Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017
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1 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: IS0587MR Published: May Timetric John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0) Fax: +44 (0)
2 EXECUTIVE SUMMARY 1 Executive Summary Romania s personal accident and health insurance segment accounted for 4.8% of the industry s gross written premium in Agencies and brokers were the main distribution channels in the segment, respectively accounting for 44.7% and 22.3% of the gross written premium generated through new business in Romania was adversely affected by the 2008 financial crisis, but returned to growth in 2011, which is expected to lead to a rise in the demand for the segment s products. At the request of insurers, the government is being lobbied to raise employers tax deductibles on employees health insurance premiums from the present EUR250 (US$347.5) per employee to EUR400 (US$556) or EUR600 (US$834) per employee. If this measure is taken up, the demand for health insurance will increase. Dominance of social health insurance system and rising popularity of private healthcare services Every individual in Romania is entitled to a package of free basic medical services. The social health insurance system is administered by the national health insurance fund, and financed by mandatory monthly contributions, although these are waived for conditions involving emergency surgery, tuberculosis, AIDS or other endemic diseases. The scope for private healthcare and health insurance in the country is, therefore, relatively limited. However, the demand for private healthcare services is rising as a result of the country s deteriorating public healthcare system. Financial recovery launched against Astra Asigurari In February 2014, the Financial Supervisory Authority (Autoritatea de Supraveghere Financiară Autoritatea ASF), the regulator formed in the country in 2013 by merging the supervisory authorities related to insurance, capital markets and private pension markets, announced that it was starting a process of financial recovery against the non-life insurance segment leader: Astra Asigurari (Astra). The ASF also declared its intention to suspend Astra s management and shareholders to aid the recovery. The ASF s president opined that the insurer may not be in a position to meet its commitments if a catastrophe were to take place. Two weeks prior to the announcement, there were media reports suspecting that Astra had deliberately undervalued its claims liability, and that its actual reserves were 40% lower than the mandated level. As a result of the bad publicity and doubts about the company s solvency, many potential policyholders, as well as those whose policies are due for renewal, will not initiate or continue their relationships. This opens up an opportunity for other non-life insurers. Travel insurance category driven by rising number of international departures The number of international departures increased from 749,723 in 2010 to 826,692 in This increase was responsible for rising premiums in the travel insurance category. High number of road traffic accidents Romania has one of the highest rates of road accidents in the EU, with 11.1 road accident deaths per 100,000 inhabitants in the country in This is one of reason for the increase in demand for personal accident policies. Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 2
3 TABLE OF CONTENTS 1 Executive Summary Introduction What is this Report About? Definitions Methodology Regional Market Dynamics Overview Market trends Market size Personal Accident and Health Insurance Regional Benchmarking Scale and Penetration Total market gross written premium Premium per capita Personal accident and health insurance penetration Growth Gross written premium Gross written premium per capita Efficiency and Risk Loss ratio Combined ratio Incurred losses per capita Incurred losses as a percentage of GDP Distribution Channels Direct marketing E-commerce Brokers Bancassurance Agencies Romanian Insurance Industry Attractiveness Insurance Industry Size, Key Industry Trends and Drivers Personal Accident and Health Insurance Segment Outlook Personal Accident and Health Insurance Growth Prospects by Category Personal accident insurance Travel insurance Health insurance Non-life health insurance Life health insurance Analysis by Distribution Channels Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 3
4 7.1 Direct Marketing Bancassurance Agencies E-commerce Brokers Other Channels Porter s Five Forces Analysis Romanian Personal Accident and Health Insurance Bargaining Power of Suppliers: Low Bargaining Power of Buyers: Medium to High Barriers to Entry: Low Intensity of Rivalry: Medium to High Threat of Substitutes: Low to Medium Reinsurance Growth Dynamics and Challenges Reinsurance Segment Size, Reinsurance Segment Size by Type of Insurance, Governance, Risk and Compliance Legislation Overview and Historical Evolution Legislation and Market Practice by Type of Insurance Life insurance Property insurance Motor insurance Marine, aviation and transit insurance Personal accident and health insurance Compulsory Insurance Motor third-party liability insurance Insurance of dwellings against earthquakes, landslides and flooding Nuclear liability insurance Social security insurance Supervision and Control International Association of Insurance Supervisors European Insurance and Occupational Pensions Authority Insurance Supervisory Commission Non-Admitted Insurance Regulations Overview Intermediaries Market practices Fines and penalties Company Registration and Operations Types of insurance organization Establishing a local company Foreign ownership Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 4
