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Synopsis
Timetric’s 'Life Insurance in Romania, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Romanian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Romanian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Life Insurance in Romania, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Romanian life insurance segment, including:

- The Romanian life insurance segment’s growth prospects by life insurance category

- Key trends, drivers and challenges for the life insurance segment

- A comprehensive overview of the Romanian economy and demographics

- The various distribution channels in the Romanian life insurance segment

- Details of the competitive landscape in the life insurance segment in Romania

- Details of regulatory policy applicable to the Romanian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Romania:

- It provides historical values for the Romanian life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Romanian life insurance segment, and market forecasts to 2019.

- It analyzes the various distribution channels for life insurance products in Romania.

- It profiles the top life insurance companies in Romania and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Romanian life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Romanian life insurance segment.

- Assess the competitive dynamics in the life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Romanian insurance industry, and their impact on companies and the industry's future.

Key Highlights
- Life insurance was the second-largest segment in the Romanian insurance industry, accounting for 19.3% of the overall gross written premium in 2014.

- Romanian life insurance penetration stood at 0.23% of the GDP in 2014.

- Romanian life insurers are in the process of diversifying distribution channels.

- In April 2013, according to IMF guidelines, the Romanian government merged the supervisory authorities for insurance, capital markets and private pension markets to create a single regulator, the ASF.

- Poor economic growth, a high budget deficit, and falls in consumer demand and interest rates were the primary reasons for the decline in the gross written premium during the review period.

- The life segment also registered a few acquisition and mergers during the review period.

