STATISTICS: Romania, FY2017: the growth trend was maintained by the life insurance segment
"A change in the trends during previous years is the strengthening of the life insurance segment, which last year registered a significant increase of 21% compared to 2016. If between 2012 - 2014 the activity of life insurance was declining in terms of volume of gross written premiums, starting 2015 this segment has increased again, and in 2017 the evolution of the insurance sector was due to the life insurance segment", as FSA - the Financial Supervision Authority announced in a statement.
Per business lines, non-life GWP amounted about RON 7.7 billion (EUR 1.7 billion), down by 0.3% y-o-y. Of the total non-life GWP, the highest shares are held by classes A10 - Civil liability for the use of land vehicles (39.38% of total market, 50% of non-life GWP), A3 - Land vehicles, excluding railway rolling stock (19.52% of total or about a quarter of non-life GWP), A8 - Fire and natural disasters (10.35% of total, or 13% of non-life segment). In 2017, the share of these three classes was 88% of total gross written premiums for non-life insurance business. It is worth to mention that the total value of insurance premiums subscribed for MTPL insurances reached RON 3.7 billion, the rest to the total of the A10 class (3.82 billion lei) representing the Carrier's insurance for cargo and RCA underwritten to the territory of other EU Member States on the basis of the freedom to provide services. The combined ratio calculated for Class A10 (RCA) was of 99.46% in 2017.
In case of life insurance sector, the value of GWP increased by 21% in 2017 compared to the previous year, reaching about RON 2 billion (EUR 442 million). Of the total gross written premiums for life insurance, the highest shares are held by C1 - life insurance, annuities and supplementary life insurance, and C3 - Life insurance and annuities related to investment funds, which together account for 96% of the total gross written premiums for life insurance.
The own funds eligible to cover the solvency capital requirement were at the end of 2017 at a value of RON 5.15 billion, up by 12% as compared to 2016. According to FSA, the Solvency Capital Requirement (SCR) and the MCR (Minimum Capital Requirement) rates at the market level were above par at the end of 2017 for the first time after the Solvency II regime's requirements were implemented. Also, both the SCR rate and the MCR rate at the market level increased at the end of 2017 as compared to the end of 2016. The SCR rate at the market level increased by 6% and the MCR rate at the market level increased by 12%.
The FSA figures showed that during 2017, the local brokerage companies mediated about 63.41% of total GWP, which means a decrease by 2.77 percentage points compared to the intermediation degree recorded in the similar period of 2016.
Access www.xprimm.com and download the FY2017 Romanian insurance market statistics.
- Market indicators (GWP, claims, growth rates, shares) - in EUR and RON
- Top 10 market rankings (total market, life, non-life, MTPL, insurance brokers) - in EUR and RON