As of mid-2014, there are signs that profitability is improving for at least some of the leading players in Romania's insurance sector, where conditions have been challenging since before 2013. In essence, the majors are adapting to irrational competition in the motor vehicle insurance sub-sector (and in particular, in relation to voluntary motor hull insurance, or CASCO) and low organic growth across most lines (including life insurance). The major s are doing this by combining their operations in Romania in order to maximise synergies, realigning portfolios of business and , in some cases , reconsidering whether or not they want to remain in the country. Looking forward, we think that overall conditions will remain difficult for most players, and that there will be further significant changes to the modus operandi of the leading companies, and to the overall competitive landscape. Nevertheless, we stress that the relative size and strength of the local subsidiaries of world class multinationals means that it is still reasonable to describe Romania's insurance sector as being resilient.