According to CSA, in September 2010, the Romanian insurance market shrank over 5% on the year.
Underwritten premiums on the general insurance segment stood at about RON4.8 billion in September 2011, down 5.89% compared with September 2010, due to decreases on the voluntary car insurance CASCO segment (-19.8%) and the mandatory car insurance RCA segment (-23%). The car insurance segment accounted for about 65% of the general insurance market at the end of September 2011, down from over 75% in September a year ago, reads the press release.
On the other hand, the home insurance segment rose 35.2% and accounted for 21% of the general insurance market at the end of September. Home insurance underwritten premiums stood at over RON1 billion.
Insurers paid damage claims of RON3.1 billion on the general insurance segment in the first nine months of the year.
Damage claims on the CASCO, RCA and home insurance segments exceeded RON2.9 billion (93% of damage claims paid on the general insurance segment).
RCA underwritten premiums hit RON1.4 billion in January-September 2011, down 23% compared with the same interval a year ago, of about RON1.88 billion.
The 13 insurers allowed to sell RCA policies issued about 4.8 million policies in the first nine months of the year, down 3% on the year.
Insurers approved 241,062 damage claim files on the RCA segment in the analyzed interval, down 8% on the year.
The number of RCA damage claims paid in the first nine months also fell by 8% and the value of damage claims was similar to that in the first nine months of 2010, of RON1.2 billion.
Underwritten premiums on the life insurance segment stood at RON1.29 billion at the end of September 2011, up 5.38% compared with end-September 2010.
Traditional life insurance underwritten premiums climbed 7.6%. The unit-linked insurance segment rose only 0.83% and accounted for 36% of the life insurance segment. (EUR1=RON4.3564)