Market Guide: Life Insurance and Pensions in Romania 2006

Table of Contents

• Overview
  • Catalyst
  • Summary
• Executive Summary
  • Following compound annual growth of 30.3% from 2002 to 2004, between 2006 and 2010, growth in the Romanian life and pensions market is set to increase to 50.7%
    • The Romanian life and pensions market expanded by a compound annual rate of 30.3% between 2002 and 2004
    • Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance
    • The market has been successful in implementing legislation to adjust to Romania' s 2007 EU accession
    • Over a third of the Romanian insurance market consists of composite firms
    • The majority of leading players are owned by foreign firms
• Table of Contents
• Table of figures
• Table of tables
• MARKET OVERVIEW
  • The Romanian life and pensions market expanded by a compound annual rate of 30.3% between 2002 and 2004
    • The Romanian life and pensions market experienced compound annual growth of 30.3% between 2002 and 2004
    • Premium income from non unit-linked insurance has increased significantly since 2002
• MARKET FORECASTS
  • Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance
    • Over the next 5 years, premium income is set to grow at a compound annual rate of 50.7%
• MARKET REGULATION
  • The market has been successful in implementing legislation to adjust to Romania' s 2007 EU accession
    • The Insurance Supervision Agency regulates the life and pensions sector in Romania
    • The National Association of Insurance encourages national and international cooperation between insurance companies and associations
    • Since 2005 Romania has drawn up legislation to adapt the insurance sector regulations to EU standards
    • The EU Directive on Institutions for Occupational Retirement Provision has led Romania to establish occupational pension schemes as a third pillar
    • The Insurance Mediation Directive has created a single market for insurance in Europe
    • Romania has recently launched a financial sector modernization program
• COMPETITIVE MARKET STRUCTURE
  • Over a third of the Romanian insurance market consists of composite firms
    • 36% of insurance firms sell both life and non-life insurance
    • The top 5 life and pensions insurers control 67% of the market by gross premium income
• MARKET LEADERS
  • The majority of leading players are owned by foreign firms
    • ING Asigurari de Viata is the life insurance market leader, based on premium income in 2005
    • AIG Life Romania is the second largest player in the life insurance sector
    • Asirom ranks third among life insurance companies in Romania
    • Allianz Tiriac is the fourth highest ranked life insurer
    • Omniasig Asigurari de Viatais ranks fifth by premium income
• APPENDIX
  • Definitions
    • Capital redemption policy / bond
    • Composite insurer
    • Defined contribution pension scheme
    • Defined benefits pension scheme
    • Group Policy
    • Individual pension scheme
    • Individual policy
    • Life assurance
    • Occupational pension scheme
    • Pension insurance policy
    • Premium income
    • Regular premium
    • Single premium
    • Technical provisions
    • Traditional insurance
    • Unit-linked insurance
  • Further reading
    • Interactive Databases
    • Reports and Briefs
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005
    • Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005
    • Table 3: Life and pensions insurance premium income, segmented by investment risk, EURm, 2002-2005
    • Table 4: Life and pensions insurance premium income, segmented by investment risk, in percentages, 2002-2005
    • Table 5: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010
    • Table 6: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010
    • Table 7: Number of insurance providers segmented by type, as at Dec 2005
    • Table 8: Top 5 life and pensions insurers by premium income, as at Dec 2005
  • List of Figures
    • Figure 1: Life insurance premiums accounted for 98% of total premium income in 2004
    • Figure 2: Premium income from non unit-linked insurance has increased significantly since 2002
    • Figure 3: Over the next 5 years, premium income is set to grow at a compound annual rate of 50.7%, compared to 30.3% growth between 2002 and 2004
    • Figure 4: 36% of Romanian insurance firms sell both life and non-life insurance
    • Figure 5: The top 5 life and pensions insurers control 67% of the market, by premium income