Non-Life Insurance in Romania, Key Trends and Opportunities to 2020

Date: May 30, 2017
Pages: 154
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US$ 1,450.00
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: N632DC9E5A2EN
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Non-Life Insurance in Romania, Key Trends and Opportunities to 2020
SYNOPSIS

Timetric’s 'Non-Life Insurance in Romania Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Romanian non-life insurance segment, and a comparison of the Romanian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Romanian economy and demographics, explains the various types of natural hazard and their impact on the Romanian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

SUMMARY

Timetric’s 'Non-Life Insurance in Romania, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Romanian non-life insurance segment, including:
  • The Romanian non-life segment’s detailed outlook by product category
  • A comprehensive overview of the Romanian economy and demographics
  • A comparison of the Romanian non-life insurance segment with its regional counterparts
  • The various distribution channels in the Romanian non-life insurance segment
  • Detailed analysis of natural hazards and their impact on the Romanian insurance industry
  • Details of the competitive landscape in the non-life insurance segment in Romania
  • Details of regulatory policy applicable to the Romanian insurance industry
SCOPE

This report provides a comprehensive analysis of the non-life insurance segment in Romania:
  • It provides historical values for the Romanian non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Romanian non-life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Romanian non-life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for non-life insurance products in Romania.
  • It analyzes various natural hazards and their impact on the Romanian insurance industry
  • It profiles the top non-life insurance companies in Romania, and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Romanian non-life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Romanian non-life insurance segment.
  • Assess the competitive dynamics in the non-life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Romanian insurance industry, and their impact on companies and the industry's future.
KEY HIGHLIGHTS
  • Motor insurance was the largest category in the segment during the review period, in terms of direct written premium.
  • On March 15, 2017, the Financial Supervisory Authority (Autoritatea de Supraveghere Financiară – ASF) introduced a regulation that amended and supplemented Regulation No. 21/2016 concerning reporting requirements for insurance and reinsurance companies. The regulation stipulates financial audit requirements for insurance and reinsurance companies.
  • On March 6, 2017, the ASF approved the statute of the Romanian Motor Insurer’s Bureau to enable the reorganization of the association in accordance with the provisions of GEO 54/2016. The reorganization process involves takeover activity for the Street Victim Protection Fund, the establishment of a National Protection Fund, and the management and development of the CEDAM database, which contains key information on compulsory civil liability insurance concluded in Romania.
  • Brokers were the most prominent distributors of non-life products during the review period.
1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison
4.2 Segment Indicators
  4.2.1 Gross written premium and penetration
  4.2.2 Policies sold
  4.2.3 Profitability
  4.2.4 Assets and investments

5 OUTLOOK BY CATEGORY

5.1 Property Insurance
  5.1.1 Product overview
  5.1.2 Premium
  5.1.3 Policies sold
5.2 Motor Insurance
  5.2.1 Product overview
  5.2.2 Premium
  5.2.3 Policies sold
5.3 Liability Insurance
  5.3.1 Product overview
  5.3.2 Premium
  5.3.3 Policies sold
5.4 Marine, Aviation and Transit Insurance
  5.4.1 Product overview
  5.4.2 Premium
  5.4.3 Policies sold

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

7 NATURAL HAZARDS

7.1 Flooding
7.2 Droughts
7.3 Earthquakes
7.4 Exposure

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles
  8.1.1 Omniasig Vienna Insurance Group SA – company overview
  8.1.2 Allianz-Tiriac Asigurări SA – company overview
  8.1.3 Groupama Asigurări SA – company overview
  8.1.4 Euroins Romania Asigurare Reasigurare SA – company overview
  8.1.5 Asirom Vienna Insurance Group SA – company overview

9 GOVERNANCE, RISK AND COMPLIANCE

9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
  9.3.1 Life insurance
  9.3.2 Property insurance
  9.3.3 Motor insurance
  9.3.4 Liability insurance
  9.3.5 Marine, aviation and transit insurance
  9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
  9.4.1 Motor third-party liability insurance
  9.4.2 Air carriers and aircraft operators insurance
  9.4.3 Insurance of dwellings against earthquakes, landslides and flooding
  9.4.4 Nuclear liability insurance
  9.4.5 Social security insurance
  9.4.6 Professional indemnity insurance for alternative investment fund managers
  9.4.7 Professional indemnity insurance for insurance intermediaries
  9.4.8 Liability for ships with respect to oil pollution
9.5 Supervision and Control
  9.5.1 International Association of Insurance Supervisors
  9.5.2 European Insurance and Occupational Pensions Authority
  9.5.3 Financial Supervisory Authority
  9.5.4 Federation of European Risk Management Associations
  9.5.5 National Association of Insurance and Reinsurance Companies
9.6 Non-Admitted Insurance Regulations
  9.6.1 Overview
  9.6.2 Intermediaries
  9.6.3 Market practices
  9.6.4 Fines and Penalties
9.7 Company Registration and Operations
  9.7.1 Type of insurance organization
  9.7.2 Establishing a local company
  9.7.3 Foreign ownership
  9.7.4 Types of license
  9.7.5 Capital requirements
  9.7.6 Solvency margin
  9.7.7 Reserve requirements
  9.7.8 Investment regulations
  9.7.9 Statutory return requirements
  9.7.10 Fee structure
9.8 Taxation
  9.8.1 Insurance premium or policy taxation
  9.8.2 Withholding taxes on premium paid overseas
  9.8.3 Corporate tax
  9.8.4 VAT
  9.8.5 Captives
9.9 Legal System
  9.9.1 Introduction
  9.9.2 Access to court
  9.9.3 Alternative dispute resolution

