Romania's insurance market grows by 5%

Written by Adam Cadle

15/02/2021

The volume of gross written premiums in the Romanian insurance market hit RON 11.5bn in 2020, increasing by 5% compared to the previous year.

Last year, in the general insurance segment, the value of gross written premiums reached RON 9.28bn, 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 RON 2.22bn.

“The share of the insurance market in terms of GDP 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”, President of the Financial Supervisory Authority Nicu Marcu said, during an online conference dubbed "Quo Vadis 2021!".

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