Romania Insurance Industry Analysis and Forecasts to 2017 in New Research Report at RnRMarketResearch.com
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The Romanian insurance industry 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
Government green light for new regulatory authority
On
Implementation of Solvency II will not have a significant impact
Solvency II is a fundamental reform of capital adequacy requirements and risk management standards. European policymakers are aiming to implement these new regulations throughout all EU member states, along with
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A highly concentrated insurance industry
The Romanian insurance industry is one of the most concentrated in the EU. According to the
Mandatory health insurance from
The Romanian government introduced the health insurance card in
Growth in travel and tourism
The number of Romanian international air passengers grew at a healthy CAGR of 8.9% during the review period. This positive trend is expected to support the travel insurance category over the forecast period.
Reasons
Understand the demand-side dynamics, key market trends and growth opportunities within the Romanian insurance industry.
Assess the competitive dynamics in the Romanian insurance industry and identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Romanian insurance industry and its impact on companies and the industry’s future.
Key Highlights
The Romanian insurance industry registered a decline in terms of gross written premium during the review period due to reduced corporate spending on insurance policies, the closure of numerous businesses, and a slowdown in bank lending activity.
The decline was further aggravated by the turbulent economic conditions in the country and the EU debt crisis.
The Romanian insurance industry remains underdeveloped compared with Western European countries, and the low level of penetration reflects a potential opportunity for global insurers, especially given the countries liberal polices relating to private participation.
The Romanian insurance industry is predominantly composed of multinational insurers, with just a small proportion of revenue generated by domestic companies.
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