10 DATABOOK

10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance

11 DEFINITIONS AND METHODOLOGY

11.1 Definitions
11.2 Methodology

12 ABOUT TIMETRIC

12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer

LIST OF TABLES

Table 1: Romanian Non-Life Insurance – Key Facts, 2015
Table 2: Romanian Non-Life Insurance – Segment Shares of the Top Insurers, 2014
Table 3: Romanian Government Credit Ratings
Table 4: Romanian Non-Life Insurance – Gross Written Premium (RON Billion and US$ Billion), 2011–2015
Table 5: Romanian Non-Life Insurance – Penetration (%), 2011–2015
Table 6: Romanian Non-Life Insurance – Gross Written Premium (RON Billion and US$ Billion), 2015–2020
Table 7: Romanian Non-Life Insurance – Penetration (%), 2015–2020
Table 8: Romanian Non-Life Insurance – Premium per Capita (RON and US$), 2011–2015
Table 9: Romanian Non-Life Insurance – Premium per Capita (RON and US$), 2015–2020
Table 10: Romanian Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 11: Romanian Non-Life Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 12: Romanian Non-Life Insurance – Profitability Ratio (%), 2011–2015
Table 13: Romanian Non-Life Insurance – Profitability Ratio (%), 2015–2020
Table 14: Romanian Non-Life Insurance – Total Assets (RON Billion and US$ Billion), 2011–2015
Table 15: Romanian Non-Life Insurance – Total Assets (RON Billion and US$ Billion), 2015–2020
Table 16: Romanian Non-Life Insurance – Investment Portfolio (RON Billion), 2011–2015
Table 17: Romanian Non-Life Insurance – Investment Portfolio (RON Billion), 2015–2020
Table 18: Romanian Non-Life Insurance – Direct Written Premium by Category (RON Billion), 2011–2015
Table 19: Romanian Non-Life Insurance – Direct Written Premium by Category (RON Billion), 2015–2020
Table 20: Romanian Property Insurance – Direct Written Premium by Sub-Category (RON Billion), 2011–2015
Table 21: Romanian Property Insurance – Direct Written Premium by Sub-Category (RON Billion), 2015–2020
Table 22: Romanian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015
Table 23: Romanian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020
Table 24: Romanian Motor Insurance – Number of New Registered Vehicles by Type, 2011–2016
Table 25: Romanian Motor Insurance – Direct Written Premium by Sub-Category (RON Billion), 2011–2015
Table 26: Romanian Motor Insurance – Direct Written Premium by Sub-Category (RON Billion), 2015–2020
Table 27: Romanian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015
Table 28: Romanian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020
Table 29: Romanian Liability Insurance – Direct Written Premium by Sub-Category (RON Million), 2011–2015
Table 30: Romanian Liability Insurance – Direct Written Premium by Sub-Category (RON Million), 2015–2020
Table 31: Romanian Liability Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 32: Romanian Liability Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 33: Romanian Transport Network – Global Rankings
Table 34: Romanian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (RON Million), 2011–2015
Table 35: Romanian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (RON Million), 2015–2020
Table 36: Romanian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 37: Romanian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 38: Romanian Average Annual Loss by Hazard, 1990–2014
Table 39: Romanian Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2015
Table 40: Omniasig Vienna Insurance Group SA – Key Facts
Table 41: Omniasig Vienna Insurance Group SA – Key Financials (RON Million), 2010–2014
Table 42: Allianz-Tiriac Asigurări SA – Key Facts
Table 43: Allianz-Tiriac Asigurări SA – Key Financials (RON Million), 2010–2014
Table 44: Groupama Asigurări SA – Key Facts
Table 45: Groupama Asigurări SA – Key Financials (RON Million), 2010–2014
Table 46: Euroins Romania Asigurare Reasigurare SA – Key Facts
Table 47: Euroins Romania Asigurare Reasigurare SA – Key Financials (RON Million), 2010–2014
Table 48: Asirom Vienna Insurance Group SA – Key Facts
Table 49: Asirom Vienna Insurance Group SA – Key Financials (RON Million), 2010–2014
Table 50: Romania – Insurance Regulatory Framework Key Features
Table 51: Romania – Life Insurance Regulatory Framework
Table 52:Romania – Property Insurance Regulatory Framework
Table 53: Romania– Motor Insurance Regulatory Framework
Table 54: Romania – Life Insurance Regulatory Framework
Table 55: Romania – Liability Insurance Regulatory Framework
Table 56: Romania – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
Table 57: Romania – Corporate Tax Rates for the Financial Year 2017
Table 58: Romanian Insurance Industry – Policies and Premium, 2011–2015
Table 59: Romanian Insurance Industry – Policies and Premium, 2015–2020
Table 60: Romanian Non-Life Insurance – Claims and Expenses, 2011–2015
Table 61: Romanian Non-Life Insurance – Claims and Expenses, 2015–2020
Table 62: Romanian Non-Life Insurance – Assets and Investments, 2011–2015
Table 63: Romanian Non-Life Insurance – Assets and Investments, 2015–2020
Table 64: Romanian Non-Life Insurance – Property Insurance, 2011–2015
Table 65: Romanian Non-Life Insurance – Property Insurance, 2015–2020
Table 66: Romanian Non-Life Insurance – Property Insurance by Product, 2011–2015
Table 67: Romanian Non-Life Insurance – Property Insurance by Product, 2015–2020
Table 68: Romanian Non-Life Insurance – Motor Insurance, 2011–2015
Table 69: Romanian Non-Life Insurance – Motor Insurance, 2015–2020
Table 70: Romanian Non-Life Insurance – Motor Insurance by Product, 2011–2015
Table 71: Romanian Non-Life Insurance – Motor Insurance by Product, 2015–2020
Table 72: Romanian Non-Life Insurance – Liability Insurance, 2011–2015
Table 73: Romanian Non-Life Insurance – Liability Insurance, 2015–2020
Table 74: Romanian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015
Table 75: Romanian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020
Table 76: Insurance Industry Definitions


