The Romanian insurance market continues to be dominated by the general insurance segment, which accounts for 81%.
General insurance underwritings amounted to RON9.28 billion in 2020, up 6.3% on the year, while life insurance stood at RON2.22 billion, down 1.6% on the year.
The general insurance market remains anchored by the vehicle insurance segment, which accounts for 71% of all general insurance underwritings in 2020 and for 57% of the overall insurance market.
Health insurance registered underwritings of over RON451 million, up 18% on the year. Health insurance accounted for 3.9% of total underwritings in 2020 from 3.5% in 2019.
Guarantee insurance registered underwritings of approximately RON465 million, up nearly 68%, contributing to a trend to diversify the local insurance market.
The financial regulator warned that high exposure to main insurance categories and sizeable market share held by relatively few insurance companies remain the local market’s main vulnerabilities. On the mandatory third party motor vehicle insurance segment, for instance, the top two insurers, City Insurance and Euroins, have a market share of 75%.
Insurance companies operating in Romania paid total claims of RON6.93 billion in 2020, around 60% of total underwritings.