Boston, MA -- (ReleaseWire) -- 06/05/2014 -- Life insurance is the second-largest segment in the country's insurance industry, accounting for 21% of gross written premium in 2012. The main reason for the decline in gross written premium during the review period is the global financial crisis of 2008 which adversely impacted the Romanian economy, producing high unemployment rates, a high budget deficit, and a fall in demand. The country's GDP declined by 6.6% in 2009 and 0.9% in 2010. In 2010, the Romanian government implemented austerity measures such as a reduction in government employee salaries and social security benefits. This further affected the purchasing power of Romanians and their ability and willingness to purchase investment products such as life insurance. The Romanian economy started to recover in 2011, primarily driven by a considerable increase in agricultural production. The country's GDP is expected to increase at a CAGR of 2.6% over the forecast period. This is expected to result in a gradual rise in the demand for life insurance products.
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- Life insurance is the second-largest segment in the country's insurance industry, accounting for 21% of gross written premium in 2012.
- Life insurers in Romania benefited from low combined ratios, resulting in underwriting profits during the review period.
- Insurers contemplating an entry into the Romanian insurance industry should be aware that there is a paucity of actuarial resources, and expanding businesses profitably is a challenging process.
- As of 2012, there were 19 companies operating in the Romanian life segment.
- The life segment is highly concentrated with the 10 leading companies accounting for 92.7% of the segment's written premiums in 2012.
This report provides a comprehensive analysis of the life insurance segment in Romania:
- It provides historical values for the Romanian life insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key categories in the Romanian life insurance segment, along with market forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for life insurance products in Romania.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Romania for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in Romania and its growth prospects.
- It profiles the top life insurance companies in Romania and outlines the key regulations affecting them.
Companies Mentioned in this Report: ING Asigur?ri de Via?? SA, BCR Asigur?ri de Via?? Vienna Insurance Group SA, Alico Asigur?ri Romania SA, Allianz-Tiriac Asigur?ri SA, Asirom Vienna Insurance Group SA, Generali Asigur?ri SA, Metropolitan Asigur?ri SA, BRD Asigur?ri de Via?? SA, Grawe Romania Asigurare SA, Groupama Asigur?ri SA
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