ASF's Badea: Insurance market records solid growth in 2019

The insurance market has recorded a solid growth this year, overall and by segments, with insurance companies' solvency and liquidity levels being more or less the same as those recorded in 2018, according to the head of the Financial Supervisory Authority (ASF), Leonardo Badea. 

"The data we have so far show a solid growth of the market, overall (+7.8 per cent), and also for a series of important segments that we usually refer to and which are among those that concern us the most. Thus, we are especially glad that the life insurance segment has maintained its growth pace (+4.6 per cent), contributing to the maintaining of a healthy market balance and the confirmation of the gradual development of the risk and saving/investment culture of Romanians, without forgetting about their correlation with the developments in the crediting area either. Moreover, we have been noticing an increase in the health insurance sector (+24 per cent), much above the market's growth pace, which confirms the very good outlook of this sector, as well as the efforts made in the recent years by all participants in the market," explained Badea in a press statement to AGERPRES. 

The home insurance segment increased by 6 per cent, overall, and by 7 per cent on the optional home insurance subsegment, and by 4 per cent on the compulsory home insurance subsegment. 

The ASF head specified the indicators for solvency and liquidity of the insurance companies maintained favourable this year, more or less at the same levels recorded in 2018. 

"The information we have shows a good year in terms of gross subscribed premiums on the Romanian insurance market, with the indicators for solvency and liquidity of the insurance companies maintaining favourable this year, at more or less the same levels as last year, and with the solvency capital requirement rate maintaining at the market level of 1.72, and the minimum capital requirement rate at 3.94," said the head of the ASF.