Table Of Contents

Life Insurance in Romania, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
4.5 Individual Life Insurance
4.5.1 Individual whole life insurance
4.5.2 Other individual life insurance
4.6 Life Insurance Growth Prospects by Product Type
4.6.1 Total linked insurance business
4.6.2 Total non-linked insurance business
5 Analysis by Distribution Channel
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Romanian Life Insurance Segment
6.2.1 NN Asigur?ri de Via?? SA - company overview
6.2.2 Metropolitan Life Asigur?ri SA - company overview
6.2.3 BCR Asigur?ri de Via?? Vienna Insurance Group SA - company overview
6.2.4 Allianz-Tiriac Asigur?ri SA - company overview
6.2.5 Asirom Vienna Insurance Group SA - company overview
6.2.6 Generali Romania SA - company overview
6.2.7 BRD Asigur?ri de Via?? SA - company overview
6.2.8 Eurolife ERB Asigur?ri de Viata SA - company overview
6.2.9 Grawe Romania Asigurare SA - company overview
6.2.10 Groupama Asigur?ri SA - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Insurance of dwellings against earthquakes, landslides and flooding
7.4.3 Nuclear liability insurance
7.4.4 Social security insurance
7.4.5 Professional indemnity insurance for alternative investment fund managers
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 European Insurance and Occupational Pensions Authority
7.5.3 Financial Supervisory Authority
7.5.4 Federation of European Risk Management Associations (Ferma)
7.5.5 National Association of Insurance and Reinsurance Companies
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution (ADR)
8 Definitions and Methodology
8.1 Definitions
8.2 Methodology
9 About Timetric
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Romanian Life Insurance - Key Facts, 2014
Table 2: Romanian Government Credit Ratings
Table 3: Romanian Life Insurance - Gross Written Premium by Category (RON Billion), 2010-2014
Table 4: Romanian Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 5: Romanian Life Insurance - Gross Written Premium by Category (RON Billion), 2014-2019
Table 6: Romanian Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 7: Romanian Life Insurance - Net Earned Premium (RON Billion), 2010-2014
Table 8: Romanian Life Insurance - Net Earned Premium (RON Billion), 2014-2019
Table 9: Romanian Life Insurance - Paid Claims (RON Million), 2010-2014
Table 10: Romanian Life Insurance - Paid Claims (RON Million), 2014-2019
Table 11: Romanian Life Insurance - Incurred Loss (RON Million), 2010-2014
Table 12: Romanian Life Insurance - Incurred Loss (RON Million), 2014-2019
Table 13: Romanian Life Insurance - Number of Policies per Capita, 2010-2014
Table 14: Romanian Life Insurance - Number of Policies per Capita, 2014-2019
Table 15: Romanian Life Insurance - Commissions and Expenses (RON Million), 2010-2014
Table 16: Romanian Life Insurance - Commissions and Expenses (RON Million), 2014-2019
Table 17: Romanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 18: Romanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 19: Romanian Life Insurance - Total Assets (RON Billion), 2010-2014
Table 20: Romanian Life Insurance - Total Assets (RON Billion), 2014-2019
Table 21: Romanian Life Insurance - Net Written Premium (RON Billion), 2010-2014
Table 22: Romanian Life Insurance - Net Written Premium (RON Billion), 2014-2019
Table 23: Romanian Individual Life Insurance - Gross Written Premium by Category (RON Billion), 2010-2014
Table 24: Romanian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 25: Romanian Individual Life Insurance - Gross Written Premium by Category (RON Billion), 2014-2019
Table 26: Romanian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 27: Romanian Individual Life Insurance - Direct Written Premium by Category (RON Billion), 2010-2014
Table 28: Romanian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 29: Romanian Individual Life Insurance - Direct Written Premium by Category (RON Billion), 2014-2019
Table 30: Romanian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 31: Romanian Individual Life Insurance - Policies by Category (Thousand), 2010-2014
Table 32: Romanian Individual Life Insurance - Policies by Category (Thousand), 2014-2019
Table 33: Romanian Individual Whole Life Insurance - Number of Active Policies (Thousand), 2010-2014
Table 34: Romanian Individual Whole Life Insurance - Number of Active Policies (Thousand), 2014-2019
Table 35: Romanian Individual Whole Life Insurance - Direct Written Premium (RON Billion), 2010-2014
Table 36: Romanian Individual Whole Life Insurance - Direct Written Premium (RON Billion), 2014-2019
Table 37: Romanian Other Individual Life Insurance - Number of Active Policies (Thousand), 2010-2014
Table 38: Romanian Other Individual Life Insurance - Number of Active Policies (Thousand), 2014-2019
Table 39: Romanian Other Individual Life Insurance - Direct Written Premium (RON Million), 2010-2014
Table 40: Romanian Other Individual Life Insurance - Direct Written Premium (RON Million), 2014-2019
Table 41: Romanian Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Table 42: Romanian Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Table 43: Romanian Linked Insurance Business - Gross Written Premium (RON Million), 2010-2014
Table 44: Romanian Linked Insurance Business - Gross Written Premium (RON Million), 2014-2019
Table 45: Romanian Linked Insurance Business - Direct Written Premium (RON Million), 2010-2014
Table 46: Romanian Linked Insurance Business - Direct Written Premium (RON Million), 2014-2019
Table 47: Romanian Non-Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Table 48: Romanian Non-Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Table 49: Romanian Non-Linked Insurance Business - Gross Written Premium (RON Billion), 2010-2014
Table 50: Romanian Non-Linked Insurance Business - Gross Written Premium (RON Billion), 2014-2019
Table 51: Romanian Non-Linked Insurance Business - Direct Written Premium (RON Billion), 2010-2014
Table 52: Romanian Non-Linked Insurance Business - Direct Written Premium (RON Billion), 2014-2019
Table 53: Romanian Life Insurance - Segment Shares (%), 2014
Table 54: NN Asigur?ri de Via?? SA - Key Facts
Table 55: NN Asigur?ri de Via?? SA - Key Financials (RON Million), 2009-2013
Table 56: Metropolitan Life Asigur?ri SA - Key Facts
Table 57: Metropolitan Life Asigur?ri SA - Key Financials (RON Million), 2009-2013
Table 58: BCR Asigur?ri de Via?? Vienna Insurance Group SA - Key Facts
Table 59: BCR Asigur?ri de Via?? Vienna Insurance Group SA - Key Financials (RON Million), 2009-2013
Table 60: Allianz-Tiriac Asigur?ri SA - Key Facts
Table 61: Allianz-Tiriac Asigur?ri SA - Key Financials (RON Million), 2009-2013
Table 62: Asirom Vienna Insurance Group SA - Key Facts
Table 63: Asirom Vienna Insurance Group SA - Key Financials (RON Million), 2009-2013
Table 64: Generali Asigur?ri SA - Key Facts
Table 65: Generali Asigur?ri SA - Key Financials (RON Million), 2009-2013
Table 66: BRD Asigur?ri de Via?? SA - Key Facts
Table 67: BRD Asigur?ri de Via?? SA - Key Financials (RON Million), 2009-2013
Table 68: Eurolife ERB Asigur?ri de Viata SA - Key Facts
Table 69: Grawe Romania Asigurare SA - Key Facts
Table 70: Grawe Romania Asigurare SA - Key Financials (RON Million), 2009-2013
Table 71: Groupama Asigur?ri SA - Key Facts
Table 72: Groupama Asigur?ri SA - Key Financials (RON Million), 2009-2013
Table 73: Romania - Insurance Regulatory Framework Key Features
Table 74: Romania - Life Insurance Regulatory Framework
Table 75: Romania - Property Insurance Regulatory Framework
Table 76: Romania - Motor Insurance Regulatory Framework
Table 77: Romania - Liability Insurance Regulatory Framework
Table 78: Romania- Corporate Taxes for Financial Year 2015
Table 79: Insurance Industry Definitions

