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Romania Insurance Report Q1 2011
Business Monitor International, Dec 2010, Pages: 68
The Romania Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Romania's insurance industry.
This report includes actual data for 2009. It is believed that total premiums in 2010 amounted to RON9.60bn. This includes non-life premiums of RON7.64bn and life premiums of RON1.96bmn. In 2015, the corresponding figures are forecast to be RON15.91bn, RON13.18bn and RON2.73bn. In terms of the key drivers that underpin these forecasts, the non-life penetration is expected to rise from 1.50% in 2010 to 1.81% of GDP in 2015. Life density is forecast to rise from US$28 to US$46 per capita over the same period. BMI’s proprietary Insurance Business Environment Rating for Romania is 57.3.
Issues to Watch
- Contagion In Bond Markets: Investment earnings may remain volatile if the Romanian bond market suffers contagion from the problems in nearby countries such as Hungary and Greece.
- Concentration: Compared to the other insurance markets in the region, Romania is unusual because of the dominance of ING (in the life segment) and the Vienna Insurance Group companies (in the non-life segment). Generali/PPF and Allianz, leading insurance companies across the region as a whole, are relatively small players in Romania. Vienna Insurance Group’s results indicate that it may have gained market share at the expense of its smaller rivals in 2009.
- Corporate Activity: Although competition issues restrict the ability of Vienna Insurance Group and ING to expand by way of acquisition, the same is not true of other competitors. UNIQA, present in Romania through its Astra subsidiary, bought Unita from Vienna Insurance Group. UNIQA accounts for about 16% of the non-life segment.
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