Insurance companies in Romania in 9M 2022 wrote premiums worth EUR 2.4 bn (+23%)

Insurance companies licensed in Romania in 9M 2022 wrote gross premiums worth EUR 2.43 billion, up by 23% y-o-y, data from the market authority show. Adding to this amount GWP by insurers operating on FOE, the total market GWP reached 2.7 billion. Non-life insurance accounted for 83% of the total GWP.

According to XPRIMM, gross claims paid by all insurers operating on the Romanian market, as well as by the Fund of Guarantee of Insureds (FGA) totaled EUR 1.27 billion. Paid claims for non-life insurance amounted to about 80% of the total.

The sums approved for the payment of damages by the FGA totaled approximately EUR 99.8 million, of which approximately 94% represent amounts approved for the payment of MTPL damages.

Motor insurance lines remained the dominant LoBs, gross premiums wrote for Motor Hull and MTPL insurance accounting together for about 77% of the non-life GWP, or 64% of the total GWP. AT the same time, paid claims for the two lines account for 86% of the claims oaid for non-life insurance and almost 68% of the total volume of paid claims.

On the entire market as a whole, on September 30, 2022, the average annualized MTPL premium value was of RON 1,152, up 71% compared to the same period of the previous year, a raise in price that affected rather equally retail and corporate customers.

The average MTPL claim paid for personal injury has increased by approximately 23% y-o-y, reaching an average value of RON 85,269 (EUR 17,229) while for material damage the increase was of about 6%, to RON 7,757 (EUR 1,567). Overall, the average MTPL claim value for reached RON 9,583 (EUR 1,936).

The combined ratio for the MTPL insurance lines finally went down, after a very long time, to less than 100%, reaching 90,28% after 3Q 2022, from 131.94% in 3Q 2021.

Groupama and Allianz-Tiriac are leading the market, with very close market shares, of 17.9% and 17.7% respectively. They are followed by Euroins, with a 15.8% market share.