Romania’s insurance market increased in the first nine months by 28pct, to approximately 13.4 billion lei, compared to the value recorded in the same period of the previous year, according to a report published by the Financial Supervisory Authority (ASF), Agerpres reports.

Thus, the total volume of subscriptions for the general insurance activity stood at 10.8 billion lei, up 34pct compared to January – September 2021, holding a share of 81pct of the total value of Gross Written Premium (GWP) of insurers authorized and regulated by the ASF and branches.

For the life insurance segment, the GWP total value was 2.6 billion lei, up 5pct compared to the first 9 months of 2021.

At the same time, the Gross Claims Incurred (GCI) of insurers authorized and regulated by the ASF, branches and the Insurance Guarantee Fund (FGA) totaled 6.3 billion lei in the first 9 months of 2022. On the other hand, the GCI for the segment of general insurance were at 5 billion lei, while for the life insurance activity, they stood at 1.3 billion lei.

In the first nine months of 2022, the insurance companies authorized and regulated by the ASF registered approximately 12.1 billion lei of GWP, an increase of approximately 23pct compared to the value recorded in the similar period of the previous year.

The volume of GWP for the life insurance segment exceeded the level of 2 billion lei, supported by the approximately 7pct increase in subscriptions for class C1 (Life insurance, annuities and additional life insurance).

The insurance companies authorized in other EU member states subscribed in the first 9 months of 2022, based on the freedom of establishment (FOE), on the territory of Romania, through 14 branches, a volume of approximately 1.4 billion lei GWP (10.2pct of the total GWP of local companies authorized by the ASF and branches), increasing by approximately 82pct compared to the same period of 2021.

From the total GWP of insurance companies authorized and regulated by the ASF in the first 9 months of 2022 (12.1 billion lei), the GWP on the territory of other states registered a volume of about 77 million lei, representing approximately 0,6pct of the total volume of GWP, decreasing compared to the similar period of the previous year (about 214 million lei).

Total assets increased by 14pct at the level of the entire insurance market, and total liabilities of insurance companies increased by 18pct on 30 September 2022 compared to the value recorded on the same date of the previous year.

Agerpres