Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017

Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: IS0587MR Published: May 2014 www.timetric.com Timetric John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0)20 7936 6400 Fax: +44 (0)20 7336 6813 www.timetric.com

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 2012. 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 2012. 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 2012. 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 2010. 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

TABLE OF CONTENTS 1 Executive Summary... 2 2 Introduction... 14 2.1 What is this Report About?... 14 2.2 Definitions... 14 2.3 Methodology... 16 3 Regional Market Dynamics... 18 3.1 Overview... 18 3.1.1 Market trends... 19 3.1.2 Market size... 21 4 Personal Accident and Health Insurance Regional Benchmarking... 22 4.1 Scale and Penetration... 23 4.1.1 Total market gross written premium... 23 4.1.2 Premium per capita... 24 4.1.3 Personal accident and health insurance penetration... 25 4.2 Growth... 26 4.2.1 Gross written premium... 26 4.2.2 Gross written premium per capita... 27 4.3 Efficiency and Risk... 28 4.3.1 Loss ratio... 28 4.3.2 Combined ratio... 29 4.3.3 Incurred losses per capita... 30 4.3.4 Incurred losses as a percentage of GDP... 31 4.4 Distribution Channels... 32 4.4.1 Direct marketing... 32 4.4.2 E-commerce... 33 4.4.3 Brokers... 34 4.4.4 Bancassurance... 35 4.4.5 Agencies... 36 5 Romanian Insurance Industry Attractiveness... 37 5.1 Insurance Industry Size, 2008 2017... 38 5.2 Key Industry Trends and Drivers... 42 6 Personal Accident and Health Insurance Segment Outlook... 44 6.1 Personal Accident and Health Insurance Growth Prospects by Category... 45 6.1.1 Personal accident insurance... 76 6.1.2 Travel insurance... 82 6.1.3 Health insurance... 88 6.1.4 Non-life health insurance... 91 6.1.5 Life health insurance... 97 7 Analysis by Distribution Channels... 103 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 3

7.1 Direct Marketing... 105 7.2 Bancassurance... 113 7.3 Agencies... 121 7.4 E-commerce... 129 7.5 Brokers... 137 7.6 Other Channels... 145 8 Porter s Five Forces Analysis Romanian Personal Accident and Health Insurance153 8.1 Bargaining Power of Suppliers: Low... 153 8.2 Bargaining Power of Buyers: Medium to High... 153 8.3 Barriers to Entry: Low... 153 8.4 Intensity of Rivalry: Medium to High... 153 8.5 Threat of Substitutes: Low to Medium... 154 9 Reinsurance Growth Dynamics and Challenges... 155 9.1 Reinsurance Segment Size, 2008 2017... 156 9.2 Reinsurance Segment Size by Type of Insurance, 2008 2017... 160 10 Governance, Risk and Compliance... 165 10.1 Legislation Overview and Historical Evolution... 166 10.2 Legislation and Market Practice by Type of Insurance... 170 10.2.1 Life insurance... 170 10.2.2 Property insurance... 171 10.2.3 Motor insurance... 173 10.2.4 Marine, aviation and transit insurance... 174 10.2.5 Personal accident and health insurance... 174 10.3 Compulsory Insurance... 176 10.3.1 Motor third-party liability insurance... 176 10.3.2 Insurance of dwellings against earthquakes, landslides and flooding... 177 10.3.3 Nuclear liability insurance... 178 10.3.4 Social security insurance... 179 10.4 Supervision and Control... 180 10.4.1 International Association of Insurance Supervisors... 180 10.4.2 European Insurance and Occupational Pensions Authority... 181 10.4.3 Insurance Supervisory Commission... 181 10.5 Non-Admitted Insurance Regulations... 182 10.5.1 Overview... 182 10.5.2 Intermediaries... 182 10.5.3 Market practices... 182 10.5.4 Fines and penalties... 183 10.6 Company Registration and Operations... 184 10.6.1 Types of insurance organization... 185 10.6.2 Establishing a local company... 185 10.6.3 Foreign ownership... 186 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 4

