The insurance market reached some 600 million euros in the first nine months of this year, 20% higher than for the same period last year. However, the market potential has not yet been fully met, given that currently only 13% of the population has an insurance policy, according to a recent poll.
"According to data released by the Insurance Surveillance Commission (Comisia de Supraveghere a Asigurarilor - CSA), the volume of cashed-in gross premiums amounted to more than 24,000 billion ROL in the first nine months of this year, a real increase (excluding inflation) of over 20%," said Mirela Antohe, who deals with press relations at CSA.
If the growth seen in the first nine months of the year continues, the insurance market, as a volume of cashed-in gross premiums, will this year hit 800 million euros.
Insurance industry cash-ins are set to grow by at least 20% per year for many years to come owing to the small number of persons with insurance policies.
Currently only one in 20 Romanians (5%) has a life insurance policy, while only one in 25 has house insurance, according to a study by market research company Mercury Research presented on Wednesday at the "Piata Asigurarilor" (Insurance Market) workshop organised by FinMedia.
"Our research shows the main three barriers to taking out life insurance are: the lack of relevance of the benefits; uncertainties linked to the future; and the incomplete understanding of the way the policy is calculated," explained Adina Nica, head of research at Mercury. sorin.pislaru@zf.ro
The insurance market reached some 600 million euros in the first nine months of this year, 20% higher than for the same period last year. However, the market potential has not yet been fully met, given that currently only 13% of the population has an insurance pol