Romania

Flag



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 FY2019 Market Portfolio

Romania FY2019 Insurance Companies Rankings


See all statistics

Latest news



ROMANIA: Motor combined ratios continue to rise

At the end of the first nine months of 2019, Romanian motor insurance lines' combined ratio continued to follow the uphill road, both Motor Hull and MTPL exceeding once again the 100% threshold of profitability at market level.


ROMANIA: The private pensions industry's share in GDP increased to 6.22%

The value of total assets under administration, at the level of the entire private pension system, reached RON 61.53 billion (EUR 12.95 billion), as of September 30, 2019, up 24.04% from December 2018. The share of private pensions in Gross Domestic Product was, at the end of September 2019, 6.22% compared to 5.22% in December 2018.

Romanian ASF fines non-life insurer CertAsig with RON 65,000

The Board of the Financial Supervisory Authority (ASF) announced the results of the unannounced control carried out at the non-life insuer CertAsig Asigurare Reasigurare, sanctioning the company with a fine in the amount of RON 65,000 (about EUR 13,500) on the grounds the company have not corectly calculated the solvency indicators requested by the market regulator, informed 1asig.ro.

ROMANIA: OMNIASIG VIG to insure TAROM's fleet

OMNIASIG Vienna Insurance Group, one of the largest non-life insurers in Romania, won for the second year in a row the largest aviation insurance account in the country, by providing CASCO and TPL coverage for TAROM airline's fleet.




Leslie J. BREER is the newly approved CEO of GOTHAER Romania

The Financial Supervisory Authority announced it has approved Leslie J. BREER's appointments as CEO of GOTHAER's Romanian unit. Together with Cosmin ANGHELUTA (Deputy CEO / Sales Chief Executive) - he will implement the company`s 3 yrs mid-term strategic plan, already approved by its Board of Directors in March 2019.

STATISTICS: ROMANIA, 1Q2019: Market GWP increased by 5% y-o-y

At the end of 31 March 2019, Romanian insurance market grew by EUR 27 million (+5.0%) y-o-y in terms of gross written premiums (GWP). In local currency, the premium growth was slightly higher (+7.4%), as Financial Supervisory Authority (ASF) figures show.

Romanian Group company OMNIASIG combines healthy lifestyle with environmental protection

VIG's Romanian Group company OMNIASIG has consolidated and significantly intensified its social, environmental and community commitment with a new CSR strategy. Employee involvement is a key element of the strategy. At a ceremony held in Bucharest on 6 June 2019 OMNIASIG, received the Silver "Gunter Geyer Award for Social Conscience" in recognition of its efforts.




STATISTICS: ROMANIA, 2008-2017: Motor business lines drove market evolution

Between 2008-2017, in the Romanian insurance market, MTPL was the only insurance class that maintained a positive dynamic. MTPL, together with the Life insurance segment, had the biggest influence over general market evolution. The Romanian market is still recovering after the post-crisis effects.

STATISTICS: ROMANIA, FY2018: Health insurance rose by 74.3%

Romanian insurance market recorded in 2018 GWP worth EUR 2,174 million and EUR 1,278 million in paid claims. Total GWP volume rose by EUR 92 million compared to 2017 results (+4.44%) while claims level increased by EUR 185 million (+16.97%), mainly due to motor claims increases.


ROMANIA: The insurance market increased by 4.5% in 2018

"In 2018, the Romanian insurance market improved its solvency indicators", Cristian ROSU, Vice-President Insurance and Reinsurance Sector, ASF - The Financial Supervision Authority declared on Tuesday, 21 March, commenting on the financial results reported on the Romanian market last year.


--> Netopia