10.6.4 Types of license... 187 10.6.5 Capital requirements... 188 10.6.6 Solvency margins... 188 10.6.7 Reserve requirements... 190 10.6.8 Investment regulations... 191 10.6.9 Statutory return requirements... 191 10.6.10 Fee structure... 191 10.7 Taxation... 192 10.7.1 Insurance premium or policy taxation... 192 10.7.2 Withholding taxes on premium paid overseas... 192 10.7.3 Corporate tax... 192 10.7.4 VAT... 193 10.7.5 Captives... 193 10.8 Legal System... 194 10.8.1 Introduction... 194 10.8.2 Access to court... 195 10.8.3 Alternative dispute resolution (ADR)... 195 11 Competitive Landscape and Strategic Insights... 197 11.1 Overview... 197 11.2 Leading Companies in the Romanian Personal Accident and Health Segment... 198 11.3 Astra SA Company Overview... 199 11.3.1 Astra SA key facts... 199 11.4 Alico Asigurari Romania SA Company Overview... 200 11.4.1 Alico Asigurari Romania SA key facts... 200 11.5 Allianz-Tiriac Asigurari SA Company Overview... 201 11.5.1 Allianz-Tiriac Asigurari SA key facts... 201 11.6 Generali Romania SA Company Overview... 202 11.6.1 Generali Romania SA key facts... 202 11.7 Credit Europe Asigurari-Reasigurari SA Company Overview... 203 11.7.1 Credit Europe Asigurari-Reasigurari SA key facts... 203 11.8 Omniasig VIG Company Overview... 204 11.8.1 Omniasig VIG key facts... 204 11.9 BCR Asigurari de Viata Vienna Insurance Group SA Company Overview... 205 11.9.1 BCR Asigurari de Viata Vienna Insurance Group SA key facts... 205 11.10 Eureko Asigurari SA Company Overview... 206 11.10.1 Eureko Asigurari SA key facts... 206 11.11 Signal Iduna Asigurari de Viata SA Company Overview... 207 11.11.1 Signal Iduna Asigurari de Viata SA key facts... 207 11.12 Axa Life Insurance SA Company Overview... 208 11.12.1 Axa Life Insurance SA key facts... 208 12 Business Environment and Country Risk... 209 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 5

12.1 Business Confidence... 209 12.1.1 Market capitalization trend Bucharest Stock Exchange, Romania... 209 12.2 Economic Performance... 210 12.2.1 GDP at constant prices (US$)... 210 12.2.2 GDP per capita at constant prices (US$)... 211 12.2.3 GDP at current prices (US$)... 212 12.2.4 GDP per capita at current prices (US$)... 213 12.2.5 GDP by key segments... 214 12.2.6 Agriculture net output at current prices (US$)... 215 12.2.7 Agriculture net output at current prices as a percentage of GDP... 216 12.2.8 Manufacturing net output at current prices (US$)... 217 12.2.9 Manufacturing net output at current prices as a percentage of GDP... 218 12.2.10 Mining, manufacturing and utilities at current prices (US$)... 219 12.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP... 220 12.2.12 Construction net output at current prices, (US$)... 221 12.2.13 Construction net output at current prices as a percentage of GDP... 222 12.2.14 Inflation rate... 223 12.2.15 Exports as a percentage of GDP... 224 12.2.16 Imports as a percentage of GDP... 225 12.2.17 Merchandise exports growth... 226 12.2.18 Merchandise imports growth... 227 12.2.19 Annual average exchange rate EUR US$... 228 12.3 Infrastructure... 229 12.3.1 Commercial vehicles exports total value... 229 12.3.2 Commercial vehicles imports total value... 230 12.3.3 Automotive exports total value... 231 12.3.4 Automotive imports total value... 232 12.3.5 Total internet subscribers... 233 12.4 Labor Force... 234 12.4.1 Labor force... 234 12.4.2 Unemployment rate... 235 12.5 Demographics... 236 12.5.1 Gross national disposable income (US$)... 236 12.5.2 Household consumption expenditure (US$)... 237 12.5.3 Total population... 238 12.5.4 Urban and rural populations... 239 12.5.5 Age distribution of the total population... 240 13 Appendix... 241 13.1 Methodology... 241 13.2 Contact Timetric... 241 13.3 About Timetric... 241 13.4 Timetric s Services... 242 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 6

