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The Property Insurance market in Romania has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Romania are increasingly recognizing the importance of protecting their properties through insurance coverage. With a growing middle class and higher disposable incomes, more individuals are seeking insurance to safeguard their homes and assets against unforeseen events.
Trends in the market: One notable trend in the Romanian Property Insurance market is the increasing demand for comprehensive coverage that includes protection against natural disasters such as floods and earthquakes. This shift in consumer behavior can be attributed to the rise in extreme weather events and the desire for greater financial security.
Local special circumstances: Romania's geographical location exposes it to various natural hazards, including floods and earthquakes. As a result, property owners are becoming more aware of the risks they face and are turning to insurance companies for specialized coverage options. Additionally, regulatory changes and government initiatives to promote insurance awareness have also contributed to the market's growth.
Underlying macroeconomic factors: The overall economic stability and growth in Romania have played a significant role in the expansion of the Property Insurance market. As the economy continues to develop, more individuals are investing in real estate properties, leading to an increased demand for insurance products. Additionally, low-interest rates and favorable lending conditions have made it easier for property owners to secure insurance policies to protect their investments.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)