LIST OF FIGURES

Figure 1: Romanian Real GDP (RON Billion), 2011–2020
Figure 2: Romanian Consumer Price Inflation (%), 2011–2020
Figure 3: Romanian Current Account Balance as Percentage of GDP (%), 2011–2016
Figure 4: Romanian Unemployment Rate, 2011–2020
Figure 5: Romanian Population by Age Group, 1992–2025
Figure 6: Romanian Non-Life Insurance Penetration – Regional Comparison (%), 2015
Figure 7: Romanian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 8: Romanian Non-Life Insurance – Gross Written Premium (RON Billion), 2011–2020
Figure 9: Romanian Non-Life Insurance – Penetration (%), 2011–2020
Figure 10: Romanian Non-Life Insurance – Premium per Capita (RON), 2011–2020
Figure 11: Romanian Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 12: Romanian Non-Life Insurance – Profitability Ratio (%), 2011–2020
Figure 13: Romanian Non-Life Insurance – Total Assets (RON Billion), 2011–2020
Figure 14: Romanian Non-Life Insurance – Investment Portfolio (RON Billion), 2011–2020
Figure 15: Romanian Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 16: Romanian Non-Life Insurance – Direct Written Premium by Category (RON Billion), 2011–2020
Figure 17: Romanian Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 18: Romanian Property Insurance – Direct Written Premium by Sub-Category (RON Billion), 2011–2020
Figure 19: Romanian Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 20: Romanian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020
Figure 21: Romanian Motor Insurance – Total Vehicle Registrations, 2011–2016
Figure 22: Romanian Motor Insurance – Direct Written Premium by Sub-Category (RON Billion), 2011–2020
Figure 23: Romanian Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 24: Romanian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020
Figure 25: Romanian Liability Insurance – Direct Written Premium (RON Million), 2011–2020
Figure 26: Romanian Liability Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 27: Romanian Marine, Aviation and Transit Insurance – Imports and Exports (RON Billion), 2010–2015
Figure 28: Romanian Marine, Aviation and Transit Insurance – Direct Written Premium (RON Million), 2011–2020
Figure 29: Romanian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 30: Romanian – Frequency of Hazards by Type, 1990–2014
Figure 31: Romanian Mortality by Hazards Type, 1990–2014
Figure 32: Romanian Economic Loss by Hazards Type, 1990–2014
Figure 33: Romanian Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2015
Figure 34: Romania – The Three Pillars of Solvency II
Figure 35: Romania – Insurance Supervision and Control at Various Levels
Figure 36: Romania – Insurance Regulatory Frameworks for Company Registration and Operation


COMPANIES MENTIONED

Omniasig Vienna Insurance Group SA
Allianz-Tiriac Asigurări SA
Groupama Asigurări SA
Euroins Romania Asigurăre Reasigurăre SA
Asirom Vienna Insurance Group SA
Carpatica Asig SA
City Insurance SA
Astra SA
Generali Romania SA
Uniqa Asigurări SA
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