Romania

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Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe, bordering the Black Sea;
- Neighbours: Bulgaria, Serbia, Hungary, Ukraine, Moldova.

Climate:
- temperate climate;
- cold, cloudy winters with frequent snow and fog;
- sunny summers with frequent showers and thunderstorms.

Natural hazards:
- earthquakes, most severe in south and southwest regions;
- geologic structure and climate promote landslides.

Macro indicators
* 2018 estimates
Surface:238,397km2
Population*:19.5million
Pop. density*:81.9people/km2
GDP*:202.7EUR billion
GDP/capita*:10,382.6EUR

European Union:
EU member, since 2007

Currency: Leu
Code: RON
Since: 2005


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:21%
TOTAL NON-LIFE*:79%
Overall Property*:12%
Overall Motor*:57%


Sources:


 


Statistics

Romania 1Q2019 Market Portfolio

Romania 1Q2019 Insurance Companies Rankings


See all statistics

Latest news



What are RECREX's development plans for 2017?

This year, RECREX continues to focus on the development of its two main operational segments: fraud detection and claims buffering, Daniela BADALUTA, President of the company, explained in an interview for XPRIMM Publications.

Daniela BADALUTA, RECREX: The management on the loss adjustment segment of some Romanian insurers generates losses instead of benefits

"RECREX operates on one of the insurance market niches: we do not sell insurance, we are a loss adjuster. I believe loss adjusting is one of the most important aspects in this field, because managing claims is a key aspect for achieving success on the insurance market", Daniela BADALUTA, President, RECREX, explained in an interview for XPRIMM Publications.

Romanian MTPL market prepared to sit on solid foundations

After a stormy 2016, the Romanian MTPL market is prepared to sit on solid foundations in 2017, with sound operators and a more coherent structure, said yesterday Misu NEGRITOIU, the Romanian Financial Supervisory Authority head speaking at a market forecast meeting.

EUROINS Romania acquires the non-life portfolio of ATE Insurance Romania

EUROINS Romania, part of Bulgarian EUROINS Insurance Group (EIG), has reached an agreement to acquire the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of PIRAEUS Bank - a leading  banking institution in Greece. The deal was signed on January 19th, 2017. "The deal is subject to customary regulatory approvals", the EIG representative pointed out in a press release.



Consumer Protection, top priority for European authorities and driving factor of the insurance industry's reshape - under debate in Vienna next February

"Protection of consumers, investors and policyholders is the top priority for each European Supervisory Authority," pointed out Gabriel BERNARDINO, Chairman of EIOPA and of the Joint Committee of the three European Supervisory Authorities (EBA, ESMA, EIOPA- ESAs) on the occasion of the Steering Committee of the EU - U.S. Insurance Project hosted in Frankfurt on 19 October, a Public Forum to address the challenges of increased globalization of the insurance market and to define the areas of work for the coming year.


ICAR 2016 - Main takeaways

Climate change and natural catastrophes were among the main aspects debated during the 13th edition of ICAR - The International CAtastrophic Risks Forum. The international event, which was organized on October 11, 2016, in Bucharest, Romania, gathered professionals from the United States, the United Kingdom, and Germany, as well as Romania, who talked about the management of Nat Cat risks in the current context.




VIG: Romania is one of our core markets. We need the mid and long term perspective to get better

As MTPL, the most important insurance line in Romania, will be heavily influenced by the recent regulatory changes, for the VIENNA insurance Group (VIG), Romania remains a core market, among the top 5 within the group, said Roland GROLL, Member of the VIENNA Insurance Group Board, at a press conference organized in Bucharest. "Looking at the overall picture in Romania, from an economic point of view, it is extremely positive, especially if we compare it with other core markets. There are not many European countries which have such favorable environment", he added.



ICAR 2016 - brings together top worldwide Nat Cat insurance competencies

ICAR's 2016 edition lines up an exquisite team of speakers who will share their views on the Nat Cat current issues in Bucharest, on October 11th. The effects of the climate change, the available solutions for mitigating the Nat Cat losses and provide for a sustainable growth of the agricultural insurance, as well as the newest strategies for claims handling in the property field insurance and the main issued of the Forum's agenda.

Romanian MTPL insurance market exceeded the RON 2 billion threshold in 1H2016

The MTPL market accounted for more than half of the general insurance in Romania, according to the half year results published by the Financial Supervisory Authority (FSA), and expectations are that the growth will continue as prices stabilize and the combined ratio retreats towards the breakeven point.

ROMANIA: Grawe enters the auto insurance market starting September

Grawe Romania Insurance enters the auto insurance market starting September, after it was authorized by the Financial Supervision Authority (ASF) to expand its activity on two insurance classes: 3 (transports means insurance other than train- CASCO) and 10 (Insurance for vehicles civil liability-RCA).