5 Types of license Capital requirements Solvency margins Reserve requirements Investment regulations Statutory return requirements Fee structure Taxation Insurance premium or policy taxation Withholding taxes on premium paid overseas Corporate tax VAT Captives Legal System Introduction Access to court Alternative dispute resolution (ADR) Competitive Landscape and Strategic Insights Overview Leading Companies in the Romanian Personal Accident and Health Segment Astra SA Company Overview Astra SA key facts Alico Asigurari Romania SA Company Overview Alico Asigurari Romania SA key facts Allianz-Tiriac Asigurari SA Company Overview Allianz-Tiriac Asigurari SA key facts Generali Romania SA Company Overview Generali Romania SA key facts Credit Europe Asigurari-Reasigurari SA Company Overview Credit Europe Asigurari-Reasigurari SA key facts Omniasig VIG Company Overview Omniasig VIG key facts BCR Asigurari de Viata Vienna Insurance Group SA Company Overview BCR Asigurari de Viata Vienna Insurance Group SA key facts Eureko Asigurari SA Company Overview Eureko Asigurari SA key facts Signal Iduna Asigurari de Viata SA Company Overview Signal Iduna Asigurari de Viata SA key facts Axa Life Insurance SA Company Overview Axa Life Insurance SA key facts Business Environment and Country Risk Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 5
6 12.1 Business Confidence Market capitalization trend Bucharest Stock Exchange, Romania Economic Performance GDP at constant prices (US$) GDP per capita at constant prices (US$) GDP at current prices (US$) GDP per capita at current prices (US$) GDP by key segments Agriculture net output at current prices (US$) Agriculture net output at current prices as a percentage of GDP Manufacturing net output at current prices (US$) Manufacturing net output at current prices as a percentage of GDP Mining, manufacturing and utilities at current prices (US$) Mining, manufacturing and utilities at current prices, as percentage of GDP Construction net output at current prices, (US$) Construction net output at current prices as a percentage of GDP Inflation rate Exports as a percentage of GDP Imports as a percentage of GDP Merchandise exports growth Merchandise imports growth Annual average exchange rate EUR US$ Infrastructure Commercial vehicles exports total value Commercial vehicles imports total value Automotive exports total value Automotive imports total value Total internet subscribers Labor Force Labor force Unemployment rate Demographics Gross national disposable income (US$) Household consumption expenditure (US$) Total population Urban and rural populations Age distribution of the total population Appendix Methodology Contact Timetric About Timetric Timetric s Services Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 6
7 13.5 Disclaimer Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 7
8 LIST OF FIGURES Figure 1: Central and Eastern European Region Economies and Populations, Figure 2: Central and Eastern European Region Growth Trends in the Insurance Industry (%), Figure 3: Central and Eastern European Region Total Industry Values by Segment (US$ Billion), Figure 4: Central and Eastern European Region Personal Accident and Health Insurance Growth Trends (%), Figure 5: Central and Eastern European Region Personal Accident and Health Insurance Gross Written Premiums (US$ Billion), Figure 6: Central and Eastern European Region Personal Accident and Health Insurance Premiums Per Capita (US$), Figure 7: Central and Eastern European Region Personal Accident and Health Insurance Penetration (%), 2012 and Figure 8: Central and Eastern European Region Personal Accident and Health Insurance Gross Written Premium Growth (%), Figure 9: Central and Eastern European Region Personal Accident and Health Insurance Gross Written Premium Capita Growth (%), Figure 10: Central and Eastern European Region Personal Accident and Health Insurance Loss Ratios (%), 2012 and Figure 11: Central and Eastern European Region Personal Accident and Health Insurance Combined Ratios (%), 2012 and Figure 12: Central and Eastern European Region Personal Accident and Health Insurance Incurred Losses per Capita (US$), 2012 and Figure 13: Central and Eastern European Region Personal Accident and Health Insurance Incurred Losses as a Percentage of GDP (%), 2012 and Figure 14: Central and Eastern European Region Direct Marketing s Share of Personal Accident and Health Insurance Gross Written Premium (%), Figure 15: Central and Eastern European Region E-Commerce s Share of Personal Accident and Health Insurance Gross Written Premium (%), Figure 16: Central and Eastern