List of Figures
Figure 1: Romanian Real GDP (US$ Billion), 2010-2019
Figure 2: RON - US$ Exchange Rate, 2010-2019
Figure 3: Romanian Consumer Price Inflation, 2010-2019
Figure 4: Romanian Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 5: Romanian Unemployment Rate, 2010-2019
Figure 6: Romanian Population by Age Group, 2010-2019
Figure 7: Romanian Life Expectancy (Years), 2010-2019
Figure 8: Romanian Population (Million), 2010-2019
Figure 9: Romanian Life Insurance - Gross Written Premium by Category (RON Billion), 2010-2019
Figure 10: Romanian Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 11: Romanian Life Insurance - Gross Written Premium Dynamics by Segment (2010-2019)
Figure 12: Romanian Life Insurance - Net Earned Premium (RON Billion), 2010-2014
Figure 13: Romanian Life Insurance - Net Earned Premium (RON Billion), 2014-2019
Figure 14: Romanian Life Insurance - Paid Claims (RON Million), 2010-2014
Figure 15: Romanian Life Insurance - Paid Claims (RON Million), 2014-2019
Figure 16: Romanian Life Insurance - Incurred Loss (RON Million), 2010-2014
Figure 17: Romanian Life Insurance - Incurred Loss (RON Million), 2014-2019
Figure 18: Romanian Life Insurance - Number of Policies per Capita, 2010-2014
Figure 19: Romanian Life Insurance - Number of Policies per Capita, 2014-2019
Figure 20: Romanian Life Insurance - Commissions and Expenses (RON Million), 2010-2014
Figure 21: Romanian Life Insurance - Commissions and Expenses (RON Million), 2014-2019
Figure 22: Romanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 23: Romanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 24: Romanian Life Insurance - Total Assets (RON Billion), 2010-2014
Figure 25: Romanian Life Insurance - Total Assets (RON Billion), 2014-2019
Figure 26: Romanian Life Insurance - Net Written Premium (RON Billion), 2010-2014
Figure 27: Romanian Life Insurance - Net Written Premium (RON Billion), 2014-2019
Figure 28: Romanian Life Insurance - Investment Portfolio (RON Billion), 2010-2014
Figure 29: Romanian Life Insurance - Investment Portfolio, 2010 and 2014
Figure 30: Romanian Life Insurance - Penetration (%), 2010-2014
Figure 31: Romanian Life Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 32: Romanian Life Insurance - Number of Active Policies (Thousand), 2010-2014
Figure 33: Romanian Life Insurance - Number of Active Policies (Thousand), 2014-2019
Figure 34: Romanian Life Insurance - Total Investments (RON Billion), 2010-2014
Figure 35: Romanian Individual Life Insurance - Gross Written Premium by Category (RON Billion), 2010-2019
Figure 36: Romanian Individual Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 37: Romanian Individual Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 38: Romanian Individual Life Insurance - Direct Written Premium by Category (RON Billion), 2010-2019
Figure 39: Romanian Individual Life Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 40: Romanian Individual Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 41: Romanian Individual Life Insurance - Policies by Category (Thousand), 2010-2019
Figure 42: Romanian Individual Life Insurance - Policies by Category (Percentage Share), 2014 and 2019
Figure 43: Romanian Individual Life Insurance - Policies Dynamics by Category, 2010-2019
Figure 44: Romanian Individual Whole Life Insurance - Number of Active Policies (Thousand), 2010-2014
Figure 45: Romanian Individual Whole Life Insurance - Number of Active Policies (Thousand), 2014-2019
Figure 46: Romanian Individual Whole Life Insurance - Direct Written Premium (RON Billion), 2010-2014
Figure 47: Romanian Individual Whole Life Insurance - Direct Written Premium (RON Billion), 2014-2019
Figure 48: Romanian Other Individual Life Insurance - Number of Active Policies (Thousand), 2010-2014
Figure 49: Romanian Other Individual Life Insurance - Number of Active Policies (Thousand), 2014-2019
Figure 50: Romanian Other Individual Life Insurance - Direct Written Premium (RON Million), 2010-2014
Figure 51: Romanian Other Individual Life Insurance - Direct Written Premium (RON Million), 2014-2019
Figure 52: Romanian Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Figure 53: Romanian Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Figure 54: Romanian Linked Insurance Business - Gross Written Premium (RON Million), 2010-2014
Figure 55: Romanian Linked Insurance Business - Gross Written Premium (RON Million), 2014-2019
Figure 56: Romanian Linked Insurance Business - Direct Written Premium (RON Million), 2010-2014
Figure 57: Romanian Linked Insurance Business - Direct Written Premium (RON Million), 2014-2019
Figure 58: Romanian Non-Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Figure 59: Romanian Non-Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Figure 60: Romanian Non-Linked Insurance Business - Gross Written Premium (RON Billion), 2010-2014
Figure 61: Romanian Non-Linked Insurance Business - Gross Written Premium (RON Billion), 2014-2019
Figure 62: Romanian Non-Linked Insurance Business - Direct Written Premium (RON Billion), 2010-2014
Figure 63: Romanian Non-Linked Insurance Business - Direct Written Premium (RON Billion), 2014-2019
Figure 64: Romanian Life Insurance - Segment Shares (%), 2014
Figure 65: Romania - The Three Pillars of Solvency II
Figure 66: Romania - Insurance Supervision and Control at Various Levels
Figure 67: Romania - Insurance Regulatory Frameworks for Company Registration and Operation

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