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Romanian insurance market ended 2020 with a 5% growth

The Romanian insurance market reached in 2020 a volume of gross written premiums of 11.5 billion lei, an 5% increase compared to the previous year.

Last year, in the general insurance segment, the value of gross written premiums reached 9.28 billion lei, an increase of 6% compared to 2019.

At the same time, gross written premiums related to life insurance decreased slightly by 2%, reaching the value of 2.22 billion lei.

„The share of the insurance market in the Gross Domestic Product was, last year, of approximately 2.3%. I believe that this market has great potential and I hope that over time its  share in GDP will increase. However, although it went through quite a complicated period, the market behaved well, if we are to consider the current context generated by the COVID-19 pandemic”, said the President of the Financial Supervisory Authority, Nicu Marcu, during the “Quo Vadis!” Conference, with the theme „Insurance Digitization – Priority ZERO”.

In 2020, the MTPL market reached about 3.97 billion lei, 5% more than the previous year, while in the class A3 – CASCO the gross written premiums reached 2.41 billion lei, increasing by 4% compared to 2019.

The health insurance market reached, last year, the level of 451.45 million lei, which represents an increase of 18% compared to the previous year.

A sustained increase (68%) was also registered by the warranty insurance, which reached a volume of gross written premiums of 464.52 million lei.

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