European Region Insurance Brokers Share of Personal Accident and Health Insurance Gross Written Premium (%), Figure 17: Central and Eastern European Region Bancassurance s Share of Personal Accident and Health Insurance Gross Written Premium (%), Figure 18: Central and Eastern European Region Agencies Share of Personal Accident and Health insurance Gross Written Premium (%), Figure 19: Romanian Insurance Overall Written Premium by Segment (RON Billion), Figure 20: Romanian Insurance Dynamics by Segment (%), Figure 21: Romanian Personal Accident and Health Insurance Written Premium by Category (RON Million), Figure 22: Romanian Personal Accident and Health Insurance Written Premium by Category (% Share), 2012 and Figure 23: Romanian Personal Accident and Health Insurance Dynamics by Category, Figure 24: Romanian Personal Accident and Health Insurance Earned Premium (RON Billion), Figure 25: Romanian Personal Accident and Health Insurance Earned Premium (RON Billion), Figure 26: Romanian Personal Accident and Health Insurance Paid Claims by Category (RON Million), Figure 27: Romanian Personal Accident and Health Insurance Incurred Loss by Category (RON Million), Figure 28: Romanian Personal Accident and Health Insurance Loss Ratio (%), Figure 29: Romanian Personal Accident and Health Insurance Loss Ratio (%), Figure 30: Romanian Personal Accident and Health Insurance Commission and Expenses (RON Million), Figure 31: Romanian Personal Accident and Health Insurance Commission and Expenses (RON Billion), Figure 32: Romanian Personal Accident and Health Insurance Combined Ratio (%), Figure 33: Romanian Personal Accident and Health Insurance Combined Ratio (%), Figure 34: Romanian Personal Accident and Health Insurance Frauds and Crimes (RON Million), Figure 35: Romanian Personal Accident and Health Insurance Frauds and Crimes (RON Million), Figure 36: Romanian Personal Accident and Health Insurance Total Assets (RON Billion), Figure 37: Romanian Personal Accident and Health Insurance Total Assets (RON Billion), Figure 38: Romanian Personal Accident and Health Insurance Total Investment Income (RON Million), Figure 39: Romanian Personal Accident and Health Insurance Total Investment Income (RON Million), Figure 40: Romanian Personal Accident and Health Insurance Retentions (RON Billion), Figure 41: Romanian Personal Accident and Health Insurance Retentions (RON Billion), Figure 42: Romanian Personal Accident and Health Insurance Investment Portfolio (RON Billion), Figure 43: Romanian Personal Accident and Health Insurance Investment Portfolio (% Share), 2008 and Figure 44: Romanian Personal Accident and Health Insurance Penetration (%), Figure 45: Romanian Personal Accident and Health Insurance Number of Policies Sold (Thousand), Figure 46: Romanian Personal Accident and Health Insurance Number of Policies Sold (Thousand), Figure 47: Romanian Personal Accident and Health Insurance Premium per Capita (RON), Figure 48: Romanian Personal Accident Insurance Number of Policies Sold (Thousand), Figure 49: Romanian Personal Accident Insurance Number of Policies Sold (Thousand), Figure 50: Romanian Personal Accident Insurance Written Premium (RON Million), Figure 51: Romanian Personal Accident Insurance Written Premium (RON Billion), Figure 52: Romanian Personal Accident Insurance Loss Ratio (%), Figure 53: Romanian Personal Accident Insurance Loss Ratio (%), Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 8
9 Figure 54: Romanian Travel Insurance Number of Policies Sold (Thousand), Figure 55: Romanian Travel Insurance Number of Policies Sold (Thousand), Figure 56: Romanian Travel Insurance Written Premium (RON Million), Figure 57: Romanian Travel Insurance Written Premium (RON Million), Figure 58: Romanian Travel Insurance Loss Ratio (%), Figure 59: Romanian Travel Insurance Loss Ratio (%), Figure 60: Romanian Health Insurance Written Premium by Sub-Category (RON Million), Figure 61: Romanian Health Insurance Dynamics by Sub-Category, Figure 62: Romanian Non-Life Health Insurance Number of Policies Sold (Thousand), Figure 63: Romanian Non-Life Health Insurance Number of Policies Sold (Thousand), Figure 64: Romanian Non-Life Health Insurance Written Premium (RON Million), Figure 65: Romanian Non-Life Health Insurance Written Premium (RON Million), Figure 66: Romanian Non-Life Health Insurance Loss Ratio (%), Figure 67: Romanian Non-Life Health Insurance Loss Ratio (%), Figure 68: Romanian Life Health Insurance Number of Policies Sold (Thousand), Figure 69: Romanian Life Health Insurance Number of Policies Sold (Thousand), Figure 70: Romanian Life Health Insurance Written Premium (RON Million), Figure 71: Romanian Life Health Insurance Written Premium (RON Million), Figure 72: Romanian Life Health Insurance Loss Ratio (%), Figure 73: Romanian Life Health Insurance Loss Ratio (%), Figure 74: Romanian Personal Accident and Health Insurance Written Premium by Distribution Channel (Percentage Share), 2012 and Figure 75: Romanian Personal Accident and Health Insurance Direct Marketing Commission Paid (RON Million), Figure 76: Romanian Personal Accident and Health Insurance Direct Marketing Commission Paid (RON Million), Figure 77: Romanian Personal