Market Research Logo

Romania Insurance Report Q2 2016

Romania Insurance Report Q2 2016

BMI View: We hold a broadly positive outlook for Romania's insurance market. Although the life sector isin the early stages of development, with low rates of penetration and density, a gradual improvement inhousehold income rates and employment rates will improve the affordability of various life products, whiledemographic trends will increase demand. The non-life sector is more established, though largelydominated by basic motor and property lines. Again, economic growth and the rise in average householdincome will support growth in the non-life sector. This growth could attract more foreign investment to thesmall Romanian market, though some regulatory uncertainty could deter potential investors.Latest Updates And Developments

Regulatory oversight and transparency in the market have come under criticism in Romania following thebankruptcy of leading domestic firm Astra in late 2015 and arrest of Dan Adamescu, who has beencharged with abuse of office, money laundering, and complicity to abuse of office by publicofficials. Another insurance firm, Carpatica Asig, is also under investigation for fraudulent financialreports.

Meanwhile, the Financial Supervisory Authority (ASF) has given several major insurers, includingGenerali, Groupama, Allianz-Tiriac, Asirom, Omniasig, Uniqa, and Euroins 30 days to rectifyirregularities relating to the way firms calculate premiums for compulsory motor insurance.

Despite these concerns, we are forecasting steady growth in motor insurance premiums, as new vehiclessales grow strongly and insurers improve cost controls between 2016 and 2020. This underpins ourforecasts for growth in the overall non-life sector, with premiums forecast to reach USD1.9bn in 2020, upfrom USD1.4bn in 2016.


BMI Industry View
Table: Headline Insurance Forecasts (Romania 2013-2020)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Romania 2013-2020)
Table: Life Insurance Claims (Romania 2008-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Romania 2013-2020)
Table: Non-Life Insurance Claims (Romania 2009-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Romania 2013-2020)
Insurance Risk/Reward Index
Emerging Europe Risk/Reward Index
Table: Emerging Europe Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Table: Life Insurance Market, 2007-2013 (USDmn)
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Table: Non-Life Insurance Market, 2007-2013 (USDmn)
Company Profile
Allianz
Euroins
Generali
Vienna Insurance Group (VIG)
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report