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

Published: May, 2014 | Pages: 243 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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 segment'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
The detailed competitive landscape in the personal accident and health insurance segment in Romania
Detailed regulatory policies of the Romanian insurance industry
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
A benchmarking section on the Romanian life insurance segment in comparison with other countries in the Central and Eastern European Region 

Summary
The personal accident and health segment is the smallest in the country's insurance industry, accounting for 4.8% of the gross written premium in 2012. Despite Romania being adversely affected by the global financial crisis of 2008, and its GDP declining in 2009 and 2010, the personal accident and health segment's gross written premium increased during the review period, at a review-period CAGR of 23.9%. The personal accident category's gross written premium increased during the review period. A key reason for the increase in the demand for personal accident insurance is the high incidence of road accidents in the country. 
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Romania:
It provides historical values for the Romanian personal accident and health insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key sub-segments in Romanian personal accident and health insurance segment, 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 segment.
It provides a detailed analysis of the reinsurance segment 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. 
Reason To Buy
 Make strategic business decisions using in depth historic and forecast market data related to the Romanian personal accident and health insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Romanian personal accident and health insurance segment
Assess the competitive dynamics in the personal accident and health insurance segment, 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 segment and its impact on companies and the market's future 
Key Highlights
 The personal accident and health segment is the smallest in the country's insurance industry, accounting for 4.8% of the gross written premium in 2012.
Although healthcare is dominated by the free public system funded by the national health insurance fund, the poor quality of service provided is driving an increasing number of Romanians taking out private healthcare insurance.
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.
The personal accident and health segment is highly concentrated, with the 10 leading insurers accounting for 87.8% of the segment's written premium in 2012.
Merger and acquisition (M&A) activity had an impact on the industry's structure and changed the competitive landscape.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regiol Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Persol Accident and Health Insurance - Regiol Benchmarking
4.1 Scale and Penetration
4.1.1 Total market gross written premium
4.1.2 Premium per capita
4.1.3 Persol accident and health insurance penetration
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution Channels
4.4.1 Direct marketing
4.4.2 E-commerce
4.4.3 Brokers
4.4.4 Bancassurance
4.4.5 Agencies
5 Romanian Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
6 Persol Accident and Health Insurance Segment Outlook
6.1 Persol Accident and Health Insurance Growth Prospects by Category
6.1.1 Persol accident insurance
6.1.2 Travel insurance
6.1.3 Health insurance
6.1.4 Non-life health insurance
6.1.5 Life health insurance
7 Alysis by Distribution Channels
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
7.6 Other Channels
8 Porter's Five Forces Alysis - Romanian Persol Accident and Health Insurance
8.1 Bargaining Power of Suppliers: Low
8.2 Bargaining Power of Buyers: Medium to High
8.3 Barriers to Entry: Low
8.4 Intensity of Rivalry: Medium to High
8.5 Threat of Substitutes: Low to Medium
9 Reinsurance Growth Dymics and Challenges
9.1 Reinsurance Segment Size, 2008-2017
9.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
10 Governce, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Legislation and Market Practice by Type of Insurance
10.2.1 Life insurance
10.2.2 Property insurance
10.2.3 Motor insurance
10.2.4 Marine, aviation and transit insurance
10.2.5 Persol accident and health insurance
10.3 Compulsory Insurance
10.3.1 Motor third-party liability insurance
10.3.2 Insurance of dwellings against earthquakes, landslides and flooding
10.3.3 Nuclear liability insurance
10.3.4 Social security insurance
10.4 Supervision and Control
10.4.1 Intertiol Association of Insurance Supervisors
