On the general insurance segment, gross written premiums reached RON3.97 billion in the first half, 2% more than in the same period last year, while gross written premiums of the life insurance segment reached RON1.07 billion, 36% higher on the year.
In January-June 2017, 88% of gross written premiums were sold by ten insurance companies out of a total of 31 insurers operating on the Romanian market.
Third party motor vehicle liability (RCA) premiums reached RON2.04 billion in the first six months. Euroins, City Insurance and Asirom are the top three insurers by RCA premiums, with 71% of the market between them at the end of June.
Property insurance declined 10% in the first six months.
In the first six months, insurers paid damages and indemnities of RON2.03 billion, of which RON1.95 billion (96%) on the general insurance segment, and RON74.6 million on the life insurance segment.
The insurance industry as a whole had a net result of RON260.3 million in the first six months, 115% higher than in the same period last year.
Property insurance declined 10% in the first six months.
The Romanian insurance market is still dominated by motor vehicle insurance but there is a sustained growth trend in life insurance, which is a sign the market is heading into a new and sustainable development stage and a paradigm shift from insurance against risk to instruments for saving, noted Cornel Coca Constantinescu, vice-president of the financial supervisory authority.