Romanian Non-Life Insurance Segment to Amount to US$3.3 Billion in 2017, Forecasts Timetric24 Jun 2016 • by Natalie Aster
The Romanian non-life insurance segment declined at a CAGR of -2.7% between 2008 and 2012. This was due to the global financial crisis in 2009 and a rising concern over the sovereign debt in the country and other European Union (EU) member states, which adversely impacted the nation’s economic development. Growth in the segment was also adversely affected by the rapid decline in passenger car sales.
According to the European Automobile Manufacturers’ Association (ACEA), car sales in the EU declined by an average of 8.2% in 2012, while the situation was poorer in Romania, declining by 18% in the same year. Furthermore, falling property prices in Romani a have had a negative impact on property insurance sales, which subsequently influenced overall growth in the segment.
New report "Non-Life Insurance in Romania, Key Trends and Opportunities to 2017" by Timetric states that Eurozone, the International Monetary Fund (IMF) projected stable economic growth for Romania between 2013 and 2017. Romanian GDP at constant prices is expected to grow at annual rates of 1.6%, 2.0%, 2.3%, 2.9% and 3.3% over the forecast period (2013–2017). This is expected to fuel demand for non-life insurance cover, leading the segment to increase from RON6.2 billion (US$2.0 billion) in 2012 to RON10.1 billion (US$3.3 billion) in 2017, recording a projected CAGR of 10.2%.
Non-Life Insurance in Romania, Key Trends and Opportunities to 2017
Published: June, 2013
Price: US$ 1,950.00
Between 2008 and 2012, insurance providers in Romania attracted and encouraged customers to purchase insurance policies through promotional sales. For instance, Generali, a leading non-life insurance provider, launched a promotional campaign in 2012, through which it promoted Casco, its new voluntary vehicle insurance product. Between 1 July and 31 August 2012, the company offered Casco for motorists with additional benefits including gifts. The company also offered other advantages such as a discount on insurance premium, a 24-hour call centre facility and extensive road assistance.
More information can be found in the report “Non-Life Insurance in Romania, Key Trends and Opportunities to 2017” by Timetric.
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