Romania’s insurance market up 7% in Q1
Romania’s insurance market, including both general and life insurance segments, increased by about 7% in the first quarter of this year to RON 2.72 billion (EUR 570 mln), from RON 2.53 billion (EUR 560 mln) in the first three months of 2018, according to preliminary report submitted by Cristian Rosu, head of the financial sector supervisory body ASF.
“The mandatory car insurance (RCA) segment rallied by 5% year-on-year to RON 970 million (EUR 206 mln). The number of mandatory RCA contracts rose by about 7% to 5.78 million. In the period, the ratio of damages covered under RCA contracts to the value of the RCA contracts rose by 11% year-on-year while the benchmark fare (which is not compulsory for the insurance firms, but provides a guidance) increased by 10% on average -- but by different ratios for each category of vehicle,” Rosu said.
The life insurance segment generated underwritings worth RON 575 million (EUR 120 mln), 9% more than last year, the share of this segment in the total market being over 21%.
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