Writing in April 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to use data published in 2009 to adjust our estimates for the year as a whole. We estimate total premiums in 2009 of RON8,309mn. This comprises non-life premiums of RON6,774mn and life premiums of RON1,536mn. In 2014 the corresponding figures are forecast at RON18,338mn, RON13,082mn and RON5,256mn, respectively. In terms of the key drivers that underpin our forecasts, we forecast that non-life penetration will rise from 1.51% in 2009 to 1.80% in 2014, and life density will rise from US$26 to US$84.50. BMI's Insurance Business Environment Rating for Romania is 54.5 out of 100.
We include a discussion of developments in regional markets on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations.
Romania's Insurance Sector In Q210
In January 2010 the trade association of Romania's insurance sector, the National Assocation of Insurance and Reinsurance Companies from Romania (UNSAR), had published only partial information in relation to premiums in the first nine months of 2009. However, there were a number of indicators that, similarly to other countries in Central and Eastern Europe, the global financial crisis has caused a doubledigit contraction in life premiums, while the impact on non-life insurance has been less severe.
UNSAR indicated that gross premiums written by ING, which was by far the largest life company in 2008, with a 34% market share, were RON390mn. Figures from the insurance regulator, the Insurance Supervisory Commission (ISC), show that, in 2008, ING had written a much higher RON604mn. Aviva wrote RON70mn in premiums in the first three quarters of 2009, all from the life segment, having written just over RON100mn in 2008. We estimate that the life segment contracted by 15% in leu terms in 2009 as a whole.
A clue to the fortunes of the non-life segment comes from the report of the Vienna Insurance Group for the nine months to September 30 2009. The report noted that premiums from Romania had continued to grow at double-digit rates. This is significant because Vienna Insurance Group's three Romanian subsidiaries (Omniasig, Asirom and BCR Asigurari) account for more than one-third of the non-life segment and nearly 17% of the life segment. We estimate that non-life premiums fell by 4% in leu terms in 2009, as Vienna Insurance Group gained market share from other competitors.
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Report Table of Contents:
Executive Summary
- Table: Overview Of Romania's Insurance Sector
- Key Insights On Romania's Insurance Sector
- Issues To Watch
SWOT Analysis
- Romania Insurance Industry SWOT
- Romania Political SWOT
- Romania Economic SWOT
- Romania Business Environment SWOT
MetLife's Acquisition Of ALICO
- Table: ALICO At A Glance
- Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
- Table: ALICO - A Market Leader In Japan
- Table: MetLife's Acquisition Of ALICO
- Table: MetLife And ALICO Combined
Central And Eastern Europe Overview
- Table: Gross Premiums Written In Selected Central And Eastern European Countries, 2008-2009
Projections And Forecasts
- Table: Premiums, 2007-2014
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2007-2014
Country Update
- Macroeconomic Outlook
- Table: Romania - Economic Activity, 2005-2014
- Political Outlook
Insurance Business Environment Rating
- Table: Romania - Insurance Business Environment Indicators
- Table: Central And Eastern Europe Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2008
- Table: Life Premiums In A Regional Context, 2008
- Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006
Major Players In Romania's Insurance Sector
- Table: Principal Insurance Lines By Gross Written Premiums, 2008 (RONmn)
- Table: Insurance Companies By Gross Written Premiums, 2008 (RONmn)
Analysis Of Regional Competitive Conditions
Local Company Profiles
- ARDAF
- Asiban
- Euroins (formerly Asitrans)
Regional Company Profiles
- AEGON
- ALICO
- Allianz
- Aviva
- AXA
- BNP Paribas/Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling
- ING
- KBC Group
- MetLife
- Prudential Financial
- QBE
- RSA
- UNIQA
- Vienna Insurance Group
- Zurich
Country Snapshot: Romania Demographic Data
- Section 1: Population
- Section 2: Education And Healthcare
- Table: Vital Statistics, 2005-2030
- Section 3: Labour Market And Spending Power
- Table: Employment Indicators, 2001-2006
- Table: Consumer Expenditure, 2005-2010 (US$)
- Table: Average Annual Wages, 2006-2010
Methodology
- Insurance Business Environment Ratings
- Table: Insurance Business Environment Indicators And Rationale
- Table: Weighting Of Indicators
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About Fast Market Research
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