Accident and Health Insurance Written Premium Through Direct Marketing (RON Million), Figure 78: Romanian Personal Accident and Health Insurance Written Premium Through Direct Marketing (RON Million), Figure 79: Romanian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), Figure 80: Romanian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), Figure 81: Romanian Personal Accident and Health Insurance Number of Direct Marketing Distributors, Figure 82: Romanian Personal Accident and Health Insurance Number of Direct Marketing Distributors, Figure 83: Romanian Personal Accident and Health Insurance Bancassurance Commission Paid (RON Million), Figure 84: Romanian Personal Accident and Health Insurance Bancassurance Commission Paid (RON Million), Figure 85: Romanian Personal Accident and Health Insurance Written Premium Through Bancassurance (RON Million), Figure 86: Romanian Personal Accident and Health Insurance Written Premium Through Bancassurance (RON Million), Figure 87: Romanian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), Figure 88: Romanian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), Figure 89: Romanian Personal Accident and Health Insurance Number of Bancassurance Distributors, Figure 90: Romanian Personal Accident and Health Insurance Number of Bancassurance Distributors, Figure 91: Romanian Personal Accident and Health Insurance Commission Paid to Agencies (RON Million), Figure 92: Romanian Personal Accident and Health Insurance Commission Paid to Agencies (RON Million), Figure 93: Romanian Personal Accident and Health Insurance Written Premium Through Agencies (RON Million), Figure 94: Romanian Personal Accident and Health Insurance Written Premium Through Agencies (RON Billion), Figure 95: Romanian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), Figure 96: Romanian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), Figure 97: Romanian Personal Accident and Health Insurance Number of Agencies, Figure 98: Romanian Personal Accident and Health Insurance Number of Agencies, Figure 99: Romanian Personal Accident and Health Insurance E-Commerce Commission Paid (RON Million), Figure 100: Romanian Personal Accident and Health Insurance E-Commerce Commission Paid (RON Million), Figure 101: Romanian Personal Accident and Health Insurance Written Premium Through E-Commerce (RON Million), Figure 102: Romanian Personal Accident and Health Insurance Written Premium Through E-Commerce (RON Million), Figure 103: Romanian Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), Figure 104: Romanian Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), Figure 105: Romanian Personal Accident and Health Insurance Number of E-Commerce Distributors, Figure 106: Romanian Personal Accident and Health Insurance Number of E-Commerce Distributors, Figure 107: Romanian Personal Accident and Health Insurance Commission Paid to Brokers (RON Million), Figure 108: Romanian Personal Accident and Health Insurance Commission Paid to Brokers (RON Million), Figure 109: Romanian Personal Accident and Health Insurance Written Premium Through Brokers (RON Million), Figure 110: Romanian Personal Accident and Health Insurance Written Premium Through Brokers (RON Billion), Figure 111: Romanian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), Figure 112: Romanian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), Figure 113: Romanian Personal Accident and Health Insurance Number of Brokers, Figure 114: Romanian Personal Accident and Health Insurance Number of Brokers, Figure 115: Romanian Personal Accident and Health Insurance Commission Paid to Other Channels (RON Million), Figure 116: Romanian Personal Accident and Health Insurance Commission Paid to Other Channels (RON Million), Figure 117: Romanian Personal Accident and Health Insurance Written Premium Through Other Channels (RON Million), Figure 118: Romanian Personal Accident and Health Insurance Written Premium Through Other Channels (RON Million), Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 9
10 Figure 119: Romanian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), Figure 120: Romanian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), Figure 121: Romanian Personal Accident and Health Insurance Number of Distributors in Other Channels, Figure 122: Romanian Personal Accident and Health Insurance Number of Distributors in Other Channels, Figure 123: Romanian Personal Accident and Health Insurance Five Forces Analysis Figure 124: Romanian Premium Ceded to Reinsurance by Category (RON Million), Figure 125: Romanian Premium Ceded to Reinsurance by Category (Percentage Share), 2012 and Figure 126: Romanian Reinsurance Dynamics by Category (%), Figure 127: Romanian Premium Ceded to Reinsurance by Type of Insurance (RON Million), Figure 128: Romanian Reinsurance Dynamics by Type of Insurance (%), Figure 129: Romanian Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), Figure 130: Romanian Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), Figure 131: Romania Insurance Regulatory Framework Figure 132: Romania The Three Pillars of Solvency II Figure 133: Romania Insurance Supervision and Control at Various Levels Figure 134: Romania Insurance