On the other hand, there are also segments that progressed slower such as property insurance, but it, too, has grown 75% in the past ten years.
The progress of the gross written premiums in the overall insurance market was rather slow until 2021, with ups and downs. The market overshot the RON10 billion mark in 2018, with 4.5% growth, and even saw a slight decline of 0.3% in 2013-2018. The year 2019 meant slightly faster progress towards the RON11 billion gross written premium mark, with the market growing at a rate of merely 4.6% in 2020 to more than RON11.5 billion. After the collapse of City Insurance, which was not the first and only insurer to go bankrupt, the market skyrocketed, both in terms of the price of the auto liability insurance – the favorite business of City Insurance, and of the overall market, which grew by 24% to more than RON14 billion.
(English version by Loredana Fratila-Cristescu)