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 3Q2019 Insurance Companies Rankings

Romania 3Q2019 Market Portfolio


See all statistics

Latest news



ROMANIA: ASF fines CITY Insurance for violating the methodology for reserves

As a result of the periodic control performed at the largest Romanian insurer as GWP - CITY Insurance, the ASF Board decided to sanction the company with a fine of RON 100 k (about EUR 20 k), after finding a series of violations of the law regarding the methodology of calculating the technical reserves, as the market authority annouced in a statement published on its website.



ROMANIA: Only one in five homes are insured

Only one in five Romanian homes is insured, 43 years after the largest earthquake that hitted the country in 1977, although the earthquake is the second risk that Romanians are worried about when it comes to their homes (57%), after the fire (65% ), according to the study prepared by IRES for UNSAR - The National Association of Insurance and Reinsurance Companies in Romania, informed 1asig.ro.

ROMANIA: ASF has withdraw the operating authorisation of CERTASIG

The Board of the Financial Supervisory Authority (ASF) has decided, during the meeting on 19.02.2020, to withdraw the operating authorisation of the company CERTASIG Societate de Asigurare si Reasigurare S.A (CERTASIG), due to the fact that the company did not restored the level of eligible own funds covering the minimum capital requirement (MCR) within the term provided by law, wrote Romanian insurance portal 1asig.ro.


EUROINS Romania was fined by ASF with more than EUR 100 k. FGA assigned as temporary administrator

The Board of the Romanian Financial Supervisory Authority (ASF) decided to amend EUROINS Romania with RON 500,000 (more than EUR 100,000), as a result of violation of some provisions of MTPL Law as the procedures for solving the MTPL claim files, deficiencies regarding the internal control mechanisms at the company level, irregularities regarding the establishment of technical reserves and data quality, as the market authority annunce in a statement.



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.


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