Romania Insurance Industry – Key Trends and Opportunities to 2027

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Romania Insurance Market Report Overview

The gross written premium of the Romanian insurance market was RON16.5 billion ($3.5 billion) in 2022. The market is expected to achieve a CAGR of more than 9% during 2023-2027. The Romania insurance market research report provides in-depth market analysis, information, and insights into the Romania insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.

Romania Insurance Market Outlook, 2022-2027 (RON Billion)

Romania Insurance Market Outlook, 2022-2027 (RON Billion)

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The Romania insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Romanian economy and demographics. It further evaluates the competitive landscape, which entails 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.

Market Size (2022) RON16.5 billion ($3.5 billion)
CAGR (2023-2027) >9%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Segments ·        Life Insurance

·        General Insurance

Leading Companies ·        NN Asigurari

·        BCR Asigurari

·        Allianz-Tiriac

·        BRD

·        UNIQA

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Romania Insurance Market Trends

Digitalization, life insurance, UNIBond Guarantee Insurance, and agricultural insurance are a few of the key market trends influencing the Romania insurance market.

Insurance companies are utilizing technology and digital tools to enhance their operations, engage customers more effectively, and provide personalized services. For instance, in September 2023, the insurer UNIQA introduced the ANA digital consultant that assists clients in conducting digital risk inspections for their CASCO car insurance. This service streamlines the process of conducting a complete risk inspection for insured vehicles and saves time for customers. In addition, the ANA digital consultant enables customers to make payments conveniently from any location, receive compensation more quickly, and instantly renew the digital risk inspection.

Romania Insurance Market by Segments

The general insurance segment dominated the Romanian insurance market in 2022

The key segments in the Romanian insurance market are life insurance and general insurance. General insurance lines of business include property, motor, liability, financial lines, MAT, and general insurance PA&H. Motor insurance had the highest GWP in 2022, leading the general insurance market.

Romania Insurance Market Analysis by Segments, 2022 (%)

Romania Insurance Market Analysis by Segments, 2022 (%)

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Romania Insurance Market – Competitive Landscape

NN Asigurari was the leading insurer in 2022, followed by BCR Asigurari and Allianz Tiriac

A few of the key companies in the Romania insurance market are:

  • NN Asigurari
  • BCR Asigurari
  • Allianz-Tiriac
  • BRD
  • UNIQA

Allianz Tiriac Asigurari was the fastest-growing life insurer and Grawe Romania was the fastest-growing general insurer during the review period.

Romania Insurance Market Analysis by Companies, 2022(%)

Romania Insurance Market Analysis by Companies, 2022(%)

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Romania Insurance Market – Latest Developments

  • On July 18, 2023, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering (AML) Measures and the Financing of Terrorism (Moneyval) published a report on Romania’s commendable efforts in addressing money laundering risks.

Romania Insurance Market Segments Outlook (Value, RON Billion, 2018-2027)

  • Life Insurance
  • General Insurance

Scope

This report provides:

  • A comprehensive analysis of the Romania insurance industry.
  • Historical values for the Romania insurance industry for the report’s review period and projected figures for the forecast period.
  • Detailed analysis of the key categories in the Romania insurance industry and market forecasts for 2027.
  • Profiles of top life insurance companies in Romania and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the Romania insurance industry.
  • A comprehensive overview of the Romania economy, government initiatives, and investment opportunities.
  • The Romania insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • The Romania insurance industry’s market structure gives details of lines of business.
  • Romania’s reinsurance business’s market structure gives details of premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to the Romania insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Romania insurance industry.
  • Assess the competitive dynamics in the Romania insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Euroins Romania Asigurare
NN Asigurari de Viata
Allianz Tiriac Asigurari
Asigurarea Romaneasca ASIROM Vienna Insurance Group
Groupama Asigurari
Generali Romania Asigurare Reasigurare
Omniasig Vienna Insurance Group
BCR Asigurari de Viata

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

Life Insurance: LOB

General Insurance: Trends and KPIs

General Insurance: LOB

Competitive Landscape

Reinsurance

Appendix

Frequently asked questions

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