Introduction

This report is most appropriate for companies looking for an overview of the life insurance and pensions markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor's European Life and Pensions Interactive Database 2006.

Scope

Presents competitor market data for life insurance and pensions companies. Assesses regulatory barriers and opportunities. 5 years historic data from 2001-5 and 5 year forecast to 2010.

Highlights

Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance.

Reasons to Purchase

Get an overview of the life and pensions market, including past growth and forecast growth. Assess regulatory barriers and opportunities affecting life insurance and pensions in this country. Analyze competition from life insurance companies.

Overview 1
Catalyst 1
Summary 1
Executive Summary 2
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% 2
The Romanian life and pensions market expanded by a compound annual rate of 30.3% between 2002 and 2004 2
Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance 2
The market has been successful in implementing legislation to adjust to Romania's 2007 EU accession 2
Over a third of the Romanian insurance market consists of composite firms 2
The majority of leading players are owned by foreign firms 2
Table of Contents 3
Table of figures 4
Table of tables 5
MARKET OVERVIEW 6
The Romanian life and pensions market expanded by a compound annual rate of 30.3% between 2002 and 2004 6
The Romanian life and pensions market experienced compound annual growth of 30.3% between 2002 and 2004 6
Premium income from non unit-linked insurance has increased significantly since 2002 8
MARKET FORECASTS 10
Growth in premium income is set to increase between 2006 and 2010, with pensions growing faster than life insurance 10
Over the next 5 years, premium income is set to grow at a compound annual rate of 50.7% 10
MARKET REGULATION 12
The market has been successful in implementing legislation to adjust to Romania's 2007 EU accession 12
The Insurance Supervision Agency regulates the life and pensions sector in Romania 12
The National Association of Insurance encourages national and international cooperation between insurance companies and associations 13
Since 2005 Romania has drawn up legislation to adapt the insurance sector regulations to EU standards 13
The EU Directive on Institutions for Occupational Retirement Provision has led Romania to establish occupational pension schemes as a third pillar 14
The Insurance Mediation Directive has created a single market for insurance in Europe 14
Romania has recently launched a financial sector modernization program 15
COMPETITIVE MARKET STRUCTURE 16
Over a third of the Romanian insurance market consists of composite firms 16
36% of insurance firms sell both life and non-life insurance 16
The top 5 life and pensions insurers control 67% of the market by gross premium income 17
MARKET LEADERS 19
The majority of leading players are owned by foreign firms 19
ING Asigurari de Viata is the life insurance market leader, based on premium income in 2005 19
AIG Life Romania is the second largest player in the life insurance sector 19
Asirom ranks third among life insurance companies in Romania 20
Allianz Tiriac is the fourth highest ranked life insurer 20
Omniasig Asigurari de Viatais ranks fifth by premium income 20
APPENDIX 21
Definitions 21
Capital redemption policy / bond 21
Composite insurer 21
Defined contribution pension scheme 21
Defined benefits pension scheme 21
Group policy 21
Individual pension scheme 21
Individual policy 21
Life assurance 21
Occupational pension scheme 22
Pension insurance policy 22
Premium income 22
Regular premium 22
Single premium 22
Technical provisions 22
Traditional insurance 22
Unit-linked insurance 22
Further reading 22
Interactive Databases 22
Reports and Briefs 23
Ask the analyst 24
Datamonitor consulting 24
Disclaimer 24
List of Tables
Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005 7
Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005 7
Table 3: Life and pensions insurance premium income, segmented by investment risk, EURm, 2002-2005 8
Table 4: Life and pensions insurance premium income, segmented by investment risk, in percentages, 2002-2005 9
Table 5: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010 11
Table 6: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010 11
Table 7: Number of insurance providers segmented by type, as at Dec 2005 17
Table 8: Top 5 life and pensions insurers by premium income, as at Dec 2005 18
List of Figures
Figure 1: Life insurance premiums accounted for 98% of total premium income in 2004 6
Figure 2: Premium income from non unit-linked insurance has increased significantly since 2002 8
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 10
Figure 4: 36% of Romanian insurance firms sell both life and non-life insurance 16
Figure 5: The top 5 life and pensions insurers control 67% of the market, by premium income 17