The Romanian insurance market shows a relatively low concentration compared to the Czech or Slovakian markets.
Premium volume recorded practically no growth, increasing 0.1% year-on-year in local currency terms in the 1st to 3rd quarters of 2013. The life segment, which only represents 20% of total premiums, recorded a negative change of 4.5%. Premiums written in the non-life segment rose by 1.3%, with a particularly large increase of +13.8% recorded for motor liability insurance.
The insurance market continues to show irrational price competition, particularly by locally owned competitors.
Average per capita expenditures for insurance in Romania were EUR 87 in 2012. EUR 68 of this amount was for non-life insurance and EUR 19 for life insurance. A comparison with other countries in the CEE region, such as the Czech Republic, which had an insurance density of EUR 563 in 2012, shows the enormous potential of the Romanian insurance market.
Market growth in the 1st to 3rd quarters of 2013 compared to the previous year
Source: Financial Market Authority Poland |
Market shares of the major insurance groups
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VIG companies in Romania
The Group is represented by three insurance companies in the Romanian market. In addition to Omniasig and Asirom, BCR Life also belongs to Vienna Insurance Group.
VIG had a total market share of 19.8% in Romania in the 1st to 3rd quarters of 2013. VIG occupies first place in both the overall market and non-life segment, and holds second place in life insurance.