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ASF: five companies control almost 58% of the insurance market in Romania

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The insurance market in Romania is characterized by an average level to high of concentration, in the context where five companies control almost 58% of the market, after the first nine months of the year, and the leader of the market has become City Insurance with a quota of 13.72% according to the data published on Thursday by the Authority for Financial Supervision (ASF).

ASF announced a week ago that the insurance companies in Romania registered an advance of 2.1% of the gross bonds subscribed in the first nine months against the same period of last year up to 7.47% billion lei (1.61 billion euro).

On Thursday ASF announced that in the first nine months of 2018 approximately 88% of the total volume of gross bonds subscribed was made by 10 insurance companies out of the 29 which operate in insurance/re-insurance on 30 September.

Moreover, the market has an average level to high of concentration and the market leader has become City Insurance with a quota of 13.72%. After the first six months, City Insurance was second with a market share of 13.21%.

Second was Allianz Tiriac with 13.26% of the market after nine months (13.6% after six months). Third was Omniasig VIG with 11.05% (11.07 % after six months).

The fourth was Groupama with 10.01% (5th and 10% after six months) and fifth has become Asirom with 9.79% (fourth and 10.73% after six months).

 

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