13.5 Disclaimer... 243 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 7

LIST OF FIGURES Figure 1: Central and Eastern European Region Economies and Populations, 2012... 18 Figure 2: Central and Eastern European Region Growth Trends in the Insurance Industry (%), 2007 2017... 19 Figure 3: Central and Eastern European Region Total Industry Values by Segment (US$ Billion), 2012... 21 Figure 4: Central and Eastern European Region Personal Accident and Health Insurance Growth Trends (%), 2007 2017... 22 Figure 5: Central and Eastern European Region Personal Accident and Health Insurance Gross Written Premiums (US$ Billion), 2007 2017... 23 Figure 6: Central and Eastern European Region Personal Accident and Health Insurance Premiums Per Capita (US$), 2007 2017... 24 Figure 7: Central and Eastern European Region Personal Accident and Health Insurance Penetration (%), 2012 and 2017... 25 Figure 8: Central and Eastern European Region Personal Accident and Health Insurance Gross Written Premium Growth (%), 2008 2017... 26 Figure 9: Central and Eastern European Region Personal Accident and Health Insurance Gross Written Premium Capita Growth (%), 2008 2017... 27 Figure 10: Central and Eastern European Region Personal Accident and Health Insurance Loss Ratios (%), 2012 and 2017... 28 Figure 11: Central and Eastern European Region Personal Accident and Health Insurance Combined Ratios (%), 2012 and 2017... 29 Figure 12: Central and Eastern European Region Personal Accident and Health Insurance Incurred Losses per Capita (US$), 2012 and 2017... 30 Figure 13: Central and Eastern European Region Personal Accident and Health Insurance Incurred Losses as a Percentage of GDP (%), 2012 and 2017... 31 Figure 14: Central and Eastern European Region Direct Marketing s Share of Personal Accident and Health Insurance Gross Written Premium (%), 2008 2017... 32 Figure 15: Central and Eastern European Region E-Commerce s Share of Personal Accident and Health Insurance Gross Written Premium (%), 2008 2017... 33 Figure 16: Central and Eastern European Region Insurance Brokers Share of Personal Accident and Health Insurance Gross Written Premium (%), 2008 2017... 34 Figure 17: Central and Eastern European Region Bancassurance s Share of Personal Accident and Health Insurance Gross Written Premium (%), 2008 2017... 35 Figure 18: Central and Eastern European Region Agencies Share of Personal Accident and Health insurance Gross Written Premium (%), 2008 2017... 36 Figure 19: Romanian Insurance Overall Written Premium by Segment (RON Billion), 2008 2017... 40 Figure 20: Romanian Insurance Dynamics by Segment (%), 2008 2017... 41 Figure 21: Romanian Personal Accident and Health Insurance Written Premium by Category (RON Million), 2008 2017... 47 Figure 22: Romanian Personal Accident and Health Insurance Written Premium by Category (% Share), 2012 and 2017... 47 Figure 23: Romanian Personal Accident and Health Insurance Dynamics by Category, 2008 2017... 48 Figure 24: Romanian Personal Accident and Health Insurance Earned Premium (RON Billion), 2008 2012... 49 Figure 25: Romanian Personal Accident and Health Insurance Earned Premium (RON Billion), 2012 2017... 50 Figure 26: Romanian Personal Accident and Health Insurance Paid Claims by Category (RON Million), 2008 2017... 53 Figure 27: Romanian Personal Accident and Health Insurance Incurred Loss by Category (RON Million), 2008 2017... 56 Figure 28: Romanian Personal Accident and Health Insurance Loss Ratio (%), 2008 2012... 57 Figure 29: Romanian Personal Accident and Health Insurance Loss Ratio (%), 2012 2017... 58 Figure 30: Romanian Personal Accident and Health Insurance Commission and Expenses (RON Million), 2008 2012... 59 Figure 31: Romanian Personal Accident and Health Insurance Commission and Expenses (RON Billion), 2012 2017... 60 Figure 32: Romanian Personal Accident and Health Insurance Combined Ratio (%), 2008 2012... 61 Figure 33: Romanian Personal Accident and Health Insurance Combined Ratio (%), 2012 2017... 62 Figure 34: Romanian Personal Accident and Health Insurance Frauds and Crimes (RON Million), 2008 2012... 63 Figure 35: Romanian Personal Accident and Health Insurance Frauds and Crimes (RON Million), 2012 2017... 64 Figure 36: Romanian Personal Accident and Health Insurance Total Assets (RON Billion), 2008 2012... 65 Figure 37: Romanian Personal Accident and Health Insurance Total Assets (RON Billion), 2012 2017... 66 Figure 38: Romanian Personal Accident and Health Insurance Total Investment Income (RON Million), 2008 2012... 67 Figure 39: Romanian Personal Accident and Health Insurance Total Investment Income (RON Million), 2012 2017... 68 Figure 40: Romanian Personal Accident and Health Insurance Retentions (RON Billion), 2008 2012... 69 Figure 41: Romanian Personal Accident and Health Insurance Retentions (RON Billion), 2012 2017... 70 Figure 42: Romanian Personal Accident and Health Insurance Investment Portfolio (RON Billion), 2008 2012... 71 Figure 43: Romanian Personal Accident and Health Insurance Investment Portfolio (% Share), 2008 and 2012... 71 Figure 44: Romanian Personal Accident and Health Insurance Penetration (%), 2008 2012... 72 Figure 45: Romanian Personal Accident and Health Insurance Number of Policies Sold (Thousand), 2008 2012... 73 Figure 46: Romanian Personal Accident and Health Insurance Number of Policies Sold (Thousand), 2012 2017... 74 Figure 47: Romanian Personal Accident and Health Insurance Premium per Capita (RON), 2008 2012... 75 Figure 48: Romanian Personal Accident Insurance Number of Policies Sold (Thousand), 2008 2012... 76 Figure 49: Romanian Personal Accident Insurance Number of Policies Sold (Thousand), 2012 2017... 77 Figure 50: Romanian Personal Accident Insurance Written Premium (RON Million), 2008 2012... 78 Figure 51: Romanian Personal Accident Insurance Written Premium (RON Billion), 2012 2017... 79 Figure 52: Romanian Personal Accident Insurance Loss Ratio (%), 2008 2012... 80 Figure 53: Romanian Personal Accident Insurance Loss Ratio (%), 2012 2017... 81 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 8