Regulatory Frameworks for Company Registration and Operation Figure 135: Shares of Key Insurers in the Romanian Personal Accident and Health Insurance Segment (%), Figure 136: Romania, Bucharest Stock Exchange Market Capitalization (US$ Billion), Figure 137: Romanian GDP at Constant Prices (US$ Billion), Figure 138: Romanian GDP Per Capita at Constant Prices (US$), Figure 139: Romanian GDP at Current Prices (US$ Billion), Figure 140: Romanian GDP Per Capita at Current Prices (US$), Figure 141: Romanian GDP by Key Segments (%) 2007 and Figure 142: Romanian Agriculture Net Output at Current Prices (US$ Billion), Figure 143: Romanian Agriculture Net Output at Current Prices as a Percentage of GDP (%), Figure 144: Romanian Manufacturing Net Output at Current Prices (US$ Billion), Figure 145: Romanian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), Figure 146: Romanian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), Figure 147: Romanian Mining, Manufacturing and Utilities Net Output at Current Prices as a percentage of GDP (%), Figure 148: Romanian Construction Net Output at Current Prices (US$ Billion), Figure 149: Romanian Construction Output at Current Prices as a Percentage of GDP (%), Figure 150: Romanian Inflation Rate (%), Figure 151: Romanian Exports as a Percentage of GDP (%), Figure 152: Romanian Imports as a Percentage of GDP (%), Figure 153: Romanian Merchandise Exports Growth (%), Figure 154: Romanian Merchandise Imports Growth (%), Figure 155: Romanian Annual Average Exchange Rate US$ RON, Figure 156: Romanian Commercial Vehicles Exports Total Value (US$ Million), Figure 157: Romanian Commercial Vehicles Imports Total Value (US$ Million), Figure 158: Romanian Automotive Exports Total Value (US$ Billion), Figure 159: Romanian Automotive Imports Total Value (US$ Billion), Figure 160: Romanian Internet Subscriptions (Millions), Figure 161: Romanian Size of Labor Force (Million), Figure 162: Romanian Unemployment Rate (%), Figure 163: Romanian Gross National Disposable Income (US$ Billion), Figure 164: Romanian Household Consumption Expenditure (US$ Billion), Figure 165: Romanian Total Population (Million), Figure 166: Romanian Urban and Rural Populations (%), Figure 167: Romanian Population Distribution by Age (%), Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 10
11 LIST OF TABLES Table 1: Insurance Industry Definitions Table 2: Romanian Insurance Overall Written Premium by Segment (RON Billion), Table 3: Romanian Insurance Overall Written Premium by Segment (US$ Billion), Table 4: Romanian Insurance Overall Written Premium by Segment (RON Billion), Table 5: Romanian Insurance Overall Written Premium by Segment (US$ Billion), Table 6: Romanian Insurance Segmentation (Percentage Share), Table 7: Romanian Personal Accident and Health Insurance Written Premium by Category (RON Million), Table 8: Romanian Personal Accident and Health Insurance Written Premium by Category (US$ Million), Table 9: Romanian Personal Accident and Health Insurance Written Premium by Category (RON Million), Table 10: Romanian Personal Accident and Health Insurance Written Premium by Category (US$ Million), Table 11: Romanian Personal Accident and Health Insurance Earned Premium (RON Billion), Table 12: Romanian Personal Accident and Health Insurance Earned Premium (RON Billion), Table 13: Romanian Personal Accident and Health Insurance Paid Claims by Category (RON Million), Table 14: Romanian Personal Accident and Health Insurance Paid Claims by Category (US$ Million), Table 15: Romanian Personal Accident and Health Insurance Paid Claims by Category (RON Million), Table 16: Romanian Personal Accident and Health Insurance Paid Claims by Category (US$ Million), Table 17: Romanian Personal Accident and Health Insurance Incurred Loss by Category (RON Million), Table 18: Romanian Personal Accident and Health Insurance Incurred Loss by Category (US$ Million), Table 19: Romanian Personal Accident and Health Insurance Incurred Loss by Category (RON Million), Table 20: Romanian Personal Accident and Health Insurance Incurred Loss by Category (US$ Million), Table 21: Romanian Personal Accident and Health Insurance Loss Ratio (%), Table 22: Romanian Personal Accident and Health Insurance Loss Ratio (%), Table 23: Romanian Personal Accident and Health Insurance Commission and Expenses (RON Million), Table 24: Romanian Personal Accident and Health Insurance Commission and Expenses (RON Billion), Table 25: Romanian Personal Accident and Health Insurance Combined Ratio (%), Table 26: Romanian Personal Accident and Health Insurance Combined Ratio (%), Table 27: Romanian Personal Accident and Health Insurance Frauds and Crimes (RON Million), Table 28: Romanian Personal Accident and Health Insurance Frauds and Crimes (RON Million), Table 29: Romanian Personal Accident and Health Insurance Total Assets (RON Billion), Table 30: Romanian Personal Accident and Health Insurance Total Assets (RON Billion), Table 31: Romanian Personal Accident and Health Insurance Total Investment Income (RON Million), Table 32: Romanian Personal Accident and Health Insurance Total Investment Income (RON Million), Table 33: Romanian Personal Accident and Health Insurance Retentions (RON Billion), Table 34: Romanian Personal Accident and Health Insurance Retentions (RON Billion), Table 35: Romanian Personal Accident Insurance Number of Policies Sold (Thousand), Table 36: Romanian Personal Accident Insurance Number of Policies Sold (Thousand), Table 37: Romanian Personal Accident Insurance Written Premium (RON Million), Table 38: Romanian Personal Accident Insurance Written Premium (RON Billion), Table 39: Romanian Personal Accident Insurance Loss Ratio (%), Table 40: Romanian Personal Accident Insurance Loss Ratio (%), Table 41: Romanian Travel Insurance Number of Policies Sold (Thousand), Table 42: Romanian Travel Insurance Number of Policies Sold (Thousand), Table 43: Romanian Travel Insurance Written Premium (RON Million), Table 44: Romanian Travel Insurance Written Premium (RON Million), Table 45: Romanian Travel Insurance Loss Ratio (%), Table 46: Romanian Travel Insurance Loss Ratio (%), Table 47: Romanian Health Insurance Written Premium by Sub-Category (RON Million), Table 48: Romanian Health Insurance Written Premium by Sub-Category (US$ Million), Table 49: Romanian Health Insurance Written Premium by Sub-Category (RON Million), Table 50: Romanian Health Insurance Written Premium by Sub-Category (US$ Million), Table 51: Romanian Non-Life Health Insurance Number of Policies Sold (Thousand), Table 52: Romanian Non-Life Health Insurance Number of Policies Sold (Thousand), Table 53: Romanian Non-Life Health Insurance Written Premium (RON Million), Table 54: Romanian Non-Life Health Insurance Written Premium (RON Million), Table 55: Romanian Non-Life Health Insurance Loss Ratio (%), Table 56: Romanian Non-Life Health Insurance Loss Ratio (%), Table 57: Romanian Life Health Insurance Number of Policies Sold (Thousand), Table 58: Romanian Life Health Insurance Number of Policies Sold (Thousand), Table 59: Romanian Life Health Insurance Written Premium (RON Million), Table 60: Romanian Life Health Insurance Written Premium (RON Million), Table 61: Romanian Life Health Insurance Loss Ratio (%), Table 62: Romanian Life Health Insurance Loss Ratio (%), Table 63: Romanian Personal Accident and Health Insurance Direct Marketing Commission Paid (RON Million), Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 11
12 Table 64: Romanian Personal Accident and Health Insurance Direct Marketing Commission Paid (RON Million), Table 65: Romanian Personal Accident and Health Insurance Written Premium Through Direct Marketing (RON Million), Table 66: Romanian Personal Accident and Health Insurance Written Premium Through Direct Marketing (RON Million), Table 67: Romanian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), Table 68: Romanian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), Table 69: Romanian Personal Accident and Health Insurance Number of Direct Marketing Distributors, Table 70: Romanian Personal Accident and Health Insurance Number of Direct Marketing Distributors, Table 71: Romanian Personal Accident and Health Insurance Bancassurance Commission Paid (RON Million), Table 72: Romanian Personal Accident and Health Insurance Bancassurance Commission Paid (RON Million), Table 73: Romanian Personal Accident and Health Insurance Written Premium Through Bancassurance (RON Million), Table 74: Romanian Personal Accident and Health Insurance Written Premium Through Bancassurance (RON Million), Table 75: Romanian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), Table 76: Romanian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), Table 77: Romanian Personal Accident and Health Insurance Number of Bancassurance Distributors, Table 78: Romanian Personal Accident and Health Insurance Number of Bancassurance Distributors, Table 79: Romanian Personal Accident and Health Insurance Commission Paid to Agencies (RON Million), Table 80: Romanian Personal Accident and Health Insurance Commission Paid to Agencies (RON Million), Table 81: Romanian Personal Accident and Health Insurance Written Premium Through Agencies (RON Million), Table 82: Romanian Personal Accident and Health Insurance Written Premium Through Agencies (RON Billion), Table 83: Romanian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), Table 84: Romanian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), Table 85: Romanian Personal Accident and Health Insurance Number of Agencies, Table 86: Romanian Personal Accident and Health Insurance Number of Agencies, Table 87: Romanian Personal Accident and Health Insurance E-Commerce Commission Paid (RON Million), Table 88: Romanian Personal Accident and Health Insurance E-Commerce Commission Paid (RON Million), Table 89: Romanian Personal Accident and Health Insurance Written Premium Through E-Commerce (RON Million), Table 90: Romanian Personal Accident and Health Insurance Written Premium Through E-Commerce (RON Million), Table 91: Romanian Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), Table 92: Romanian Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), Table 93: Romanian Personal Accident and Health Insurance Number of E-Commerce Distributors, Table 94: Romanian Personal Accident and Health Insurance Number of E-Commerce Distributors, Table 95: Romanian Personal Accident