RCA prices paid by Romanian individuals and insured companies increased by an average of 81% in the first six months of this year compared to the same period last year, the first annual average was 1,154 lei. The degree of concentration remains high, with the top 3 insurers holding approximately 71% of the market, according to ASF data.

On June 30, 2022, there were 7 insurers authorized by the ASF for RCA insurance activities working on the insurance market: Allianz-Ţiriac Asigurări, Asirom VIG, Euroins, Generali, Grawe, Groupama and Omniasig VIG.

• SEE RCA’S MARKET REPORT HERE

The number of insurers authorized by the ASF to carry out RCA insurance business has decreased from 9 to 7 following the revocation of City Insurance’s license and, subsequently, the withdrawal of Uniqa Asigurări from the RCA market.

As a positive element, in the fourth quarter of 2021, the branch of Axeria Iard started operations in the RCA market, based on the right of establishment on the territory of Romania (FoE).

In the first six months of 2022, it recorded a volume of gross premiums written on RCA of 254 million lei, which represents 5.6% of the total volume of gross premiums written for the RCA segment.

Revenues and market shares: Euroins, Groupama and Allianz are in first place

The degree of concentration remains high for the first leading insurers at the end of the first semester of 2022, so that the first 3 insurers accumulated approximately 71% of RCA’s insurance portfolio in Romania, ASF notes.

Euroins’ market share was 31.81%, followed by Groupama (20.64%) and Allianz (18.64%).

Insurance premiums paid for RCA insurance in the first six months of 2022 reached approximately 4.25 billion lei, an increase of almost 89% compared to the same period in 2021.

In the first half of this year, more than 4.2 million RCA policies were concluded for various periods.

Expressed in annualized units (adjusting for varying policy durations), the number of RCA contracts concluded through June 30, 2022 was 3.68 million contracts, up 5% from the same period last year.

Average RCA premium: for individuals, it almost doubled to 904 lei

As for prices, on the entire market as a whole, on June 30, 2022, the annual average value of the first RCA was about 1,154 lei, which is 81% more compared to the same period of the previous year.

• Average annual premium expressed as the ratio between gross premiums signed and the number of contracts concluded within 1 year.

For individuals, the average annual premium increased to 904 lei in the first six months of this year from 496 lei in the same period last year.

What compensation was paid in the first half of this year

ASF data shows that in the first six months of this year, insurers paid more than 1.55 billion lei in compensation to RCA.

RCA’s average paid personal injury claim in the first half of 2022 was down approximately 56% year-over-year, while property damage was up approximately 5%.

At the end of the first half of 2022, compared to the same period last year, the average claims level increased by 5% and the first average RCA increased by 81%.

Damages paid to individuals were higher than those paid to legal entities, both for bodily injury and property damage in all periods analyzed.

Regarding the average amount of compensation paid for RCA, calculated as the ratio between compensations paid and the number of claims paid, there is a significant discrepancy between the average amount of compensation paid for bodily injuries (about 29,500 lei) and the amount paid for material damages (7,700). lei ).

Photo source: Dreamstime.com