Life Insurance in Romania, Key Trends and Opportunities to 2020

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Published: May 25, 2017 Report Code: GD-IS1483MR-ST

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GlobalData’s 'Life Insurance in Romania Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Romanian life 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, 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 life insurance segment in Romania:

• It provides historical values for the Romanian life 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 life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Romanian life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Romania.

• It profiles the top life insurance companies in Romania and outlines the key regulations affecting them.

Key Highlights

• Life insurance was the second-largest segment in the Romanian insurance industry in 2015, accounting for 19.8% of the direct written premium.

• 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 of insurance and reinsurance companies. The regulation stipulates the provisions for financial audit requirements of insurance and reinsurance companies.

• In April 2015, the ASF issued new rules on the authorization and operation of insurance and reinsurance brokers.

• Brokers were the leading distribution channel in the Romanian life segment during the review period

Reasons to Buy

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

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

• Assess the competitive dynamics in the life 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.

NN Asigurări de Viaţă SA
BCR Asigurări de Viaţă Vienna Insurance Group SA
Metropolitan Life Asigurări SA
Asirom Vienna Insurance Group SA
Allianz-Tiriac Asigurări SA
BRD Asigurări de Viata SA
Eurolife ERB Asigurări de Viata SA
Generali Romania SA
ERGO Asigurari de Viata SA
Groupama Asigurări SA

Table of Contents

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 Claims

4.2.4 Assets and investments

5 Distribution Channel Outlook

5.1 Analysis by Distribution Channel

6 Competitive Landscape

6.1 Company Profiles

6.1.1 NN Asigurări de Viaţă SA – company overview

6.1.2 BCR Asigurări de Viaţă Vienna Insurance Group SA – company overview

6.1.3 Metropolitan Life Asigurări SA – company overview

6.1.4 Asirom Vienna Insurance Group SA – company overview

6.1.5 Allianz-Tiriac Asigurări SA – company overview

7 Governance, Risk and Compliance

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulation

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Motor third-party liability insurance

7.4.2 Air carriers and aircraft operators insurance

7.4.3 Insurance of dwellings against earthquakes, landslides and flooding

7.4.4 Nuclear liability insurance

7.4.5 Social security insurance

7.4.6 Professional indemnity insurance for alternative investment fund managers

7.4.7 Professional indemnity insurance for insurance intermediaries

7.4.8 Liability for ships with respect to oil pollution

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 European Insurance and Occupational Pensions Authority

7.5.3 Financial Supervisory Authority

7.5.4 Federation of European Risk Management Associations

7.5.5 National Association of Insurance and Reinsurance Companies

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and Penalties

7.7 Company Registration and Operations

7.7.1 Type of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margin

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution

8 Databook

8.1 Policies and Premium

8.2 Claims and Expenses

8.3 Assets and Investments

8.4 Linked vs. Non-Linked Policies

9 Definitions and Methodology

9.1 Definitions

9.2 Methodology

10 About GlobalData

10.1 Contact GlobalData

10.2 About GlobalData

10.3 GlobalData’s Services

10.4 Disclaimer

Table

Table 1: Romanian Life Insurance – Key Facts, 2015

Table 2: Romanian Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Romanian Government Credit Ratings

Table 4: Romanian Life Insurance – Gross Written Premium (RON Billion and US$ Million), 2011–2015

Table 5: Romanian Life Insurance – Penetration (%), 2011–2015

Table 6: Romanian Life Insurance – Gross Written Premium (RON Billion and US$ Million), 2015–2020

Table 7: Romanian Life Insurance – Penetration (%), 2015–2020

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

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

Table 10: Romanian Life Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 11: Romanian Life Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 12: Romanian Life Insurance – Paid Claims (RON Million and US$ Million), 2011–2015

Table 13: Romanian Life Insurance – Paid Claims (RON Million and US$ Million), 2015–2020

Table 14: Romanian Life Insurance – Total Assets (RON Billion and US$ Billion), 2011–2015

Table 15: Romanian Life Insurance – Total Assets (RON Billion and US$ Billion), 2015–2020

Table 16: Romanian Life Insurance – Investment Portfolio (RON Billion), 2011–2015

Table 17: Romanian Life Insurance – Investment Portfolio (RON Billion), 2015–2020

Table 18: Romanian Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Table 19: NN Asigurări de Viaţă SA – Key Facts

Table 20: NN Asigurări de Viaţă SA – Key Financials (RON Million), 2010–2014

Table 21: BCR Asigurări de Viaţă Vienna Insurance Group SA – Key Facts

Table 22: BCR Asigurări de Viaţă Vienna Insurance Group SA – Key Financials (RON Million), 2010–2014

Table 23: Metropolitan Life Asigurări SA – Key Facts

Table 24: Metropolitan Life Asigurări SA – Key Financials (RON Million), 2010–2014

Table 25: Asirom Vienna Insurance Group SA – Key Facts

Table 26: Asirom Vienna Insurance Group SA – Key Financials (RON Million), 2010–2014

Table 27: Allianz-Tiriac Asigurări SA – Key Facts

Table 28: Allianz-Tiriac Asigurări SA – Key Financials (RON Million), 2010–2014

Table 29: Romania – Insurance Regulatory Framework Key Features

Table 30: Romania – Life Insurance Regulatory Framework

Table 31:Romania – Property Insurance Regulatory Framework

Table 32: Romania– Motor Insurance Regulatory Framework

Table 33: Romania – Life Insurance Regulatory Framework

Table 34: Romania – Liability Insurance Regulatory Framework

Table 35: Romania – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 36: Romania – Corporate Tax Rates for the Financial Year 2017

Table 37: Romanian Life Insurance – Policies and Premium, 2011–2015

Table 38: Romanian Life Insurance – Policies and Premium, 2015–2020

Table 39: Romanian Life Insurance – Claims and Expenses, 2011–2015

Table 40: Romanian Life Insurance – Claims and Expenses, 2015–2020

Table 41: Romanian Life Insurance – Assets and Investments, 2011–2015

Table 42: Romanian Life Insurance – Assets and Investments, 2015–2020

Table 43: Romanian Life Insurance – Linked vs. Non-Linked Policies, 2011–2015

Table 44: Romanian Life Insurance – Linked vs. Non-Linked Policies, 2015–2020

Table 45: 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 Life Insurance Penetration – Regional Comparison (%), 2015

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

Figure 8: Romanian Life Insurance – Gross Written Premium (RON Billion), 2011–2020

Figure 9: Romanian Life Insurance – Penetration (%), 2011–2020

Figure 10: Romanian Life Insurance – Premium per Capita (RON), 2011–2020

Figure 11: Romanian Life Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 12: Romanian Life Insurance – Paid Claims (RON Million), 2011–2020

Figure 13: Romanian Life Insurance – Total Assets (RON Billion), 2011–2020

Figure 14: Romanian Life Insurance – Investment Portfolio (RON Billion), 2011–2020

Figure 15: Romanian Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 16: Romanian Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Figure 17: Romania – The Three Pillars of Solvency II

Figure 18: Romania – Insurance Supervision and Control at Various Levels

Figure 19: Romania – Insurance Regulatory Frameworks for Company Registration and Operation

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