and Health Insurance Commission Paid to Brokers (RON Million), Table 96: Romanian Personal Accident and Health Insurance Commission Paid to Brokers (RON Million), Table 97: Romanian Personal Accident and Health Insurance Written Premium Through Brokers (RON Million), Table 98: Romanian Personal Accident and Health Insurance Written Premium Through Brokers (RON Billion), Table 99: Romanian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), Table 100: Romanian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), Table 101: Romanian Personal Accident and Health Insurance Number of Brokers, Table 102: Romanian Personal Accident and Health Insurance Number of Brokers, Table 103: Romanian Personal Accident and Health Insurance Commission Paid to Other Channels (RON Million), Table 104: Romanian Personal Accident and Health Insurance Commission Paid to Other Channels (RON Million), Table 105: Romanian Personal Accident and Health Insurance Written Premium Through Other Channels (RON Million), Table 106: Romanian Personal Accident and Health Insurance Written Premium Through Other Channels (RON Million), Table 107: Romanian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), Table 108: Romanian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), Table 109: Romanian Personal Accident and Health Insurance Number of Distributors in Other Channels, Table 110: Romanian Personal Accident and Health Insurance Number of Distributors in Other Channels, Table 111: Reinsurance in Romania by Category (RON Million), Table 112: Reinsurance in Romania by Category (US$ Million), Table 113: Reinsurance in Romania by Category (RON Million), Table 114: Reinsurance in Romania by Category (US$ Million), Table 115: Romanian Premium Ceded to Reinsurance by Type of Insurance (RON Million), Table 116: Romanian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), Table 117: Romanian Premium Ceded to Reinsurance by Type of Insurance (RON Million), Table 118: Romanian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), Table 119: Romanian Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), Table 120: Romanian Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), Table 121: Romania Life Insurance Regulatory Framework Table 122: Romania Property Insurance Regulatory Framework Table 123: Romania Motor Insurance Regulatory Framework Table 124: Romania Corporate Taxes for Financial Year Table 125: Shares of Key Insurers in the Romanian Personal Accident and Health Insurance Segment (%), Table 126: Astra SA, Key Facts Table 127: Alico Asigurari Romania SA, Key Facts Table 128: Allianz-Tiriac Asigurari SA, Key Facts Table 129: Generali Romania SA, Key Facts Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 12
13 Table 130: Credit Europe Asigurari-Reasigurari SA, Key Facts Table 131: Omniasig VIG, Key Facts Table 132: BCR Asigurari de Viata Vienna Insurance Group SA, Key Facts Table 133: Eureko Asigurari SA, Key Facts Table 134: Signal Iduna Asigurari de Viata SA, Key Facts Table 135: Axa Life Insurance SA, Key Facts Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 13
14 INTRODUCTION 2 Introduction 2.1 What is this Report About? This report is the result of extensive research on the personal accident and health insurance segment in Romania, covering its dynamics and competitive landscape. It provides insights on the size of and forecast for the overall personal accident and health segment, and categories such as personal accident, health, and travel insurance. The report also provides an overview of the leading companies in the personal accident and health segment, along with details of strategic initiatives undertaken. The primary source used for the historical data was the Insurance Supervisory Commission, Romania. 2.2 Definitions All data is collected in local currency. Conversions into US dollars (US$) of current and forecast data are made at the 2012 average annual conversion rate. Most values are displayed to one decimal place. As such, growth rates may appear inconsistent with absolute values due to rounding. For the purposes of this report, the review period is and the forecast period is The key insurance industry terms covered in the report are defined below: Table 1: Insurance Industry Definitions Term Ceding company Incurred loss Claim ratio Definition A primary insurer that transfers some of its insurance risk by ceding a proportion of its total written premium through a reinsurance contract. The sum of claims paid by an insurance company and the change in the provision for outstanding claims irrespective of whether or not they have been reported. Claims payable as a percentage of premium income. Commission and expenses Comprehensive loss ratio Earned premium Endowment policy Facultative reinsurance Gross claim Gross written premium Group annuity Insurance density and penetration Insurance fraud The sum of acquisition cost and administrative cost. The acquisition cost is the percentage of a premium produced that is retained as compensation by insurance agents and brokers. The ratio of claims incurred to net premium earned. The amount of money considered to have been earned on a policy by an insurer. It is calculated by multiplying the