The Romania insurance market underwent a difficult time during the review period in terms of growth and penetration, and its written premium value fell at a CAGR of -2.2%. The penetration of the non-life insurance segment, which accounted for 75.9% of the total industry written premium in 2012, fell from 1.3% in 2008 to 1% in 2012. This, combined with the European debt crisis, negatively affected the insurance business in Romania.
However, it is projected that the industry has potential to grow and its penetration, which is presently under 2%, is expected to reach around 4–5% over the forecast period. In addition, factors such as improving economic fundamentals in Romania and the European Union (EU), rising motor insurance prices, an aging population, rising medical costs and rising corporate spending on insurance are likely to drive the Romanian insurance industry over the forecast period.
December 18, 2012, the Romanian government gave formal approval for the
establishment of a new Financial Supervisory Authority (FSA). Final
details regarding the new authority were expected in January 2013.
For more information on the Romania insurance market, please click here: Romania insurance market
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