Romania’s insurance market worth €1.6 bln in 9 months

The volume of gross subscribed premiums for general insurance rose 24 percent in this year's third quarter from Q3 2006. Insurance for means of transportation (other than railway) have a 44.5 percent share of general insurance, followed by Compulsory Motor Third Party Liability Insurance (RCA), with 26.8 percent.

The best growth pace of gross subscribed premiums was registered in the collateral insurance sector, at 94.5 percent, followed by transportation insurance (other than railway) at 43.16 percent, and financial loss insurance, at 40.75 percent.

Amounts paid by insurers for general insurance totaled more than €688 mln in this year's first nine months, up 31.47 percent year-on-year. Life insurance registered a 26.39 percent increase in terms of gross subscribed premiums, while accident insurance surged 122.3 percent.

Life insurance and annuities related to investment funds were subject to the highest growth pace, of over 441 percent. Life insurance, annuities and additional life insurance have the largest share of gross paid amounts, exceeding 86 percent in 2007 and 94 percent in 2006.

The value of the insurance market is to reach €10 bln between 2015-2017, compared to the €2 bln level estimated for 2007, according to the Ministry of Economy and Finance, Varujan Vosganian.