Romanian insurance market had the fasted growth in Europe
Insurance market in Romania recorded the fastest growth in the entire Europe in 2007, exceeding other significant markets in the region, such as Poland. With a growth rate of 33% in euro, the local insurance market had the fastest dynamic of the 33 member states of CEA - Comite Europeen des Assurances, according to a report published recently by the institution.
Only five European countries grew by over 10% in EUR last year, according to CEA, which are in order: Romania - 33%, Estonia - 20.5%, Bulgaria - 20.1%, Poland - 20%, and Slovakia - 19.3%, based on growth rates announced by the relevant authorities from these countries.
This performance confirms the "El Dorado" status of the Romanian insurance market, which last year attracted investments of euro hundreds of millions. At the same time, both during the 2007, as well as in the first half of 2008, here was the battlefield for acquisitions of over EUR 1 billion, some big players in Europe such as AXA, MUNICH Re, GROUPAMA or AEGON being among those interested.
Far away from the 0.1% dynamics at European level, life insurance class in Romania increased by 36%, one of the most important developments among the new 12 EU member states, each with over 20% growth in life underwritings in 2007, according to CEA figures. Only the first half of 2008 brought four major entrances on the Romanian life insurance market: ERGO, AEGON, SIGNAL IDUNA and BRD Asigurari de Viata.
Increasing up to EUR 2.2 billion during the previous year, the insurance industry in Romania witnessed a development rhythm that exceeded with 9 point the GDP dynamic of 24.8%, thus penetration degree going up from 1.67% in 2006 to 1.8%, while the insurance density growing by over EUR 25.7 to EUR 100.8 per capita.
Author: Andreea IONETE
on 17.06.2008
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