Market Guide

Content

• Overview
• Catalyst
• Summary
• Executive Summary
  • Following compound annual growth of 30.3% from 2002 to 2004, between 2006 and 2010, growth in the Romanian life and pensions market is set to increase to 50.7%
  • The Romanian life and pensions market expanded by a compound annual rate of 30.3% between 2002 and
  • Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance
  • The market has been successful in implementing legislation to adjust to Romania's 2007 EU accession
  • Over a third of the Romanian insurance market consists of composite firms
  • The majority of leading players are owned by foreign firms
• Market Overview
  • The Romanian life and pensions market expanded by a compound annual rate of 30.3% between 2002 and
  • The Romanian life and pensions market experienced compound annual growth of 30.3% between 2002 and
  • Premium income from non unit-linked insurance has increased significantly since
• Market Forecasts
  • Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance
  • Over the next 5 years, premium income is set to grow at a compound annual rate of 50.7%
• Market Regulation
  • The market has been successful in implementing legislation to adjust to Romania's 2007 EU accession
  • The Insurance Supervision Agency regulates the life and pensions sector in Romania
  • The National Association of Insurance encourages national and international cooperation between insurance companies and associations
  • Since 2005 Romania has drawn up legislation to adapt the insurance sector regulations to EU standards
  • The EU Directive on Institutions for Occupational Retirement Provision has led Romania to establish occupational pension schemes as a third pillar
  • The Insurance Mediation Directive has created a single market for insurance in Europe
  • Romania has recently launched a financial sector modernization program
• Competitive Market Structure
  • Over a third of the Romanian insurance market consists of composite firms
  • 36% of insurance firms sell both life and non-life insurance
  • The top 5 life and pensions insurers control 67% of the market by gross premium income
• Market Leaders
  • The majority of leading players are owned by foreign firms
  • ING Asigurari de Viata is the life insurance market leader, based on premium income in
  • AIG Life Romania is the second largest player in the life insurance sector
  • Asirom ranks third among life insurance companies in Romania
  • Allianz Tiriac is the fourth highest ranked life insurer
  • Omniasig Asigurari de Viatais ranks fifth by premium income
• Appendix
  • Definitions
  • Capital redemption policy / bond
  • Composite insurer
  • Defined contribution pension scheme
  • Defined benefits pension scheme
  • Group policy
  • Individual pension scheme
  • Individual policy
  • Life assurance
  • Occupational pension scheme
  • Pension insurance policy
  • Premium income
  • Regular premium
  • Single premium
  • Technical provisions
  • Traditional insurance
  • Unit-linked insurance
  • Further reading
  • Interactive Databases
  • Reports and Briefs
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
• List of Tables
  • Table 1: Life and pensions insurance premium income, segmented by product, EURm,
  • Table 2: Life and pensions insurance premium income, segmented by product, in percentages,
  • Table 3: Life and pensions insurance premium income, segmented by investment risk, EURm,
  • Table 4: Life and pensions insurance premium income, segmented by investment risk, in percentages,
  • Table 5: Life and pensions insurance premium income, segmented by product, EURm,
  • Table 6: Life and pensions insurance premium income, segmented by product, in percentages,
  • Table 7: Number of insurance providers segmented by type, as at Dec
  • Table 8: Top 5 life and pensions insurers by premium income, as at Dec
• List of Figures
  • Figure 1: Life insurance premiums accounted for 98% of total premium income in
  • Figure 2: Premium income from non unit-linked insurance has increased significantly since
  • Figure 3: Over the next 5 years, premium income is set to grow at a compound annual rate of 50.7%, compared to 30.3% growth between 2002 and
  • Figure 4: 36% of Romanian insurance firms sell both life and non-life insurance
  • Figure 5: The top 5 life and pensions insurers control 67% of the market, by premium income