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Published by: Datamonitor
Published: Sep. 5, 2007 - 36 Pages
Table of Contents
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 AbstractIntroduction
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.
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