Figure 54: Romanian Travel Insurance Number of Policies Sold (Thousand), 2008 2012... 82 Figure 55: Romanian Travel Insurance Number of Policies Sold (Thousand), 2012 2017... 83 Figure 56: Romanian Travel Insurance Written Premium (RON Million), 2008 2012... 84 Figure 57: Romanian Travel Insurance Written Premium (RON Million), 2012 2017... 85 Figure 58: Romanian Travel Insurance Loss Ratio (%), 2008 2012... 86 Figure 59: Romanian Travel Insurance Loss Ratio (%), 2012 2017... 87 Figure 60: Romanian Health Insurance Written Premium by Sub-Category (RON Million), 2008 2017... 90 Figure 61: Romanian Health Insurance Dynamics by Sub-Category, 2008 2017... 90 Figure 62: Romanian Non-Life Health Insurance Number of Policies Sold (Thousand), 2008 2012... 91 Figure 63: Romanian Non-Life Health Insurance Number of Policies Sold (Thousand), 2012 2017... 92 Figure 64: Romanian Non-Life Health Insurance Written Premium (RON Million), 2008 2012... 93 Figure 65: Romanian Non-Life Health Insurance Written Premium (RON Million), 2012 2017... 94 Figure 66: Romanian Non-Life Health Insurance Loss Ratio (%), 2008 2012... 95 Figure 67: Romanian Non-Life Health Insurance Loss Ratio (%), 2012 2017... 96 Figure 68: Romanian Life Health Insurance Number of Policies Sold (Thousand), 2008 2012... 97 Figure 69: Romanian Life Health Insurance Number of Policies Sold (Thousand), 2012 2017... 98 Figure 70: Romanian Life Health Insurance Written Premium (RON Million), 2008 2012... 99 Figure 71: Romanian Life Health Insurance Written Premium (RON Million), 2012 2017... 100 Figure 72: Romanian Life Health Insurance Loss Ratio (%), 2008 2012... 101 Figure 73: Romanian Life Health Insurance Loss Ratio (%), 2012 2017... 102 Figure 74: Romanian Personal Accident and Health Insurance Written Premium by Distribution Channel (Percentage Share), 2012 and 2017... 104 Figure 75: Romanian Personal Accident and Health Insurance Direct Marketing Commission Paid (RON Million), 2008 2012... 105 Figure 76: Romanian Personal Accident and Health Insurance Direct Marketing Commission Paid (RON Million), 2012 2017... 106 Figure 77: Romanian Personal Accident and Health Insurance Written Premium Through Direct Marketing (RON Million), 2008 2012. 107 Figure 78: Romanian Personal Accident and Health Insurance Written Premium Through Direct Marketing (RON Million), 2012 2017. 108 Figure 79: Romanian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), 2008 2012... 109 Figure 80: Romanian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), 2012 2017... 110 Figure 81: Romanian Personal Accident and Health Insurance Number of Direct Marketing Distributors, 2008 2012... 111 Figure 82: Romanian Personal Accident and Health Insurance Number of Direct Marketing Distributors, 2012 2017... 112 Figure 83: Romanian Personal Accident and Health Insurance Bancassurance Commission Paid (RON Million), 2008 2012... 113 Figure 84: Romanian Personal Accident and Health Insurance Bancassurance Commission Paid (RON Million), 2012 2017... 114 Figure 85: Romanian Personal Accident and Health Insurance Written Premium Through Bancassurance (RON Million), 2008 2012... 115 Figure 86: Romanian Personal Accident and Health Insurance Written Premium Through Bancassurance (RON Million), 2012 2017... 116 Figure 87: Romanian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), 2008 2012... 117 Figure 88: Romanian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), 2012 2017... 