Romania is among the countries with the least developed life insurance markets in Central and Eastern Europe, as the share of this industry in the Gross Domestic Product amounts to just 0.3%.
The Romanian life insurance market is thus much smaller than in other countries in the region. In Hungary and Poland, for instance, life insurance accounts for 1.9% of GDP. In Slovenia, it is at 1.8%, while in the Czech Republic and in Slovakia, life insurance accounts for 1.6% and 1.3% of the market respectively, according to data from the National Association of Insurance and Reinsurance Companies in Romania (UNSAR).
In the other countries in the region, the ratio of the life insurance market to GDP is less than one per cent. Even Bulgaria has a higher proportion than Romania's, at 0.4%. The only countries in the region faring worse than Romania are Latvia (0.2%) and Ukraine (0.1%). In 2009 the Romanian life insurance market amounted to around 1.62 billion RON, down 13% against the previous year.
Romania is among the countries with the least developed life insurance markets in Central and Eastern Europe, as the share of this industry in the Gross Domestic Product amounts to just 0.3%.
The Romanian life insurance market is thus much smaller than in other countries in the region. In Hungary and Poland, for instance, life insurance accounts for 1.9% of GDP. In Slovenia, it is at 1.8%, while in the Czech Republic and in Slovakia, life insurance accounts for 1.6% and 1.3% of the market respectively, according to data from the National Association of Insurance and Reinsurance Companies in Romania (UNSAR).
In the other countries in the region, the ratio of the life insurance market to GDP is less than one per cent. Even Bulgaria has a higher proportion than Romania's, at 0.4%. The only countries in the region faring worse than Romania are Latvia (0.2%) a
