Monday, 24 June 2013

Study Report on Personal Accident and Health Insurance in Romania


Synopsis

The report provides in depth market analysis, information and insights into the Romanian personal accident and health insurance segment, including:

  • The Romanian personal accident and health insurance market’s growth prospects by insurance categories
  • Key trends and drivers for the personal accident and health insurance segment
  • The various distribution channels in the Romanian personal accident and health insurance segment
  • Detailed competitive landscape in the personal accident and health insurance segment in Romania
  • A description of the personal accident and health reinsurance segment in Romania
  • Porter's Five Forces Analysis of the personal accident and health insurance segment


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Executive summary

The Romanian personal accident and health insurance segment is small in terms of the total Romanian insurance industry’s gross written premium in 2012. Negative automotive output, global financial troubles and sovereign debt crises in the EU had an impact on the overall growth of the segment. Despite these limiting factors, the segment demonstrated significant growth during the review period. Innovative product strategies by insurers, rising healthcare expenditure and a favorable regulatory framework contributed to this growth.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance market in Romania:

  • It provides historical values for Romania's personal accident and health insurance market for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
  • It offers a detailed analysis of the key sub-segments in Romania's personal accident and health insurance market, along with market forecasts until 2017
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
  • It analyses the various distribution channels for personal accident and health insurance products in Romania
  • Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Romania for the personal accident and health insurance business
  • It provides a detailed analysis of the reinsurance market in Romania and its growth prospects
  • It profiles the top personal accident and health insurance companies in Romania and outlines the key regulations affecting them

Reasons to buy

  • Make strategic business decisions using historic and forecast market data related to the Romanian personal accident and health insurance market and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Romanian personal accident and health insurance market
  • Assess the competitive dynamics in the personal accident and health insurance market, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Romanian insurance market and its impact on companies and the market's future

Key highlights

  • The Romanian personal accident and health insurance segment is small, accounting for just 2.3% of the total Romanian insurance industry’s gross written premium in 2012.
  • Favorable demographic factors such as increased life expectancy and a growing urban population are expected to improve consumer confidence in, and accelerate demand for, health and travel insurance products over the forecast period.
  • The Romanian government introduced the health insurance card in January 2013, which all Romanians aged over 18 years are expected to maintain.
  • The implementation of Solvency II is likely to have little impact in Romania, as the industry consists primarily of smaller insurance providers which are expected to take quick measures to comply with its requirements.
  • Consumer awareness plays a critical role in the development of the insurance industry and has been a key focus of the National Association of the Insurance and Reinsurance Companies (UNSAR).


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