Romanian insurance market
Romania exhibits a lower level of market concentration compared to other insurance markets, e.g. the Czech Republic or Slovakia. The top five insurance groups have a market share of around 55% of the total market.
In local currency terms, Romanian premium income fell by 2.9% year-on-year in the 1st–3rd quarters of 2014. Life insurance recorded a drop of 3.6%, with index-linked and unit-linked products in particular contributing greatly to this loss. Growth potential is still high in the life insurance business, which only represents around 20% of total premiums. Non-life insurance also fell in the 1st–3rd quarters of 2014. The loss of 2.7% was primarily due to a decrease in non-life products outside the motor vehicle sector. Motor vehicle own-damage insurance declined slightly (-0.7%) due to a drop in the new car and leasing market. Premium income from motor vehicle liability insurance, on the other hand, rose by 6.3% due to an increase in average premiums.
Average per capita expenditures for insurance were only EUR 88 in Romania in 2013. EUR 70 of this amount was for non-life insurance and EUR 18 for life insurance. A comparison with other countries in the CEE region, such as the Czech Republic, which had an insurance density of EUR 548 in 2013, shows the enormous potential of the Romanian insurance market.
Market growth in the 1st to 3rd quarters of 2014 compared to the previous year
Source: Journal „Insurance Profile“ and insurance supervisory authority CSA |
Market shares of the major insurance groups
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VIG companies in Romania
VIG is represented by three companies in the Romanian market. In addition to Omniasig and Asirom, BCR Life also belongs to the Group. VIG's total market share was 18.2% for the 1st‑3rd quarter of 2014, making VIG number 1. Vienna Insurance Group is also the market leader in the non-life area. In life insurance, the Group holds third place.