10.4.2 European Insurance and Occupatiol Pensions Authority
10.4.3 Insurance Supervisory Commission
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and pelties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Altertive dispute resolution (ADR)
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in the Romanian Persol Accident and Health Segment
11.3 Astra SA - Company Overview
11.3.1 Astra SA - key facts
11.4 Alico Asigurari Romania SA - Company Overview
11.4.1 Alico Asigurari Romania SA - key facts
11.5 Allianz-Tiriac Asigurari SA - Company Overview
11.5.1 Allianz-Tiriac Asigurari SA - key facts
11.6 Generali Romania SA - Company Overview
11.6.1 Generali Romania SA - key facts
11.7 Credit Europe Asigurari-Reasigurari SA - Company Overview
11.7.1 Credit Europe Asigurari-Reasigurari SA - key facts
11.8 Omniasig VIG - Company Overview
11.8.1 Omniasig VIG - key facts
11.9 BCR Asigurari de Viata Vien Insurance Group SA - Company Overview
11.9.1 BCR Asigurari de Viata Vien Insurance Group SA - key facts
11.1 Eureko Asigurari SA - Company Overview
11.10.1 Eureko Asigurari SA - key facts
11.11 Sigl Idu Asigurari de Viata SA - Company Overview
11.11.1 Sigl Idu Asigurari de Viata SA - key facts
11.12 Axa Life Insurance SA - Company Overview
11.12.1 Axa Life Insurance SA - key facts
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend - Bucharest Stock Exchange, Romania
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US$)
12.2.3 GDP at current prices (US$)
12.2.4 GDP per capita at current prices (US$)
12.2.5 GDP by key segments
12.2.6 Agriculture net output at current prices (US$)
12.2.7 Agriculture net output at current prices as a percentage of GDP
12.2.8 Manufacturing net output at current prices (US$)
12.2.9 Manufacturing net output at current prices as a percentage of GDP
12.2.10 Mining, manufacturing and utilities at current prices (US$)
12.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
12.2.12 Construction net output at current prices, (US$)
12.2.13 Construction net output at current prices as a percentage of GDP
12.2.14 Inflation rate
12.2.15 Exports as a percentage of GDP
12.2.16 Imports as a percentage of GDP
12.2.17 Merchandise exports growth
12.2.18 Merchandise imports growth
12.2.19 Annual average exchange rate EUR-US$
12.3 Infrastructure
12.3.1 Commercial vehicles exports - total value
12.3.2 Commercial vehicles imports - total value
12.3.3 Automotive exports - total value
12.3.4 Automotive imports - total value
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.4.2 Unemployment rate
12.5 Demographics
12.5.1 Gross tiol disposable income (US$)
12.5.2 Household consumption expenditure (US$)
12.5.3 Total population
12.5.4 Urban and rural populations
12.5.5 Age distribution of the total population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric's Services
13.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Romanian Insurance - Overall Written Premium by Segment (RON Billion), 2008-2012
Table 3: Romanian Insurance - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 4: Romanian Insurance - Overall Written Premium by Segment (RON Billion), 2012-2017
Table 5: Romanian Insurance - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 6: Romanian Insurance - Segmentation (Percentage Share), 2008-2017
Table 7: Romanian Persol Accident and Health Insurance - Written Premium by Category (RON Million), 2008-2012
Table 8: Romanian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 9: Romanian Persol Accident and Health Insurance - Written Premium by Category (RON Million), 2012-2017
Table 10: Romanian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 11: Romanian Persol Accident and Health Insurance - Earned Premium (RON Billion), 2008-2012
Table 12: Romanian Persol Accident and Health Insurance - Earned Premium (RON Billion), 2012-2017
Table 13: Romanian Persol Accident and Health Insurance - Paid Claims by Category (RON Million), 2008-2012
Table 14: Romanian Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2008-2012
Table 15: Romanian Persol Accident and Health Insurance - Paid Claims by Category (RON Million), 2012-2017
Table 16: Romanian Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2012-2017
Table 17: Romanian Persol Accident and Health Insurance - Incurred Loss by Category (RON Million), 2008-2012
Table 18: Romanian Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2008-2012
Table 19: Romanian Persol Accident and Health Insurance - Incurred Loss by Category (RON Million), 2012-2017
Table 20: Romanian Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2012-2017
Table 21: Romanian Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 22: Romanian Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 23: Romanian Persol Accident and Health Insurance - Commission and Expenses (RON Million), 2008-2012
