Insurance companies underwrote total premiums of over RON8 billion in 2014, most of which were car insurance policies.
The best rated countries, namely Cluj, Prahova and Timis, account for RON200 million underwritten premiums each.
“The counties attracting investments account for the highest underwritten premiums rate. In these regions, insurers’ sales mostly come from the corporate and retail sectors, as once investments are made, people in that region receive higher salaries and afford to buy insurance policies for cars or houses,“ according to Cristian Fugaciu, general manager of Marsh brokerage company.
Insurance companies underwrote general premiums of RON2.7 billion and life insurance policies of RON1.3 billion in Bucharest.
Life insurance policies are almost inexistent in counties Cluj, Prahova and Timis, while general policies account for 90% of underwritten premiums. Hence, insurers say there is room for improvement and aim to expand their business in those sectors.
Transylvania county ranks first among the first ten counties by underwritten premiums, with Cluj, Timis, Bihor, Sibiu and Brasov being the top rated cities by insurance policies. Transylvania annually generates around 15% of the insurers’ sales, while Muntenia region generates 12% of underwritings.
On the other hand, no county in Moldova managed to rank among the top ten positions by underwritten premiums. Counties Iasi and Suceava account for the best results, ranking 12th and 13th, respectively, with underwritten premiums worth around RON100 million in 2014.
The lowest sales in insurance policies sector were generated by counties Mehedinti, Covasna and Giurgiu, with underwritten premiums of RON30 million each in 2014.
Experts in the field say this analysis is slightly altered on insurers having different accounting systems. In some cases, the largest transactions regionally are completed in Bucharest and not in the respective county, the insurance premium being registered on behalf of Bucharest operations.
(English version by Manuela Panescu)