“Gross underwritings reached RON8.5 billion at the end of September 2020, 4.8% higher compared with September 2019. The issuance market continues to grow despite problems caused by the pandemic,” said Valentin Ionescu, director for the Financial Supervisory Authority’s department for strategy and financial stability.
He added the degree of concentration on the insurance market is a vulnerability in terms of exposure on certain insurance categories and in terms of considerable market shares held by a few of insurers.
“We have a large degree of concentration on the RCA segment (mandatory car insurance). To diversify the market and reduce dependence on car insurance, the financial authority has set up work groups that target the development of agricultural, life and health insurance. We have already registered growth on the heath insurance segment, which shows the pandemic has affected consumer trends,” said Ionescu.