Press information: Insurance market in the first quarter of 2023

Bucharest, 26 June 2023 – Gross Claims Paid (GCP) by insurance companies, authorised and regulated in Romania, showed a substantial increase in the first quarter of the year, while Gross Written Premiums (GWP) increased moderately and administration and acquisition expenses for the most important class of general insurance - A 10 (MTPL and CMR) decreased substantially, the Report on the evolution of the insurance market in the first quarter of 2023 shows.

GCP related to general insurance reached RON 1,785,206,329, up by 22.6% compared to the same period last year, while Gross Claims Paid for life insurance increased by 7.8%.

At the same time, Gross Written Premiums for general insurance increased by 2.3% to RON 3.95 billion and life insurance premiums reached RON 794 million, up by 0.6%

During the period under review, the combined loss ratio for the most important general insurance classes, A3 (CASCO) and A10, remained above 100%. For class A10, the combined rate was 102.46% and for class A3 103%.

For class A10, the decrease of more than 10 percentage points in administration and acquisition costs from 37.7% to 27.04% is remarkable.

The summary of the Report on the insurance market developments in the first quarter of this year can be found HERE (in Romanian)

The full report on insurance market developments in the first three months of 2023 can be found HERE (in Romanian)