At the end of the first quarter of 2023, the RCA market saw an 8% decline in the volume of underwritten gross premiums, down to RON2.14 billion, as per data released by Romania’s financial watchdog ASF in the report regarding the performance of the insurance market in the first quarter of 2023.
Although the significant increases recorded in 2022 took both the RCA segment and the entire market to a new record high, the boom effect lost its strength after market players re-balanced their portfolios, absorbed of the shock of the bankruptcy of City Insurance and new insurers entered the market.
Now, starting with the first three months of 2023, the market attempts to stabilize.