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ASF: 10 insurers account for 89 pct of 2020 total written premiums

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The Romanian insurance market is characterized by a medium to high degree of concentration, as last year 10 of the 28 insurance/reinsurance companies made about 89 percent of the total volume of gross written premiums, according to a report published by the Financial Supervisory Authority (ASF).

According to ASF data, the first five insurance companies had together a market share of 64.18%, namely: City Insurance - 20.07%, Omniasig VIG - 12.03%, Allianz Tiriac Insurance - 11.43%, Euroins Romania Insurance-Reinsurance - 11.40%, Groupama Insurance - 9.24%.

The total volume of gross written premiums for general insurance, in 2020, was 9.281 billion lei, up by 6.3% compared to 2019. The top 10 insurance companies that subscribed to general insurance premiums cumulated a value of 8.871 billion lei, which represents about 96% of the total of this activity segment.

On the general insurance segment, City Insurance had a market share of 24.9%, Omniasig VIG - 14.9%, Euroins Romania Insurance-Reinsurance - 14.1%, Allianz Tiriac Insurance - 12.1% and Groupama Insurance - 11%.

Of the total gross premiums written for non-life insurance, the highest shares were held by classes A10 - Civil liability for the use of land motor vehicles, A3 - Land vehicles, except for railway rolling stock and A8 - Fire and natural disasters (for goods other than insurable in classes A3 - A7).

In 2020, these three classes account for a combined 84% of the total gross written premiums for the general insurance activity: Civil liability for the use of land motor vehicles, with a volume of gross written premiums of 4.188 billion lei, representing 45% of total general insurance written premiums, up by about 5.1% compared to the same period of the previous year; Land vehicles, except for railway rolling stock, with a volume of gross written premiums of 2.414 billion lei, accounting for about 26% of the total underwritings for general insurance, up by approximately 4.2% compared to the same period of the previous year; Fire and natural disasters, with a volume of gross written premiums of 1.234 billion lei, representing 13% of the total underwritings for general insurance, up by about 5.9% compared to 2019.

Life insurance gross premiums registered a value of 2.219 billion lei, slightly down by about 1.6%, compared to the same period of the previous year. At the end of 2020, the market remained highly concentrated, with 5 companies holding about 81% of the total volume of premiums written in this segment, with cumulative subscriptions amounting to 1.788 billion lei.

The first three places were occupied by NN Life Insurance - 38.5%, BCR Life Insurance - 16.8% and BRD Life Insurance - 11%. 

 

 

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