118 Figure 89: Romanian Personal Accident and Health Insurance Number of Bancassurance Distributors, 2008 2012... 119 Figure 90: Romanian Personal Accident and Health Insurance Number of Bancassurance Distributors, 2012 2017... 120 Figure 91: Romanian Personal Accident and Health Insurance Commission Paid to Agencies (RON Million), 2008 2012... 121 Figure 92: Romanian Personal Accident and Health Insurance Commission Paid to Agencies (RON Million), 2012 2017... 122 Figure 93: Romanian Personal Accident and Health Insurance Written Premium Through Agencies (RON Million), 2008 2012... 123 Figure 94: Romanian Personal Accident and Health Insurance Written Premium Through Agencies (RON Billion), 2012 2017... 124 Figure 95: Romanian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), 2008 2012... 125 Figure 96: Romanian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), 2012 2017... 126 Figure 97: Romanian Personal Accident and Health Insurance Number of Agencies, 2008 2012... 127 Figure 98: Romanian Personal Accident and Health Insurance Number of Agencies, 2012 2017... 128 Figure 99: Romanian Personal Accident and Health Insurance E-Commerce Commission Paid (RON Million), 2008 2012... 129 Figure 100: Romanian Personal Accident and Health Insurance E-Commerce Commission Paid (RON Million), 2012 2017... 130 Figure 101: Romanian Personal Accident and Health Insurance Written Premium Through E-Commerce (RON Million), 2008 2012... 131 Figure 102: Romanian Personal Accident and Health Insurance Written Premium Through E-Commerce (RON Million), 2012 2017... 132 Figure 103: Romanian Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), 2008 2012... 133 Figure 104: Romanian Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), 2012 2017... 134 Figure 105: Romanian Personal Accident and Health Insurance Number of E-Commerce Distributors, 2008 2012... 135 Figure 106: Romanian Personal Accident and Health Insurance Number of E-Commerce Distributors, 2012 2017... 136 Figure 107: Romanian Personal Accident and Health Insurance Commission Paid to Brokers (RON Million), 2008 2012... 137 Figure 108: Romanian Personal Accident and Health Insurance Commission Paid to Brokers (RON Million), 2012 2017... 138 Figure 109: Romanian Personal Accident and Health Insurance Written Premium Through Brokers (RON Million), 2008 2012... 139 Figure 110: Romanian Personal Accident and Health Insurance Written Premium Through Brokers (RON Billion), 2012 2017... 140 Figure 111: Romanian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), 2008 2012... 141 Figure 112: Romanian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), 2012 2017... 142 Figure 113: Romanian Personal Accident and Health Insurance Number of Brokers, 2008 2012... 143 Figure 114: Romanian Personal Accident and Health Insurance Number of Brokers, 2012 2017... 144 Figure 115: Romanian Personal Accident and Health Insurance Commission Paid to Other Channels (RON Million), 2008 2012... 145 Figure 116: Romanian Personal Accident and Health Insurance Commission Paid to Other Channels (RON Million), 2012 2017... 146 Figure 117: Romanian Personal Accident and Health Insurance Written Premium Through Other Channels (RON Million), 2008 2012 147 Figure 118: Romanian Personal Accident and Health Insurance Written Premium Through Other Channels (RON Million), 2012 2017 148 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 9

