market Guide: Life Insurance and Pensions in Romania 2006

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