Property Insurance - Romania | Statista Market Forecast

The Property Insurance market market in Romania is expected to reach a projected market size (gross written premium) of US$601.80m in 2024.
On an individual level, the average spending per capita in the Property Insurance market market is estimated to be US$30.67 in 2024.
The gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 1.79%, resulting in a market volume of US$657.70m by 2029.
In terms of global comparison, the United States is forecasted to generate the highest gross written premium, amounting to US$240.4bn in 2024.
Romania's property insurance market is experiencing a surge in demand due to increased awareness of the importance of protecting assets against natural disasters and theft.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.