Figure 119: Romanian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), 2008 2012... 149 Figure 120: Romanian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), 2012 2017... 150 Figure 121: Romanian Personal Accident and Health Insurance Number of Distributors in Other Channels, 2008 2012... 151 Figure 122: Romanian Personal Accident and Health Insurance Number of Distributors in Other Channels, 2012 2017... 152 Figure 123: Romanian Personal Accident and Health Insurance Five Forces Analysis... 153 Figure 124: Romanian Premium Ceded to Reinsurance by Category (RON Million), 2008 2017... 158 Figure 125: Romanian Premium Ceded to Reinsurance by Category (Percentage Share), 2012 and 2017... 158 Figure 126: Romanian Reinsurance Dynamics by Category (%), 2008 2017... 159 Figure 127: Romanian Premium Ceded to Reinsurance by Type of Insurance (RON Million), 2008 2017... 162 Figure 128: Romanian Reinsurance Dynamics by Type of Insurance (%), 2008 2017... 162 Figure 129: Romanian Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), 2008 2012... 163 Figure 130: Romanian Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), 2012 2017... 164 Figure 131: Romania Insurance Regulatory Framework... 165 Figure 132: Romania The Three Pillars of Solvency II... 169 Figure 133: Romania Insurance Supervision and Control at Various Levels... 180 Figure 134: Romania Insurance Regulatory Frameworks for Company Registration and Operation... 184 Figure 135: Shares of Key Insurers in the Romanian Personal Accident and Health Insurance Segment (%), 2012... 198 Figure 136: Romania, Bucharest Stock Exchange Market Capitalization (US$ Billion), 2008 2012... 209 Figure 137: Romanian GDP at Constant Prices (US$ Billion), 2008 2012... 210 Figure 138: Romanian GDP Per Capita at Constant Prices (US$), 2008 2012... 211 Figure 139: Romanian GDP at Current Prices (US$ Billion), 2008 2012... 212 Figure 140: Romanian GDP Per Capita at Current Prices (US$), 2008 2012... 213 Figure 141: Romanian GDP by Key Segments (%) 2007 and 2011... 214 Figure 142: Romanian Agriculture Net Output at Current Prices (US$ Billion), 2007 2011... 215 Figure 143: Romanian Agriculture Net Output at Current Prices as a Percentage of GDP (%), 2007 2011... 216 Figure 144: Romanian Manufacturing Net Output at Current Prices (US$ Billion), 2007 2011... 217 Figure 145: Romanian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007 2011... 218 Figure 146: Romanian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007 2011... 219 Figure 147: Romanian Mining, Manufacturing and Utilities Net Output at Current Prices as a percentage of GDP (%), 2007 2011... 220 Figure 148: Romanian Construction Net Output at Current Prices (US$ Billion), 2007 2011... 221 Figure 149: Romanian Construction Output at Current Prices as a Percentage of GDP (%), 2007 2011... 222 Figure 150: Romanian Inflation Rate (%), 2008 2012... 223 Figure 151: Romanian Exports as a Percentage of GDP (%), 2008 2012... 224 Figure 152: Romanian Imports as a Percentage of GDP (%), 2008 2012... 225 Figure 153: Romanian Merchandise Exports Growth (%), 2008 2012... 226 Figure 154: Romanian Merchandise Imports Growth (%), 2008 2012... 227 Figure 155: Romanian Annual Average Exchange Rate US$ RON, 2008 2012... 228 Figure 156: Romanian Commercial Vehicles Exports Total Value (US$ Million), 2007 2011... 229 Figure 157: Romanian Commercial Vehicles Imports Total Value (US$ Million), 2007 2011... 230 Figure 158: Romanian Automotive Exports Total Value (US$ Billion), 2007 2011... 231 Figure 159: Romanian Automotive Imports Total Value (US$ Billion), 2007 2011... 232 Figure 160: Romanian Internet Subscriptions (Millions), 2008 2012... 233 Figure 161: Romanian Size of Labor Force (Million), 2008 2012... 234 Figure 162: Romanian Unemployment Rate (%), 2008 2012... 235 Figure 163: Romanian Gross National Disposable Income (US$ Billion), 2008 2012... 236 Figure 164: Romanian Household Consumption Expenditure (US$ Billion), 2008 2012... 237 Figure 165: Romanian Total Population (Million), 2008 2012... 238 Figure 166: Romanian Urban and Rural Populations (%), 2008 2012... 239 Figure 167: Romanian Population Distribution by Age (%), 2008 2012... 240 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 10

