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 1H2019 Insurance Companies Rankings

Romania 1H2019 Market Portfolio


See all statistics

Latest news

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).



STATISTICS: ROMANIA: Over 9% increase in Q1 and for the first time GWP cover 100% of damages and expenses

Gross underwritten premiums in the insurance market in the first quarter of this year totaled RON 2.43 billion (~EUR 540 million), up 9.16% compared to the same period in 2015, according to the market evolution presented by the Romanian Financial Supervisory Authority (ASF). Growth has been fueled by the non-life insurance segment, which recorded an advance of 9.74%, approaching the threshold of RON 2 billion, as well as the life insurance segment, in which underwritings increased by 6.6%, amounting to RON 438 million.

AXA to sell its ROMANIAN operations to VIG

AXA and VIENNA Insurance Group (VIG) announced that they signed an agreement on August 3, 2016, through which the Austrian insurer would acquire 100% of AXA's Life & Savings insurance operations in Romania (AXA Life Insurance) through its BCR Life and OMNIASIG entities.



Romanian insurance market went up by 5.35% in 1Q2016

Romanian insurance market went up, in GWP terms, by 5.35% in 1Q2016, as compared with the first quarter of 2015, announced today the supervisory authority's head, Misu NEGRITOIU, at a financial conference held in Bucharest.

Remi VRIGNAUD, CEO of ALLIANZ TIRIAC Asigurari, the Romanian market's leader, will join the Allianz Group's top management, as head of CEO Oliver BATE's chancellery, according to an official announcement of the company. Virgil SONCUTEAN, the company's Chief Sales Officer and deputy general manager, will take over the CEO position starting September 1st.




ASF places CITY Insurance under financial recovery procedure

The Financial Supervisory Authority from Romania - ASF has placed the local company CITY Insurance under financial recovery procedure. CITY Insurance must appoint an auditor and submit to the ASF a financial recovery plan, within 20 days.

EUROINS Romania announces capital increase

By Q1 2016, the insurance company EUROINS Romania has received capital increase payments from its parent company amounting to RON 135 million, thus completing 70% of the capital raising program initiated in October 2015 that will be finalized in April 2016.


Best performances in the Romanian insurance market awarded today by XPRIMM

This evening the best performances in the Romanian insurance market will be awarded by XPRIMM at the 16th edition of the Insurance Market's Awards Gala. This year the event will also celebrate the Romanian folk traditions, a rich display of Romanian traditional costumes and crafts, celebrating creativity and performance.

IIC wants to buy Romanian insurer CARPATICA Asig

International Insurance Consortium (IIC), a Netherlands based company focussed on Eastern and South eastern European insurance companies, has reached and signed an agreement with the owners of the Romanian insurance company Carpatica Asig concerning the transfer of 100% of the shares of Carpatica Asig to IIC.

STATISTICS: ROMANIA, FY 2015: 8.22% GWP increase, reversing the last years' negative trend

According to data recently presented by the Romanian Financial Supervising Authority (FSA), the Romanian insurance market ended 2015 with GWP of EUR 1.97 billion, 8.22% up y-o-y. The total figure includes GWP by ASTRA in the first half of the year, before triggering the bankruptcy proceedings of the company. Disregarding the ASTRA results both for 2015 and 2014, the market growth stood at about 14.3% y-o-y.

ROMANIA: Life insurer NN Asigurari ups gross written premiums by 2.4%

Life insurer NN Asigurari wrote gross premiums of EUR 141 million last year, up by 2.4% compared to 2014. The turnover grew as policyholders bought more expensive policies. Customers paid an average premium of EUR 390 last year, up by 2.4% over 2014, for an average insured amount of EUR 12,600, 13% higher.