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  4. > Romania Insurance Report Q2 2016

Romania Insurance Report Q2 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 55 pages

Includes 3 FREE quarterly updates

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.

Table Of Contents

Romania Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Romania 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Romania 2013-2020) 12
Table: Life Insurance Claims (Romania 2008-2014) 13
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Romania 2013-2020) 16
Table: Non-Life Insurance Claims (Romania 2009-2014) 18
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums By Product Line (Romania 2013-2020) 26
Insurance Risk/Reward Index 28
Emerging Europe Risk/Reward Index 28
Table: Emerging Europe Insurance Risk/Reward Index - Q216 29
Market Overview 30
Life Market Overview 30
The Product Offering 30
The Competitive Landscape 30
Table: Life Insurance Market, 2007-2013 (USDmn) 31
Non-Life Market Overview 33
The Product Offering 33
The Competitive Landscape 34
Table: Non-Life Insurance Market, 2007-2013 (USDmn) 35
Company Profile 37
Allianz 37
Euroins 39
Generali 42
Vienna Insurance Group (VIG) 46
Methodology 49
Industry Forecast Methodology 49
Risk/Reward Index Methodology 52
Table: Indicators 54
Table: Weighting of Indicators 55

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