New Financial Services market report from Business Monitor International: "Romania Insurance Report Q3 2014"
Boston, MA -- (SBWIRE) -- 07/24/2014 -- 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.
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As of mid-2014, the overall impression of Romania's insurance sector is one of resilience. Some countries in Central and Eastern Europe have suffered double-digit drops in non-life premiums. Others have endured similar contractions in their life segments. Romania does not fall into either category. In short, the insurance sector has withstood a number of challenges, including the softness of the overall economy and sales of cars in particular.
As was the case in 2012, voluntary motor hull insurance (CASCO) premiums fell in 2013. However, this appears to have been offset by growth in compulsory motorists' third-party liability (CMTPL) and other, smaller lines. Competitive pressures in motor-related lines have increased.
VIG and Allianz, the two leading (composite) multi-national groups who regularly provide details of their operations in Romania, indicated they...
The Romania Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Romania Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Romanian insurance industry.
- Benchmark BMI's independent insurance industry forecasts for Romania to test other views - a key input for successful budgeting and strategic business planning in Romania's insurance market.
- Target business opportunities and risks in Romania through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
BMI Industry View
Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
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