Access to funding
29 October 2014
And the key priorities that derive from the trends of the new regulatory frameworks at European level.
The authority's priorities for 2024 are aimed at financial stability and the healthy functioning of non-banking financial markets, improving supervision and strengthening consumer protection. These priorities are addressed in correlation with current thematic factors related to sustainable development and green transition, respectively digital transition and technological innovation (digital finance).
On September 30, 2023, 25 insurers authorized and regulated by the FSA were operating on the insurance market in Romania, compared to 26 active companies at the end of 2022, as a result of the withdrawal of the operating authorization of the Euroins Romania company during March 2023. of the 25 companies that carried out activity, 12 companies practiced only general insurance activity (”AG”), 7 practiced only life insurance activity (”AV”) and 6 practiced composite activity.
In the first nine months of 2023, insurance companies authorized and regulated by the FSA wrote gross premiums in the amount of approximately 13.1 billion lei, an increase of approximately 9% compared to the value recorded in the similar period of the previous year. The insurance market in Romania remains oriented towards general insurance activity, which holds a share of 83% of the total gross premiums written (PBS) by insurance companies authorized and regulated by the ASF, maintaining a level similar to that recorded in the period similar to the previous year.
According to a research carried out by KPMG at the request of UNSAR, in the first semester of 2023, the Development Region formed by the Municipality of Bucharest and Jud. Ilfov led the ranking of regions with the largest number of homes protected by optional insurance. Almost 2 out of 5 homes in this region were insured, i.e. 7% more than in the same period in 2022.
Nationwide, only 17% of homes are protected by optional insurance, which means that 4 out of 5 homes are still unprotected against fires, explosions, damage to the building's internal installations, and other events that can negatively affect a family's life and budget.
Groupama Asigurări in the first semester of 2023 became the leader of the entire insurance market, with subscriptions of 1.99 billion lei (with an advance of 27.8% compared to the similar period of last year, with an advance of subscriptions of 27.8%, compared to the period similar to last year, reaching 1.99 billion lei, followed by Allianz-Țiriac with subscriptions of 1.72 billion lei and Omniasig with 1.11 billion lei.
The insurance market, in total, had a modest advance in subscriptions, of 3.7%, up to 9.1 billion lei, of which 83% are subscriptions from the general insurance area, meaning 7.6 billion lei, and 17% are subscriptions from the insurance area of life, meaning 1.5 billion lei.
The general insurance segment is also led by Groupama Asigurări, with subscriptions of 1.95 billion lei, followed by Allianz-Ţiriac with 1.55 billion lei and Omniasig with 1.10 billion lei.
The leaders in the area of life insurance are NN Asigurări de Viaţă, still the leader with subscriptions of 501 million lei in the first semester of 2023, followed by Metropolitan Life with subscriptions of 312 million lei, and the podium is completed by BCR Asigurări de Viaţă, which recorded a subscription volume of 296 million lei.
