Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2020

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Published: May 25, 2017 Report Code: GD-IS1485MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Romania Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Romanian personal accident and health insurance segment, and a comparison of the Romanian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Romanian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Romania:

• It provides historical values for the Romanian personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Romanian personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Romanian personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Romania.

• It profiles the top personal accident and health insurance companies in Romania, and outlines the key regulations affecting them.

Key Highlights

• The personal accident and health segment is the smallest in Romania’s insurance industry, accounting for 3.4% of its direct written premium in 2015.

• On March 15, 2017, the Financial Supervisory Authority (Autoritatea de Supraveghere Financiară – ASF) introduced a regulation that amended and supplemented Regulation No. 21/2016 concerning reporting requirements for insurance and reinsurance companies. The regulation stipulates financial audit requirements for insurance and reinsurance companies.

• The penetration rate of the personal accident and health insurance segment stood at 0.042% of GDP in 2015.

• Brokers were the leading distribution channel in the personal accident and health segment during the review period, due to the high level of consumer trust, vast service network and experience of the segment.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Romanian personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Romanian personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Romanian insurance industry, and their impact on companies and the industry's future.

Metropolitan Life Asigurări SA,Omniasig Vienna Insurance Group SA,Allianz-Tiriac Asigurări SA,Signal Iduna Asigurări de Viata SA,Ergo Asigurari SA,Compania de Asigurari-Reasigurari Exim Romania SA,Generali Romania SA,Uniqa Asigurări SA,Groupma Asigurări SA

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Policies

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.3 Travel Insurance

5.3.1 Premium

5.3.2 Policies

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Metropolitan Life Asigurări SA – company overview

7.1.2 Omniasig Vienna Insurance Group SA – company overview

7.1.3 Allianz-Tiriac Asigurări SA – company overview

7.1.4 Signal Iduna Asigurări de Viata SA – company overview

7.1.5 Ergo Asigurari SA – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Air carriers and aircraft operators insurance

8.4.3 Insurance of dwellings against earthquakes, landslides and flooding

8.4.4 Nuclear liability insurance

8.4.5 Social security insurance

8.4.6 Professional indemnity insurance for alternative investment fund managers

8.4.7 Professional indemnity insurance for insurance intermediaries

8.4.8 Liability for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Financial Supervisory Authority

8.5.4 Federation of European Risk Management Associations

8.5.5 National Association of Insurance and Reinsurance Companies

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Personal Accident Insurance

9.5 Health Insurance

9.6 Health Insurance by Product

9.7 Travel Insurance

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Romanian Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Romanian Personal Accident and Health Insurance – Top Insurers, 2015

Table 3: Romanian Government Credit Ratings

Table 4: Romanian Personal Accident and Health Insurance – Gross Written Premium (RON Million and US$ Million), 2011–2015

Table 5: Romanian Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 6: Romanian Personal Accident and Health Insurance – Gross Written Premium (RON Million and US$ Million), 2015–2020

Table 7: Romanian Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 8: Romanian Personal Accident and Health Insurance – Premium per Capita (RON and US$), 2011–2015

Table 9: Romanian Personal Accident and Health Insurance – Premium per Capita (RON and US$), 2015–2020

Table 10: Romanian Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 11: Romanian Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 12: Romanian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 13: Romanian Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 14: Romanian Personal Accident and Health Insurance – Total Assets (RON Million and US$ Million), 2011–2015

Table 15: Romanian Personal Accident and Health Insurance – Total Assets (RON Million and US$ Million), 2015–2020

Table 16: Romanian Personal Accident and Health Insurance – Investment Portfolio (RON Million), 2011–2015

Table 17: Romanian Personal Accident and Health Insurance – Investment Portfolio (RON Million), 2015–2020

Table 18: Romanian Personal Accident and Health Insurance – Direct Written Premium by Category (RON Million),2011–2015

Table 19: Romanian Personal Accident and Health Insurance – Direct Written Premium by Category (RON Billion), 2015–2020

Table 20: Romanian Personal Accident Insurance – Direct Written Premium (RON Million and US$ Million), 2011–2015

