Is the Insurance Market in Romania Prepared for the Impact with the European Union One? International Level Comparisons

Cristea, Mirela and Mitu, Narcis Eduard and Tudor, Sorin (2006): Is the Insurance Market in Romania Prepared for the Impact with the European Union One? International Level Comparisons. Published in: Journal of International Conference, Constanţa 2006 , Vol. Vol II, No. ISBN 978-973-742-466-2; 978-973-742-586-7 (14 October 2006): pp. 756-764.

Abstract

International statistics regarding the main index registered on the insurance market and in the structure reveals the activity level of insurance on the profile markets and their absorption capacity. Taking into account these results and international comparisons, in Romania, in 2006, which represents the preparatory year for the impact with European insurance market, the consolidation process of insurance industry has been continued, by the capitalization growth of insurance companies, fusions, changes in the shareholding structure and portfolios transfer. At the same time, by the implementation of new legal stipulation, one can notice a growth of the preparation level and professional improvement of the employees from the insurance domain, with positive effects on performed services quality and on the information given to consumers of insurance products.

• Item Type: MPRA Paper
• Language: English
• Keywords: insurance industry, insurance market, insurance penetration
• Subjects: G - Financial Economics > G2 - Financial Institutions and Services > G22 - Insurance ; Insurance Companies ; Actuarial Studies; C - Mathematical and Quantitative Methods > C4 - Econometric and Statistical Methods: Special Topics > C40 - General; D - Microeconomics > D4 - Market Structure, Pricing, and Design > D40 - General

References

1. CEA, European Insurance in Figures: Basic Data 2003 / Complete 2002 Data, June 2004, www.cea.assur.org

2. CEA, Annual Report 2004-2005, www.cea.assur.org

3. Eurostat, Portrait of the European Union, January 2005 (EU-15)

4. Insurance Supervisory Commission, 2005 Annual Report on its Activity and the Insurance Market Evolution, Bucharest, June 2006.

5. Sigma Magazine, World Insurance in 2005: moderate premium growth and attractive profitability, Swiss Reinsurance Company, No 5/2006.