Over the first half of 2023, insurance firm Groupama Asigurari retained its top spot on the Romanian overall insurance market, with a yet significant surge in gross written premiums (GWP) of 27.8%, up to RON1.99 billion, y-o-y.
With a broad network of agencies and multiple distribution channels, Groupama Asigurari offers a range of products from property and casualty insurance to life and health insurance or financial businesses. The French insurance group’s subsidiary also has strategic partnerships with the main banking and financial institutions in Romania.
The Romanian insurance market reached a volume of gross written premiums of RON9.1 billion in the first half of 2023, up 4% on an annual basis, according to the latest report by the country’s Financial Supervisory Authority (ASF) on the performance of the insurance market in the first six months this year.
Last year, GWP distributed by Romanian insurance brokers in the local market went up by 26% compared to 2021, up to almost RON 12.5 billion (EUR 2.52 billion). Thus, they distributed almost 76% of the total premium volume in the industry, according to a June 2023 the ASF report.
In the period under review, GWP distributed for non-life insurance increased by 26%, while the growth rate for life insurance was 17%. The intermediation degree for non-life insurance reached 87.12% (78.10% in 2021), while for life insurance it was of 15.52% (13.59% in 2021).
The Romanian insurance market is among the smallest in the EU countries, while the appetite for insurance is reduced, given that the amount of money Romanians use for an insurance was RON 791 (almost EUR 160) in 2021.
On 31 August 2023, the Romanian government passed emergency Government Ordinance (GEO 2023). According to GEO 2023, only six companies licensed in Romania and two foreign branches are currently operating on the Romanian compulsory motor third liability insurance policies (MTPL) insurance market.