This evolution, on a segment seeing over 200,000 insured people, was also backed by the company’s decision to cover coronavirus cases. In 2020, over 9,000 cases on the life insurance segment were settled, with the total value of damage claim payments amounting to RON11.6 million.
On the individual insurance segment, the most sought-after products were the protection insurance in case of death, which saw an increase of 35% and total gross underwritings of approximately RON6 million, and child life insurance with savings component, with total gross underwritings of RON13 million, up 27% on the year.
Company data also show a growing demand for the additional investment insurance, which saw an increase of 136% on the year in 2020.
The group life insurance segment reported a significant increase of 46% on the year in 2020, confirming employers’ growing interest in building employee loyalty and motivation through this type if additional benefits.
Romania’s insurance market continues to have a major potential, considering that the share of life insurance in total underwritten gross premiums reaches one third versus the EU average. The latest official data provided by Romania’s financial regulator ASF, available for the third quarter of 2020, show that in Romania, only 19% of the total gross premiums were underwritten on the life insurance segment. By comparison, the share held by underwritten gross premiums on the life insurance segment in total underwritten gross premiums reaches 74% in Italy, 47% in France or Germany, 42% in Hungary, 35% in Spain and just 7% in Bulgaria.