original premium by the percentage of the policy s term which has expired without a claim being made. A scheme in which the term of the policy is defined for a specified period, such as 15, 25 or 30 years. The insurer pays the claim to the family of the assured in an event of his or her death within the policy's term or in an event of the assured surviving the policy's term. An arrangement for separate reinsurance for each risk that the primary insurer underwrites. The reinsurer can accept or reject any risk presented by the primary insurer seeking reinsurance. The amount payable by an insurance company before allowances is made for credits that may be due in the form of reinsurance, subrogation or salvage. The total amount of premiums (before deduction of reinsurance costs) customers are required to pay for insurance policies written during the year. A life insurance scheme providing annuities at retirement to a group of people under a single contract. It is usually bought by an employer for the benefit of its employees. The percentage of total written premium to the country s GDP. Any act committed with the intent to obtain payment from an insurer through fraudulent means. Lapsed policy A policy which is terminated due to the non-payment of the premium. Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 14
15 INTRODUCTION Table 1: Insurance Industry Definitions Term Loss ratio Liability insurance Definition The ratio of total losses paid out in the form of claims plus adjustment expenses divided by the total earned premium. A type of insurance that covers legal claims by third parties against the insured. Loss reserve The estimated amount of claims incurred but not yet settled. Maturity claim The payment made to a policyholder at the end of the stipulated term of a term life insurance policy. Per capita premium The ratio of the total written premium to the country s total population. Premium ceded The share of premiums transferred to a reinsurance company by a primary insurer. Single-premium life insurance policy A life insurance scheme in which a lump sum is paid into the policy in return for an assured sum of money in the event of the policyholder s death. Term insurance A life insurance scheme that provides protection for a specified period, usually between five and 20 years. The policy expires without value if the insured survives the stated period. Treaty reinsurance Direct marketing E-commerce A reinsurance agreement applying to the reinsurance of a class or some classes of business, instead of an individual risk. Direct Marketing channels for insurance policies include insurance companies sales forces, telemarketing, postal mail, , call centers and mobile phones. The distribution of insurance policies online through a company or third-party website. Agencies Insurance brokers Bancassurance Other distribution channels Source: Timetric analysis Individuals and corporate agencies which are licensed to sell insurance for one or more specific insurance companies. Individuals or businesses which sell insurance policies, and advise and represent the policyholder. They differ from insurance agents, which act on the behalf of an insurance company. The partnership between a bank and an insurance company in which the insurance company uses the bank s sales channel to sell insurance. Other distribution channels include post offices, convenience stores, multi-level marketing, any channel other than agencies, direct marketing, bancassurance and the above-mentioned channels. Timetric Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 15
16 INTRODUCTION 2.3 Methodology All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This includes market study, research, analysis and quality control. 1) Market Study A. Standardization Definitions are specified using recognized industry classifications. The same definition is used for every country. Annual average currency exchange rates are used for the latest completed year. These are then applied across both the historical and forecast data to remove exchange rate fluctuations. B. Internal audit Review of in-house databases to gather existing data: Historic market databases and reports Company database C. Trend monitoring Review of the latest insurance companies and industry trends 2) Research A. Sources Collection of the latest market-specific data from a wide variety of industry sources: Government statistics Industry associations Company filings International organizations Insurance regulatory agencies B. Expert opinion Collation of opinion taken from leading insurance industry experts Analysis of third-party opinion and forecasts: Broker reports Media Official government sources C. Data consolidation and verification Consolidation of data and opinion to create historical datasets Creation of models to benchmark data across sectors and regions 3) Analysis A. Market forecasts Feeding forecast data into market models: Macroeconomic indicators Industry-specific drivers Analysis of insurance industry database to identify trends: Latest insurance trends Key drivers of the insurance industry Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 16
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