Table 24: Romanian Persol Accident and Health Insurance - Commission and Expenses (RON Billion), 2012-2017
Table 25: Romanian Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 26: Romanian Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 27: Romanian Persol Accident and Health Insurance - Frauds and Crimes (RON Million), 2008-2012
Table 28: Romanian Persol Accident and Health Insurance - Frauds and Crimes (RON Million), 2012-2017
Table 29: Romanian Persol Accident and Health Insurance - Total Assets (RON Billion), 2008-2012
Table 30: Romanian Persol Accident and Health Insurance - Total Assets (RON Billion), 2012-2017
Table 31: Romanian Persol Accident and Health Insurance - Total Investment Income (RON Million), 2008-2012
Table 32: Romanian Persol Accident and Health Insurance - Total Investment Income (RON Million), 2012-2017
Table 33: Romanian Persol Accident and Health Insurance - Retentions (RON Billion), 2008-2012
Table 34: Romanian Persol Accident and Health Insurance - Retentions (RON Billion), 2012-2017
Table 35: Romanian Persol Accident Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 36: Romanian Persol Accident Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 37: Romanian Persol Accident Insurance - Written Premium (RON Million), 2008-2012
Table 38: Romanian Persol Accident Insurance - Written Premium (RON Billion), 2012-2017
Table 39: Romanian Persol Accident Insurance - Loss Ratio (%), 2008-2012
Table 40: Romanian Persol Accident Insurance - Loss Ratio (%), 2012-2017
Table 41: Romanian Travel Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 42: Romanian Travel Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 43: Romanian Travel Insurance - Written Premium (RON Million), 2008-2012
Table 44: Romanian Travel Insurance - Written Premium (RON Million), 2012-2017
Table 45: Romanian Travel Insurance - Loss Ratio (%), 2008-2012
Table 46: Romanian Travel Insurance - Loss Ratio (%), 2012-2017
Table 47: Romanian Health Insurance - Written Premium by Sub-Category (RON Million), 2008-2012
Table 48: Romanian Health Insurance - Written Premium by Sub-Category (US$ Million), 2008-2012
Table 49: Romanian Health Insurance - Written Premium by Sub-Category (RON Million), 2012-2017
Table 50: Romanian Health Insurance - Written Premium by Sub-Category (US$ Million), 2012-2017
Table 51: Romanian Non-Life Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 52: Romanian Non-Life Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 53: Romanian Non-Life Health Insurance - Written Premium (RON Million), 2008-2012
Table 54: Romanian Non-Life Health Insurance - Written Premium (RON Million), 2012-2017
Table 55: Romanian Non-Life Health Insurance - Loss Ratio (%), 2008-2012
Table 56: Romanian Non-Life Health Insurance - Loss Ratio (%), 2012-2017
Table 57: Romanian Life Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 58: Romanian Life Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 59: Romanian Life Health Insurance - Written Premium (RON Million), 2008-2012
Table 60: Romanian Life Health Insurance - Written Premium (RON Million), 2012-2017
Table 61: Romanian Life Health Insurance - Loss Ratio (%), 2008-2012
Table 62: Romanian Life Health Insurance - Loss Ratio (%), 2012-2017
Table 63: Romanian Persol Accident and Health Insurance - Direct Marketing Commission Paid (RON Million), 2008-2012
Table 64: Romanian Persol Accident and Health Insurance - Direct Marketing Commission Paid (RON Million), 2012-2017
Table 65: Romanian Persol Accident and Health Insurance - Written Premium Through Direct Marketing (RON Million), 2008-2012
Table 66: Romanian Persol Accident and Health Insurance - Written Premium Through Direct Marketing (RON Million), 2012-2017
Table 67: Romanian Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 68: Romanian Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 69: Romanian Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 70: Romanian Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 71: Romanian Persol Accident and Health Insurance - Bancassurance Commission Paid (RON Million), 2008-2012
Table 72: Romanian Persol Accident and Health Insurance - Bancassurance Commission Paid (RON Million), 2012-2017
Table 73: Romanian Persol Accident and Health Insurance - Written Premium Through Bancassurance (RON Million), 2008-2012
Table 74: Romanian Persol Accident and Health Insurance - Written Premium Through Bancassurance (RON Million), 2012-2017
Table 75: Romanian Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 76: Romanian Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 77: Romanian Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2008-2012
