Life insurance makes a relatively small contribution of approximately 20% to total premium income in the Romanian insurance market, and therefore has good long-term growth potential. 66% of the non-life business is still generated by motor vehicle insurance sales.
Difficult economic conditions also had an effect on the insurance business. The negative growth of the overall market in the first nine months of 2011 was due to the decrease (-5.3%) in non-life insurance, in particular motor vehicle own-damage insurance. The life insurance market, on the other hand, recorded positive growth (+6.4%).
Current reform efforts in the healthcare sector are creating potential future growth opportunities in this area.
Romanians paid an average of EUR 92.8 per person for insurance services in 2010, of which EUR 74.7 was for life insurance and EUR 18.1 for non-life insurance.
Market growth in 2011 compared to the previous year
Market shares of the major insurance groups