Romania Insurance Report Q2 2015: New research report available at Fast Market Research

Romania's insurance market remains underdeveloped, with penetration currently trending at less than 0.5% relative to GDP. Low income levels and limited levels of disposable income have hampered market growth, particularly with regard to the life insurance segment which only occupies around 0.2% of GDP. The reinsurance sector is also small by regional standards, particularly in terms of the life segment, where annual premiums are negligible. Meanwhile, the non-life insurance market is heavily weighted towards motor vehicle and property insurance which together occupy around 90% of total premiums. Despite obvious challenges, the market has seen a number of new entrants over the past few years, including major Western European brands such as Allianz, Generali, AXA and ING.

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The insurance market will remain sluggish in 2015 with limited growth in premiums reflecting the lingering overhang from the country's recent economic downturn. The life sector will continue to underperform the more vibrant non-life market in terms of premiums growth in 2015. Gross premiums in both segments will contract in USD terms, this year, however, due to currency market movements that will see the Romanian leu depreciate by more than 20% against the US dollar. Nevertheless, as the Romanian economy starts to build up steam, a strong labour market and growing consumer confidence will support a steady increase in household spending. With car sales forecast to grow by more than 15%, this will support further demand for compulsory third part motor vehicle insurance as well as comprehensive coverage policies.

Looking further ahead, we see the life insurance sector starting to shake-off its recent sluggishness as rising prosperity leaves households with more disposable income and fuels demand for savings and investments products. With steady growth projected for the Romanian economy over the next few years, life insurers focusing their marketing efforts increasingly on the...

The Romania Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Romania Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Romanian insurance industry.

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