ASF's Golovatic: Mandatory, optional car insurance represent 67pct of total insurance market in Romania

Mandatory car insurance (RCA) and optional car insurance (CASCO) represent 67pct of the total insurance market in Romania, Florin Golovatic, director in the Financial Supervisory Authority (ASF) told a Thursday's specialized conference. 

"We know very well that this insurance segment is an important pillar of the insurance industry in any country. In the latest Consumer Trends report, made by EIOPA [European Insurance and Occupational Pensions Authority], it is mentioned that for auto insurance, both the RCA type, as well as the other types, such as CASCO, the increasing trend regarding the volume of subscribed premiums was kept. Thus, in 2017 compared to 2016, at European level, there was a leap on the mandatory insurance in 24 of the states of the European Union, while in terms of non-RCA insurance, there were increases in 21 member states. In Romania, these represent 75pct of non-RCA insurance and about 67pct of the total market in Romania, so clearly a very important component. In Europe, about 20pct of the insurance market intermediaries mentioned that they use Big Data Analytics solutions, compared to 59pct of companies insurance companies who have said they already use such solutions," Golovatic said. 

The ASF representative added that, regarding the degree of customer satisfaction with the insurers, it is close to 50pct.