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



EC projection for 2060: Pillar I pension will decrease in all EU countries, except for Luxembourg and Denmark

The most recent report published by the European Commission, "The ageing of the EU - implications for pensions", has a bleak conclusion: Europe's population is ageing and, as far as pension costs are concerned, their share in GDP will reach 11.2% in 2060, compared with 11.3% in 2013, Falco VALKENBURG, Chairperson Pensions Committee, Actuarial Association of Europe, OPSG Member EIOPA, declared during the Private Pensions Workshop at FIAR 2017.


Adrian MARIN, UNSAR President: I hope that the reference tariffs for MTPL will not lead to a new form of capping

"2016 was a difficult year for the Romanian insurance market. It was an year marked by the implementation of Solvency II - that brought strict demands regarding the solvability capital, regulation and quality; an year marked by the ASTRA and CARPATICA bankruptcies, two companies with more than 50% of the MTPL market and over 15% market share; an year with transporters' protests that put pressure on the MTPL pricings - resulting in the capping of the MTPL prices and, since May 2017, a new law which includes reference tariffs for MTPL policies, that, I hope, will not lead to a new form of capping", stated Adrian MARIN, UNSAR President, at FIAR 2017.

Eugene GURENKO: "International experience suggests that tariff capping brings opposite results to the objectives sought"

"Although the first quantitative impacts of the rate caps introduced last year will be only known later with the release of claims statistics for the current year, based on international experience one can expect an adverse impact of this legislative measure on the technical results for the MTPL line of business as a class, reduced overall profitability of the sector and the erosion of companies' capital base", Eugene GURENKO, Lead Insurance Specialist, World Bank explained during the "Insurance Market Trends" conference at FIAR 2017.



PAID Romania's achievements in 2016 included a 10% portfolio growth, as estimated, the transition to SII and the strengthening of its capital, a higher level of reinsurance protection, the inception of the Mass claims plan, as well as the optimization of IT system and processes, Nicoleta RADU-NEACSU, General Manager, PAID Romania - The Insurance Pool against Natural Disasters, explained during the Nat Cat&Reinsurance Conference taking place at FIAR 2017.

Carlo Tozzi SPADONI: The sooner you gather relevant information, the sooner you can settle the claim

When natural catastrophes strike, it is highly important that the claims are settled fast, so that the companies are able to restart their activities as soon as possible. Dott. Ing. Carlo Tozzi SPADONI, Co-Founder, Insurance Engineering Services, talked, during the NatCat&Reinsurance Conference at FIAR 2017, about the importance of fast claims settling, analyzing a case study from Milan.


The Romanian household insurance market, underinsured

In Romania, the number of insured homes is still reduced, but there are steps taken for the improvement of the situation. James GRINDLEY, CEO, CertAsig, spoke about the situation on the Romanian household insurance market at FIAR 2017.



Valandis ELPIDOROU, ARCH Re: As a reinsurer, you have to find your strategic position

In the last years, the competition on the reinsurance market grew more acute and, given this context, the reinsurance companies must focus more on their competitive strategies, Valandis ELPIDOROU, Managing Director, Alternative Solutions, ARCH Re Europe, Switzerland, pointed out during the NatCat&Reinsurance Conference at FIAR 2017.

Juan Ramon PLA: Although it's not perfect, the Insurance Distribution Directive is a balanced one

The Insurance Distribution Directive (IDD) is, as we speak, maybe one of the most sensitive subjects, so the insurance brokers, and not only them, are certain that the IDD implementation will have both positive and negative aspects, stated Juan Ramon PLA - Managing Director, Corporacion de Mediadores de Seguros, Spain Secretary General BIPAR, Member of IRSG EIOPA -, stated, during the Brokers' Conference, at FIAR 2017.



The health insurance client is a client won for the long term

"We have to change the way we think and we have to see the good things that the health insurance market can offer. It is a market with a two-digit growth and, for at least 5-6 years, we'll have a similar dynamic. Therefore, the client must be in the centre of attention. He/she is the starting point and, year by year, we have to improve the product portfolio", stated, during the Health&Life Insurance Conference, Dan DOBRE, Commercial Manager, SIGNAL IDUNA.