TOP 5 Insurers for 2007
The Romanian insurance market surpassed EUR 2 billion during the past year. The growth over GDP increased the penetration rate up to 1.8%, while the insurance density exceeded EUR 100 per capita in 2007.
The amount of gross written premiums for 2007 reached EUR 2.17 billion. The market growth was over 33%, nominally in euro, respectively almost 19% real growth in national currency.
The insurance market provided, yet again, its superior dynamic compared to the general economy, nominally in euro with almost 9 points over GDP of 24.9%. Thus, we are now witnessing a substantial growth of the GDP penetration indicator, reaching 1.8%, as in 2006 it was 1.67%. Still, the penetration is low, which obviously points out a huge potential.
At the same time, in what concerns the insurance density, it indicator reached, in 2007, EUR 100.84 per capita, compared to EUR 75.07 spent by Romanians on insurances in 2006.
In 2007, the Romanian insurance market kept its high concentration rate. Actually, market shares won by top 10 companies totalize 82% (EUR 1.8 billion), representing 1.3 points more compared to the previous year.
With a total amount of gross written premiums of EUR 440 million, the life insurance market own a share of over 20% from the Romanian Insurance Industry, the growth on this segment representing over 36%, nominally in European currency.
Motor insurance segment represents almost 58% of the total market's underwritings, while property insurance class owns over 11.5%. Thetotal amount of gross written premiums for non-life segment surpassed EUR 1.7 billion, 33% up as compared to 2006.
TOP 5 - INSURANCE MARKET IN 2007
ALLIANZ-TIRIAC conserved its position as insurance market leader. With over 17% market share, it is still on a negative trend. Thus, ALLIANZ-TIRIAC reported a total amount of gross written premiums of EUR 317 million, rising up by 17% compared to 2006.
OMNIASIG, the second in the top 5 company ranking, reported a growth of 74%, in euro, compared to the previous year. The amount of the company's underwritings was almost EUR 265 million. OMNIASIG gained almost 3 market share points, reaching 12% of the entire market.
With a 50% growth, ASIBAN managed to climb up one position in top. According to estimations, the company registered gross written premiums of almost EUR 186 million*, gaining 1 market share point.
At the same time, ASIROM went down one place, with gross written premiums of EUR 180 million*, increasing by 6% compared to the previous year. The company had lost over 2 points in market share, being on the forth position in the national top.
BCR Asigurari registered an amount of gross written premiums of EUR 172 million in 2007, rising up by 43%. The insurer climbed up one place in the national top, with 8% market share.
The entirely situation in figures regarding the Romanian insurance market you can read only in the 1/2008 issue of Insurance PROFILE Magazine, at the end of this month.
TOP 5 - Total amount of gross written premiums in 2007 | Nr. | Company | Prime Brute Subscrise | Nominal growth in EUR | Real growth in RON | Market share in 2007 % | 2007 | 2006 | million EUR | million RON | million EUR | million RON | 1. | ALLIANZ-TIRIAC* | 371.00 | 1,238.14 | 316.59 | 1,115.83 | 17.18 | 4.12 | 17.09 | 2. | OMNIASIG | 264.86 | 883.92 | 152.10 | 536.08 | 74.13 | 54.72 | 12.20 | 3. | ASIBAN** | 185.78 | **620.00 | 123.94 | 436.81 | 49.90 | 33.19 | 8.56 | 4. | ASIROM** | **180.00 | 600.71 | 170.23 | 599.98 | 5.74 | -6.05 | 8.29 | 5. | BCR Asigurari | 172.23 | 574.79 | 120.29 | 423.96 | 43.18 | 27.22 | 7.93 | | TOTAL TOP 5 | 1,173.87 | 3,917.56 | 883.15 | 3,112.67 | 32.92 | 18.10 | 54.08 | | TOTAL TOP 10 | 1,778.10 | 5,934.05 | 1,310.96 | 4,620.47 | 35.63 | 20.51 | 81.91 | | TOTAL MARKET | 2,170.80 | 7,244.60 | 1,625.56 | 5,729.28 | 33.54 | 18.65 | 100.00 | | *according to ALLIANZ’s results. | **estimation, in RON or in EUR.
If it is not mentioned otherwise, data a provided by insurance companies. The results expressed in EUR for each analyzed period are generated using the average exchange rate presented by the National Bank of Romania for the analyzed period. The real RON evolution is calculated by comparing the results in the national currency from the analyzed period within the actualized results using the inflation rate in 2007, of 6.57%. |
Author: Alex ROSCA
on 05.03.2008
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