Romanian insurers wrote gross premiums (GWP) worth approximately RON 13.1 billion (EUR 2.63 billion) in 9M 2023, 9% up y-o-y. Non-life insurance accounts for 83% of this total amount. Considering the 8.8% y-o-y inflation rate, the market remained steady in real terms.
Non-life GWP amounted to approximately RON 10.9 billion (EUR 2.18 billion), up by 8.5% y-o-y, while GWP related to life insurance totaled approximately RON 2.2 billion (EUR 451 million), an increase of 9.4% y-o-y.
According to the Romanian market’s authority ASF, solvency ratios at the market level (SCR - Solvency Capital Requirement, and MCR - Minimum Capital Requirement) were super unitary at the end of September 2023. Thus, the ratio of eligible own funds to cover the solvency capital requirement and the solvency capital requirement (SCR) for the insurance market was 174%, while the MCR ratio was 397%. Compared to September 30, 2022, at the end of the third quarter of 2023, the SCR ratio increased by approximately 1%, and the MCR increased by approximately 7%.
Gross claims paid (excluding maturities and partial and total redemptions), cumulatively for both categories of insurance (NL+Life), totaled approximately RON 4.9 billion (EUR 1.14 billion). Claims paid for non-life insurance contracts (nearly 94% out of the total), accounted for RON 4.6 billion lei (EUR 927 million), up by 6% y-o-y. For the life insurance segment, insurers reported gross claims paid amounting to RON 266 million (EUR 53.5 million), an increase of approximately 10% y-o-y. In addition to gross claims paid for life insurance, there are maturities, partial and total redemptions, all cumulatively totaling RON 796 million (EUR 160 million), down by approximately 15% y-o-y.
The combined loss rate, calculated on cumulative data for all non-life insurance classes, was at the end of the third quarter of 2023 at a value of approximately 94%, down compared to the same period of the previous year, when it was 101%.
Access xprimm.com and download the Q3 2023 Romanian market statistics in RON and EUR:
- GWP/CLAIMS portfolio per insurance classes
- Market rankings: total, life, non-life, MTPL