LIST OF TABLES Table 1: Insurance Industry Definitions... 14 Table 2: Romanian Insurance Overall Written Premium by Segment (RON Billion), 2008 2012... 38 Table 3: Romanian Insurance Overall Written Premium by Segment (US$ Billion), 2008 2012... 38 Table 4: Romanian Insurance Overall Written Premium by Segment (RON Billion), 2012 2017... 39 Table 5: Romanian Insurance Overall Written Premium by Segment (US$ Billion), 2012 2017... 39 Table 6: Romanian Insurance Segmentation (Percentage Share), 2008 2017... 41 Table 7: Romanian Personal Accident and Health Insurance Written Premium by Category (RON Million), 2008 2012... 45 Table 8: Romanian Personal Accident and Health Insurance Written Premium by Category (US$ Million), 2008 2012... 45 Table 9: Romanian Personal Accident and Health Insurance Written Premium by Category (RON Million), 2012 2017... 46 Table 10: Romanian Personal Accident and Health Insurance Written Premium by Category (US$ Million), 2012 2017... 46 Table 11: Romanian Personal Accident and Health Insurance Earned Premium (RON Billion), 2008 2012... 49 Table 12: Romanian Personal Accident and Health Insurance Earned Premium (RON Billion), 2012 2017... 50 Table 13: Romanian Personal Accident and Health Insurance Paid Claims by Category (RON Million), 2008 2012... 51 Table 14: Romanian Personal Accident and Health Insurance Paid Claims by Category (US$ Million), 2008 2012... 51 Table 15: Romanian Personal Accident and Health Insurance Paid Claims by Category (RON Million), 2012 2017... 52 Table 16: Romanian Personal Accident and Health Insurance Paid Claims by Category (US$ Million), 2012 2017... 52 Table 17: Romanian Personal Accident and Health Insurance Incurred Loss by Category (RON Million), 2008 2012... 54 Table 18: Romanian Personal Accident and Health Insurance Incurred Loss by Category (US$ Million), 2008 2012... 54 Table 19: Romanian Personal Accident and Health Insurance Incurred Loss by Category (RON Million), 2012 2017... 55 Table 20: Romanian Personal Accident and Health Insurance Incurred Loss by Category (US$ Million), 2012 2017... 55 Table 21: Romanian Personal Accident and Health Insurance Loss Ratio (%), 2008 2012... 57 Table 22: Romanian Personal Accident and Health Insurance Loss Ratio (%), 2012 2017... 58 Table 23: Romanian Personal Accident and Health Insurance Commission and Expenses (RON Million), 2008 2012... 59 Table 24: Romanian Personal Accident and Health Insurance Commission and Expenses (RON Billion), 2012 2017... 60 Table 25: Romanian Personal Accident and Health Insurance Combined Ratio (%), 2008 2012... 61 Table 26: Romanian Personal Accident and Health Insurance Combined Ratio (%), 2012 2017... 62 Table 27: Romanian Personal Accident and Health Insurance Frauds and Crimes (RON Million), 2008 2012... 63 Table 28: Romanian Personal Accident and Health Insurance Frauds and Crimes (RON Million), 2012 2017... 64 Table 29: Romanian Personal Accident and Health Insurance Total Assets (RON Billion), 2008 2012... 65 Table 30: Romanian Personal Accident and Health Insurance Total Assets (RON Billion), 2012 2017... 66 Table 31: Romanian Personal Accident and Health Insurance Total Investment Income (RON Million), 2008 2012... 67 Table 32: Romanian Personal Accident and Health Insurance Total Investment Income (RON Million), 2012 2017... 68 Table 33: Romanian Personal Accident and Health Insurance Retentions (RON Billion), 2008 2012... 69 Table 34: Romanian Personal Accident and Health Insurance Retentions (RON Billion), 2012 2017... 70 Table 35: Romanian Personal Accident Insurance Number of Policies Sold (Thousand), 2008 2012... 76 Table 36: Romanian Personal Accident Insurance Number of Policies Sold (Thousand), 2012 2017... 77 Table 37: Romanian Personal Accident Insurance Written Premium (RON Million), 2008 2012... 78 Table 38: Romanian Personal Accident Insurance Written Premium (RON Billion), 2012 2017... 79 Table 39: Romanian Personal Accident Insurance Loss Ratio (%), 2008 2012... 80 Table 40: Romanian Personal Accident Insurance Loss Ratio (%), 2012 2017... 81 Table 41: Romanian Travel Insurance Number of Policies Sold (Thousand), 2008 2012... 82 Table 42: Romanian Travel Insurance Number of Policies Sold (Thousand), 2012 2017... 83 Table 43: Romanian Travel Insurance Written Premium (RON Million), 2008 2012... 84 Table 44: Romanian Travel Insurance Written Premium (RON Million), 2012 2017... 85 Table 45: Romanian Travel Insurance Loss Ratio (%), 2008 2012... 86 Table 46: Romanian Travel Insurance Loss Ratio (%), 2012 2017... 87 Table 47: Romanian Health Insurance Written Premium by Sub-Category (RON Million), 2008 2012... 88 Table 48: Romanian Health Insurance Written Premium by Sub-Category (US$ Million), 2008 2012... 88 Table 49: Romanian Health Insurance Written Premium by Sub-Category (RON Million), 2012 2017... 89 Table 50: Romanian Health Insurance Written Premium by Sub-Category (US$ Million), 2012 2017... 89 Table 51: Romanian Non-Life Health Insurance Number of Policies Sold (Thousand), 2008 2012... 91 Table 52: Romanian Non-Life Health Insurance Number of Policies Sold (Thousand), 2012 2017... 92 Table 53: Romanian Non-Life Health Insurance Written Premium (RON Million), 2008 2012... 93 Table 54: Romanian Non-Life Health Insurance Written Premium (RON Million), 2012 2017... 94 Table 55: Romanian Non-Life Health Insurance Loss Ratio (%), 2008 2012... 95 Table 56: Romanian Non-Life Health Insurance Loss Ratio (%), 2012 2017... 96 Table 57: Romanian Life Health Insurance Number of Policies Sold (Thousand), 2008 2012... 97 Table 58: Romanian Life Health Insurance Number of Policies Sold (Thousand), 2012 2017... 98 Table 59: Romanian Life Health Insurance Written Premium (RON Million), 2008 2012... 99 Table 60: Romanian Life Health Insurance Written Premium (RON Million), 2012 2017... 100 Table 61: Romanian Life Health Insurance Loss Ratio (%), 2008 2012... 101 Table 62: Romanian Life Health Insurance Loss Ratio (%), 2012 2017... 102 Table 63: Romanian Personal Accident and Health Insurance Direct Marketing Commission Paid (RON Million), 2008 2012... 105 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 11

