The Non-life insurances market in Romania is experiencing significant growth and evolution. Customer preferences in the Romanian market are shifting towards more comprehensive and tailored insurance products that offer a wide range of coverage options to meet the diverse needs of consumers. Customers are increasingly looking for policies that provide not only basic coverage but also additional benefits and services that add value to their insurance experience. Trends in the market indicate a rise in demand for non-life insurance products such as property, motor, and health insurance in Romania. This increased demand can be attributed to factors such as rising income levels, urbanization, and a growing awareness of the importance of insurance protection among Romanian consumers. Insurers in the country are responding to these trends by introducing innovative products and digital solutions to enhance customer experience and cater to changing needs. Local special circumstances in Romania, such as regulatory changes and market liberalization, are influencing the dynamics of the non-life insurance sector. The Romanian government's efforts to modernize the regulatory framework and promote competition in the insurance market have created opportunities for both domestic and foreign insurers to expand their presence and offer a wider range of products to customers. Underlying macroeconomic factors, including economic growth, inflation rates, and demographic trends, are also contributing to the development of the non-life insurance market in Romania. As the economy continues to grow and consumer purchasing power increases, more individuals and businesses are seeking insurance coverage to protect their assets and mitigate risks, driving the overall growth of the market. In conclusion, the Non-life insurances market in Romania is undergoing a transformation driven by changing customer preferences, market trends, local circumstances, and macroeconomic factors. Insurers operating in Romania need to adapt to these developments and capitalize on the opportunities presented by the evolving landscape of the non-life insurance sector in the country.
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)
