Romanian Life Insurance Sector Scrutinised by Timetric in New Cutting-edge Report Published at MarketPublishers.com23 May 2014 • by Natalie Aster
LONDON – Life insurance, the second biggest segment in Romania’s insurance industry, called for just over 20% of gross written premium as of 2012. During 2008–2012, there was a decrease in gross written premium on the back of the 2008 global financial turmoil. In 2010, the austerity measures like a reduction in salaries of state employees and social welfare benefits, implemented by the government led to a decrease in Romanians’ buying power as well as their ability and willingness to purchase investment products. In 2011, the Romanian economy got back on track, chiefly owing to a marked increase in farm production. During the analysis period, companies active in Romania’s life segment derived benefits from low combined ratios, resulting in underwriting profits. In 2012, there were 19 life insurers in the country. The life segment was extremely concentrated with the 10 dominant companies calling for over 92.5% of the segment’s written premiums in the same year.
Through to 2017-end, the Romanian gross domestic product (GDP) is likely to increase at just over 2.5% CAGR, which is forecast to lead to a gradual surge in life insurance product demand.
New research report “Life Insurance in Romania, Key Trends and Opportunities to 2017” prepared by Timetric covers the national life insurance market.
The study offers granular authentic historical and forecast market data pertaining to the Romanian life insurance segment as well as each of its categories – individual life insurance, individual marriage and birth insurance, and individual unit-linked insurance. It outlines the major drivers and trends of the domestic life insurance segment; the distribution channels for life insurance products; scrutinises the competitive scenario in the domestic life insurance market, alongside the life reinsurance segment and its prospects for growth. The report limelights the growth opportunities of the market by product type and category; casts light on the major regulatory policies governing the sector alongside their influence on the players and the market's tomorrow; includes Porter's five forces analysis, and profiles the leading companies. The research report also provides benchmarking of the Romanian life insurance market against other nations in the CEE region.
Life Insurance in Romania, Key Trends and Opportunities to 2017
Published: May, 2014
Price: US$ 1,950.00
More new studies by the publisher can be found at Timetric page.