Non-life insurances - Romania | Statista Market Forecast

The Non-life insurance market in Romania is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$2.00bn.
This indicates a positive trend in the market, with an annual growth rate (CAGR 2024-2029) of 0.96%.
It is estimated that by 2029, the market volume will reach US$2.10bn.
In terms of per capita spending, the average expenditure in the Non-life insurance market is forecasted to be US$101.80 in 2024.
This demonstrates the importance and relevance of insurance coverage to individuals in Romania.
When comparing the global market, it is noteworthy that the United States is expected to generate the highest gross written premium in 2024, amounting to US$2.5tn.
This highlights the dominance of the US market in the Non-life insurance sector.
Overall, these statistics emphasize the growth potential and significance of the Non-life insurance market in Romania, as well as its position in the global context.
Romania's non-life insurance market is experiencing steady growth due to increasing consumer awareness and demand for protection against various risks.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

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.

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

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.