“Figures are only provisional and they could change in the upcoming period, after companies submit their final financial reports,” said Corneliu Moldoveanu, vice-president of the Financial Supervisory Authority (ASF).
Moldoveanu estimates the mandatory civil liability car insurance (RCA) segment reached RON2.42 billion in 2013, compared to RON2.14 billion in 2012. Also, premiums underwritten on the voluntary car insurance (CASCO) segment are envisaged at RON1.78 billion in 2013, compared to RON1.91 billion in 2012.
“The general insurance segment, which includes RCA and CASCO, will generate premiums of RON6.57 billion, up 1.9% from RON6.45 billion in 2012,” said Moldoveanu, adding he expects premiums underwritten on the life insurance segment to stand at RON1.67 billion in 2013, down from RON1.8 billion in the previous year.
Earlier this week, Moldoveanu said the revival of the local life insurance market depends on the performance of the macroeconomic indicators, mainly the GDP, on people’s enhancing their financial knowledge and on tax incentives.
Romania’s life insurance underwritten premiums are expected to stagnate or grow by up to 5% in 2014, considering that the revenues of companies operating this segment fell 8% to RON1.52 billion (EUR334 million) in the first eleven months of 2013, according to representatives of local insurance companies. (EUR1=RON4.5085)