Table 21: Romanian Personal Accident Insurance – Direct Written Premium (RON Million and US$ Million), 2015–2020

Table 22: Romanian Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 23: Romanian Personal Accident Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 24: Romanian Health Insurance – Direct Written Premium by Sub-Category (RON Million), 2011–2015

Table 25: Romanian Health Insurance – Direct Written Premium by Sub-Category (RON Million), 2015–2020

Table 26: Romanian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 27: Romanian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 28: Romanian Travel Insurance – Direct Written Premium (RON Million), 2011–2015

Table 29: Romanian Travel Insurance – Direct Written Premium (RON Million), 2015–2020

Table 30: Romanian Travel Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 31: Romanian Travel Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 32: Romanian Personal Accident and Health Insurance – Top Insurers, 2015

Table 33: Metropolitan Life Asigurări SA – Key Facts

Table 34: Metropolitan Life Asigurări SA – Key Financials (RON Million), 2010–2014

Table 35: Omniasig Vienna Insurance Group SA – Key Facts

Table 36: Omniasig Vienna Insurance Group SA – Key Financials (RON Million), 2010–2014

Table 37: Allianz-Tiriac Asigurări SA – Key Facts

Table 38: Allianz-Tiriac Asigurări SA – Key Financials (RON Million), 2010–2014

Table 39: Signal Iduna Asigurări de Viata SA – Key Facts

Table 40: Ergo Asigurari SA – Key Facts

Table 41: Romania – Insurance Regulatory Framework Key Features

Table 42: Romania – Life Insurance Regulatory Framework

Table 43:Romania – Property Insurance Regulatory Framework

Table 44: Romania– Motor Insurance Regulatory Framework

Table 45: Romania – Life Insurance Regulatory Framework

Table 46: Romania – Liability Insurance Regulatory Framework

Table 47: Romania – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 48: Romania – Corporate Tax Rates for the Financial Year 2017

Table 49: Romanian Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 50: Romanian Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 51: Romanian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 52: Romanian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 53: Romanian Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 54: Romanian Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 55: Romanian Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 56: Romanian Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 57: Romanian Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 58: Romanian Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 59: Romanian Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 60: Romanian Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 61: Romanian Personal Accident and Health Insurance – Travel Insurance, 2011–2015

Table 62: Romanian Personal Accident and Health Insurance – Travel Insurance, 2015–2020

Table 63: Insurance Industry Definitions

Figures

Figure 1: Romanian Real GDP (RON Billion), 2011–2020

Figure 2: Romanian Consumer Price Inflation (%), 2011–2020

Figure 3: Romanian Current Account Balance as Percentage of GDP (%), 2011–2016

Figure 4: Romanian Unemployment Rate, 2011–2020

Figure 5: Romanian Population by Age Group, 1992–2025

Figure 6: Romanian Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 7: Romanian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 8: Romanian Personal Accident and Health Insurance – Gross Written Premium (RON Million), 2011–2020

Figure 9: Romanian Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 10: Romanian Personal Accident and Health Insurance – Premium per Capita (RON), 2011–2020

Figure 11: Romanian Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 12: Romanian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 13: Romanian Personal Accident and Health Insurance – Total Assets (RON Million), 2011–2020

Figure 14: Romanian Personal Accident and Health Insurance – Investment Portfolio (RON Million), 2011–2020

Figure 15: Romanian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 16: Romanian Personal Accident and Health Insurance – Direct Written Premium by Category (RON Million), 2011–2020

Figure 17: Romanian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 18: Romanian Personal Accident Insurance – Direct Written Premium (RON Million), 2011–2020

Figure 19: Romanian Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 20: Romanian Health Insurance – Direct Written Premium by Sub-Category (RON Million), 2011–2020

Figure 21: Romanian Health Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 22: Romanian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 23: Romanian Travel Insurance – Direct Written Premium (RON Million), 2011–2020

Figure 24: Romanian Travel Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 25: Romania – The Three Pillars of Solvency II

Figure 26: Romania – Insurance Supervision and Control at Various Levels

Figure 27: Romania – Insurance Regulatory Frameworks for Company Registration and Operation

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