Table 78: Romanian Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2012-2017
Table 79: Romanian Persol Accident and Health Insurance - Commission Paid to Agencies (RON Million), 2008-2012
Table 80: Romanian Persol Accident and Health Insurance - Commission Paid to Agencies (RON Million), 2012-2017
Table 81: Romanian Persol Accident and Health Insurance - Written Premium Through Agencies (RON Million), 2008-2012
Table 82: Romanian Persol Accident and Health Insurance - Written Premium Through Agencies (RON Billion), 2012-2017
Table 83: Romanian Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2008-2012
Table 84: Romanian Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2012-2017
Table 85: Romanian Persol Accident and Health Insurance - Number of Agencies, 2008-2012
Table 86: Romanian Persol Accident and Health Insurance - Number of Agencies, 2012-2017
Table 87: Romanian Persol Accident and Health Insurance - E-Commerce Commission Paid (RON Million), 2008-2012
Table 88: Romanian Persol Accident and Health Insurance - E-Commerce Commission Paid (RON Million), 2012-2017
Table 89: Romanian Persol Accident and Health Insurance - Written Premium Through E-Commerce (RON Million), 2008-2012
Table 90: Romanian Persol Accident and Health Insurance - Written Premium Through E-Commerce (RON Million), 2012-2017
Table 91: Romanian Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 92: Romanian Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 93: Romanian Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2008-2012
Table 94: Romanian Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2012-2017
Table 95: Romanian Persol Accident and Health Insurance - Commission Paid to Brokers (RON Million), 2008-2012
Table 96: Romanian Persol Accident and Health Insurance - Commission Paid to Brokers (RON Million), 2012-2017
Table 97: Romanian Persol Accident and Health Insurance - Written Premium Through Brokers (RON Million), 2008-2012
Table 98: Romanian Persol Accident and Health Insurance - Written Premium Through Brokers (RON Billion), 2012-2017
Table 99: Romanian Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2008-2012
Table 100: Romanian Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2012-2017
Table 101: Romanian Persol Accident and Health Insurance - Number of Brokers, 2008-2012
Table 102: Romanian Persol Accident and Health Insurance - Number of Brokers, 2012-2017
Table 103: Romanian Persol Accident and Health Insurance - Commission Paid to Other Channels (RON Million), 2008-2012
Table 104: Romanian Persol Accident and Health Insurance - Commission Paid to Other Channels (RON Million), 2012-2017
Table 105: Romanian Persol Accident and Health Insurance - Written Premium Through Other Channels (RON Million), 2008-2012
Table 106: Romanian Persol Accident and Health Insurance - Written Premium Through Other Channels (RON Million), 2012-2017
Table 107: Romanian Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2008-2012
Table 108: Romanian Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2012-2017
Table 109: Romanian Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2008-2012
Table 110: Romanian Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2012-2017
Table 111: Reinsurance in Romania by Category (RON Million), 2008-2012
Table 112: Reinsurance in Romania by Category (US$ Million), 2008-2012
Table 113: Reinsurance in Romania by Category (RON Million), 2012-2017
Table 114: Reinsurance in Romania by Category (US$ Million), 2012-2017
Table 115: Romanian Premium Ceded to Reinsurance by Type of Insurance (RON Million), 2008-2012
Table 116: Romanian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2008-2012
Table 117: Romanian Premium Ceded to Reinsurance by Type of Insurance (RON Million), 2012-2017
Table 118: Romanian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2012-2017
Table 119: Romanian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 120: Romanian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 121: Romania - Life Insurance Regulatory Framework
Table 122: Romania - Property Insurance Regulatory Framework
Table 123: Romania - Motor Insurance Regulatory Framework
Table 124: Romania- Corporate Taxes for Fincial Year 2013
Table 125: Shares of Key Insurers in the Romanian Persol Accident and Health Insurance Segment (%), 2012
Table 126: Astra SA, Key Facts
Table 127: Alico Asigurari Romania SA, Key Facts
Table 128: Allianz-Tiriac Asigurari SA, Key Facts
Table 129: Generali Romania SA, Key Facts
Table 130: Credit Europe Asigurari-Reasigurari SA, Key Facts
Table 131: Omniasig VIG , Key Facts
Table 132: BCR Asigurari de Viata Vien Insurance Group SA, Key Facts
Table 133: Eureko Asigurari SA, Key Facts
Table 134: Sigl Idu Asigurari de Viata SA, Key Facts
Table 135: Axa Life Insurance SA, Key Facts