Table 64: Romanian Personal Accident and Health Insurance Direct Marketing Commission Paid (RON Million), 2012 2017... 106 Table 65: Romanian Personal Accident and Health Insurance Written Premium Through Direct Marketing (RON Million), 2008 2012.. 107 Table 66: Romanian Personal Accident and Health Insurance Written Premium Through Direct Marketing (RON Million), 2012 2017.. 108 Table 67: Romanian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), 2008 2012... 109 Table 68: Romanian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), 2012 2017... 110 Table 69: Romanian Personal Accident and Health Insurance Number of Direct Marketing Distributors, 2008 2012... 111 Table 70: Romanian Personal Accident and Health Insurance Number of Direct Marketing Distributors, 2012 2017... 112 Table 71: Romanian Personal Accident and Health Insurance Bancassurance Commission Paid (RON Million), 2008 2012... 113 Table 72: Romanian Personal Accident and Health Insurance Bancassurance Commission Paid (RON Million), 2012 2017... 114 Table 73: Romanian Personal Accident and Health Insurance Written Premium Through Bancassurance (RON Million), 2008 2012... 115 Table 74: Romanian Personal Accident and Health Insurance Written Premium Through Bancassurance (RON Million), 2012 2017... 116 Table 75: Romanian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), 2008 2012... 117 Table 76: Romanian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), 2012 2017... 118 Table 77: Romanian Personal Accident and Health Insurance Number of Bancassurance Distributors, 2008 2012... 119 Table 78: Romanian Personal Accident and Health Insurance Number of Bancassurance Distributors, 2012 2017... 120 Table 79: Romanian Personal Accident and Health Insurance Commission Paid to Agencies (RON Million), 2008 2012... 121 Table 80: Romanian Personal Accident and Health Insurance Commission Paid to Agencies (RON Million), 2012 2017... 122 Table 81: Romanian Personal Accident and Health Insurance Written Premium Through Agencies (RON Million), 2008 2012... 123 Table 82: Romanian Personal Accident and Health Insurance Written Premium Through Agencies (RON Billion), 2012 2017... 124 Table 83: Romanian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), 2008 2012... 125 Table 84: Romanian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), 2012 2017... 126 Table 85: Romanian Personal Accident and Health Insurance Number of Agencies, 2008 2012... 127 Table 86: Romanian Personal Accident and Health Insurance Number of Agencies, 2012 2017... 128 Table 87: Romanian Personal Accident and Health Insurance E-Commerce Commission Paid (RON Million), 2008 2012... 129 Table 88: Romanian Personal Accident and Health Insurance E-Commerce Commission Paid (RON Million), 2012 2017... 130 Table 89: Romanian Personal Accident and Health Insurance Written Premium Through E-Commerce (RON Million), 2008 2012... 131 Table 90: Romanian Personal Accident and Health Insurance Written Premium Through E-Commerce (RON Million), 2012 2017... 132 Table 91: Romanian Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), 2008 2012... 133 Table 92: Romanian Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), 2012 2017... 134 Table 93: Romanian Personal Accident and Health Insurance Number of E-Commerce Distributors, 2008 2012... 135 Table 94: Romanian Personal Accident and Health Insurance Number of E-Commerce Distributors, 2012 2017... 136 Table 95: Romanian Personal Accident and Health Insurance Commission Paid to Brokers (RON Million), 2008 2012... 137 Table 96: Romanian Personal Accident and Health Insurance Commission Paid to Brokers (RON Million), 2012 2017... 138 Table 97: Romanian Personal Accident and Health Insurance Written Premium Through Brokers (RON Million), 2008 2012... 139 Table 98: Romanian Personal Accident and Health Insurance Written Premium Through Brokers (RON Billion), 2012 2017... 140 Table 99: Romanian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), 2008 2012... 141 Table 100: Romanian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), 2012 2017... 142 Table 101: Romanian Personal Accident and Health Insurance Number of Brokers, 2008 2012... 143 Table 102: Romanian Personal Accident and Health Insurance Number of Brokers, 2012 2017... 144 Table 103: Romanian Personal Accident and Health Insurance Commission Paid to Other Channels (RON Million), 2008 2012... 145 Table 104: Romanian Personal Accident and Health Insurance Commission Paid to Other Channels (RON Million), 2012 2017... 146 Table 105: Romanian Personal Accident and Health Insurance Written Premium Through Other Channels (RON Million), 2008 2012. 147 Table 106: Romanian Personal Accident and Health Insurance Written Premium Through Other Channels (RON Million), 2012 2017. 148 Table 107: Romanian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), 2008 2012... 149 Table 108: Romanian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), 2012 2017... 150 Table 109: Romanian Personal Accident and Health Insurance Number of Distributors in Other Channels, 2008 2012... 151 Table 110: Romanian Personal Accident and Health Insurance Number of Distributors in Other Channels, 2012 2017... 152 Table 111: Reinsurance in Romania by Category (RON Million), 2008 2012... 156 Table 112: Reinsurance in Romania by Category (US$ Million), 2008 2012... 156 Table 113: Reinsurance in Romania by Category (RON Million), 2012 2017... 157 Table 114: Reinsurance in Romania by Category (US$ Million), 2012 2017... 157 Table 115: Romanian Premium Ceded to Reinsurance by Type of Insurance (RON Million), 2008 2012... 160 Table 116: Romanian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2008 2012... 160 Table 117: Romanian Premium Ceded to Reinsurance by Type of Insurance (RON Million), 2012 2017... 161 Table 118: Romanian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2012 2017... 161 Table 119: Romanian Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), 2008 2012... 163 Table 120: Romanian Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), 2012 2017... 164 Table 121: Romania Life Insurance Regulatory Framework... 170 Table 122: Romania Property Insurance Regulatory Framework... 171 Table 123: Romania Motor Insurance Regulatory Framework... 173 Table 124: Romania Corporate Taxes for Financial Year 2013... 193 Table 125: Shares of Key Insurers in the Romanian Personal Accident and Health Insurance Segment (%), 2012... 198 Table 126: Astra SA, Key Facts... 199 Table 127: Alico Asigurari Romania SA, Key Facts... 200 Table 128: Allianz-Tiriac Asigurari SA, Key Facts... 201 Table 129: Generali Romania SA, Key Facts... 202 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 12

Table 130: Credit Europe Asigurari-Reasigurari SA, Key Facts... 203 Table 131: Omniasig VIG, Key Facts... 204 Table 132: BCR Asigurari de Viata Vienna Insurance Group SA, Key Facts... 205 Table 133: Eureko Asigurari SA, Key Facts... 206 Table 134: Signal Iduna Asigurari de Viata SA, Key Facts... 207 Table 135: Axa Life Insurance SA, Key Facts... 208 Personal Accident and Health Insurance in Romania, Key Trends and Opportunities to 2017 Page 13

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 2008 2012 and the forecast period is 2012 2017. 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

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, e-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

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