The Insurance Market Overview for Central and Eastern Europe and Romania

The Insurance Market Overview for Central and Eastern Europe Ensight Management Consulting presents the results of the insurance market study in Central and Eastern Europe and Romania with complete data for 2011. The analysis is based upon data from CSA, EIOPA and Insurance Europe, the latter publishing the final 2011 figures at the end of January 2013, and includes the following countries: Poland, Czech Republic, Hungary, Romania, Slovakia, Croatia, Slovenia and Bulgaria.
 
 More than indicators of the market size and structure, the Insurance Market Overview offers an in-depth analysis of the factors that influenced the insurance market compared to previous years as well as trends and an outlook for 2013 and beyond.
 
 For the CEE region, the study identifies the drivers which led to a slight increase of 0.7% compared to 2010, with opposite trends for life (decrease) and non-life (increase) raising the insurance market to 30.8 billion EUR in 2011 in terms of total gross written premiums. Besides noticeable evolutions such as almost the double in market share for the health insurance segment (reaching 5% of the non-life segment) and the 11% rise compared to 2010 of the unit-linked sector of the life insurance market, the analysis also shows why Romania was the only country in the CEE insurance market with aggregated results of players in negative.
 
 In Romania, the total value of gross written premiums dropped in 2011 below 8 billion RON, with a decrease of 5.8%, as compared to the previous year. Also, the opposite trends on the life and non-life insurance products, almost a rule for the Romanian insurance market, are present also in 2011. The 4.4% increase for the life segment was accompanied by an 8% decrease for non-life.
 
 The overview covers the 2011 non-life insurance market drop in terms of market segment (ex. motor liability insurance decreased with 24% as compared to 2010) and customers (ex. corporate expenditures were reduced on non-life insurance products with almost 13%, as compared to 2010).
 
 Competition analysis and description are also included in the market overview: the top 10 insurers (by gross written premiums) have lost 2.4 percentage points of their market share in 2011 compared to the previous year. The merger between Omniasig VIG and BCR Asigurari VIG (owned by Vienna Insurance Group) created a new market leader in 2012.
 
 Trends on the Romanian insurance market are detailed as well and refer, among others, to the ending of the price war, the growth in importance of the online environment as a distribution channel, the emphasis on cautious evaluation of the company exposure and the reshaping of the market caused by the finalization of the mergers and acquisition.
 
 Note: Upon writing this study, official data regarding the evolution of the insurance market in 2012 is still being published. The analysis and formulated trends have been realized based on data available until January 2013. As future official data will be published, the study will be updated accordingly.
 
 
 About Ensight Management Consulting:
 
 Ensight Management Consulting is the local leader of the Romanian management consulting market by revenue and number of consultants. Ensight has a multinational management team of experienced Partners who have worked in large-scale transformation projects across a variety of industries in strategic, tactical and operational assignments.
 www.ensight.ro
 
 For further information, please contact:
 
 Cristina Rusu
 PR & Communication Responsible
 Ensight Management Consulting
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 E-mail: cristina.rusu@ensight.ro
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