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Insurance market stagnated in 2013 while GDP chare dropped to 1.3%


The insurance market reached 8.29 billion lei in 2013, 0.4% more than the previous year, while its share in GDP dropped to 1.31%, from 1.4% in 2012, according to provisional data of the Financial Supervision Authority.


In the analysed period of time, the amounts paid by insurance companies in 2013 dropped by 4.7% to 4.94 billion lei. More than half of subscribed premiums (50.84%) were in Bucharest and Ilfov county.

In the general insurance segment, most subscribed premiums were RCS insurances (mandatory vehicle insurance), with a share of 37.18% of total, which means 2.467 billion lei.


The second insurance category was CASCO insurances with 1.795 billion lei incomes, on the drop by 6.33% compared to 2012. Insurance policies for fire and other natural calamities ranked third, with 1.168 billion lei, on the rise by 8.1% against 2012.


In the life insurance segment, traditional class A policies reached incomes of 1.04 billion lei, on the drop by 5.97% compared to 2012, while class 3, unit linked policies attracted 548.43 million lei in 2013, dropping by 12.43% against 2012. As for damages, the amounts paid by insurance companies for the general insurance segment were of 4.198 billion lei, on the drop by 5.74%.


At the end of 2013, 38 insurance companies and 596 brokers were authorized to function. The first insurance companies cover 80.76% of the market.