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*:20.7%
TOTAL NON-LIFE*:79.3%
Overall Property*:12.0%
Overall Motor*:57.3%
MTPL*:36.9%


Sources:


 


Statistics

Romania 1Q2019 Market Portfolio

Romania 1Q2019 Insurance Companies Rankings


See all statistics

Latest news


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.


Lenka de MAURO: In Germany we expect the IDD law to be enforced by summer

In the following period, new changes regarding the European insurance legislation are expected. "Regarding IDD - Insurance Distribution Directive, in Germany we have made progress as far as the implementation process is concerned and we expect the IDD specific legislation to be enforced by this summer, taking into account the fact that we have elections coming up this autumn", Lenka de MAURO, Deputy Head of Office GDV - German Insurance Association - European Office, explained during the Insurance Market Trends Conference at FIAR 2017.

CEE vs. EU markets: principle based vs. rule based

"In relation to other European markets the CEE markets are relatively small and diversified. Having said this in my opinion the principle of proportionality has to play an even more important role than in other markets. Being small often means that your voice is not heard in an adequate way which could result in a high risk of unintended consequences. Meaning that on EU level issues might have a neglectable size but have huge consequences on a small market. This brings me automatically to the question of the influence of the CEE region on the EU legislative process", said Michael BRANDSTETTER, EU & International Affairs, VVO - Austrian Insurance Association.

BIPAR's perspective on the IDD implementation process

Entered into force on 23 February 2016 (with implementation period starting on February 23, 2018), the IDD "repeals the IMD and is also a minimum harmonisation Directive, hence allowing to take into consideration each market specificities. The IDD seeks to improve regulation in the retail insurance market and to create more opportunities for cross-border business, to establish the conditions necessary for fair competition between distributors of insurance products, and to strengthen consumer protection", said Juan - Ramon PLA, Secretary General, BIPAR, Managing Director, Corporation de Mediadores de Seguros, Spain, Member of IRSG, EIOPA, at FIAR 2017.





The 20th edition of FIAR: A new location, conferences & workshops held by international specialists, hundreds of bilateral meetings

Taking place between May 21 and May 25, in a new location - Poiana Brasov in Romania - the 20th edition of the International Insurance-Reinsurance Forum - FIAR gathers well-known specialists representing over 125 international companies and offers its participants the chance to join specialized conferences and workshops analyzing the latest trends in the insurance, reinsurance and brokerage fields, as well to participate at networking events and bilateral meetings which will enable them to discover new business opportunities and to gather valuable insights and experience.