The number of the insurance companies from the EU that have notified the Insurance Supervisory Commission (CSA) on their intention to operate on the Romanian market has amounted to 226.Since Romania joined the EU (1 January 2007), the insurers from the EU have the right to enter the local market through the mere notification of CSA, on the basis of free movement of services.
The insurers from the EU can also open subsidiaries in Romania Thus, Coface (Austria), AIG Europe (France), Cardif Assurance Vie (France), Cardif Assurances Risques Divers (France), Euler Hermes (Germany), QBE Insurance Europe (Great Britain) and Medicover Forsakrings (Sweden) have entered the local market.
According to the latest data with CSA, out of the companies that want to sell insurance in Romania, most of them are from Austria, Great Britain and Ireland.
According to the latest data with CSA, out of the companies that want to sell insurance in Romania, most of them are from Austria, Great Britain and Ireland.
The specialists say the Romanian insurance market is far from being developed. This year, it has reached Austria’s level almost 40 years ago, if one considers the median level of the sold gross premiums per capita, according to an Erste Bank report presented this summer. Thus, at end-2007, the density (sold gross premiums per capita) stood in Romania at 99 euro, a level reached by Austria in 1969. At present, the Romanian insurance market stands at 1.7% of GDP versus 3% in Austria in 1969.
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