STATISTICS: ROMANIA, 1Q2024: foreign branches’ contribution to the market GWP is increasing

28 August 2024 — Daniela GHETU
STATISTICS:  ROMANIA, 1Q2024: foreign branches’ contribution to the market GWP is increasing

The gross written premiums by companies domiciled in Romania amounted to ~ EUR 961.3 million, 0.4% up y-o-y, and accounting for 86% of the total volume written in Romania. Meanwhile, GWP by branches operating in Romania under FOE reached EUR 154.5 million in Q1 2024.

In total, the Romanian insurance market (comprising companies authorized and supervised by the ASF and branches) exceeded EUR 1.1 billion lei in Q1 2024, an increase of 3.2% y-o-y. Out of this total, life insurance accounts for roughly 20% or EUR 224 million, while non-life insurance weights 79.9% in the market portfolio, with GWP worth EUR 892 million. MTPL is the insurance line for which the foreign branches’ contribution is the strongest: out of the total GWP for this line, of EUR 437 million, EUR 72 million are the result of the foreign branches’ activity.

The market includes 25 insurance companies authorized by the ASF and 15 branches, according to the report published by the Financial Supervisory Authority (ASF).

GROUPAMA ASIGURARI, ALLIANZ - TIRIAC ASIGURARI and OMNIASIG VIG were the Top 3 insurers in the Romanian market, in 1Q2024, accounting together for roughly half of the market GWP.
 

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