For 9 months in 2021, the profit of insurance companies before tax increased by 69.2% compared to the same period last year and amounted to 170.3 million lei.
According to the National Bureau of Statistics, for 9 months in 2021, the total revenues of companies amounted to 2 billion 011.8 million lei, which is 14.6% more than in the same period of 2020. Almost 93% of revenues came from insurance companies' revenues - 1 billion 1838.1 million lei, which 15.2% more than in the same period last year. At the same time, in January-September 2021, the total expenses of companies amounted to 1 billion 841.5 million lei, which is 11.3% more than in the same period last year. About 80% of companies' expenses are related to insurance activities - 1 billion 469.9 million lei (+ 14.3%). According to the NBS, in January-September 2021, the gross premiums accrued for all types of insurance amounted to 1 billion 438.6 million lei, which is 35.4% more than in the same period in 2020. During this period, the share of general insurance increased from 93.4% to 95.2%, and the share of life insurance decreased from 6.6% to 4.82%. In particular, premiums on general insurance for 9 months this year amounted to 1 billion 369.8 million lei, which is 38% more than in the same period of 2020, and the amount of life insurance premiums decreased by 2.3% - to 68.7 million lei. Approximately 42.4% of the total premiums accounted for compulsory motor third party liability insurance - 610.5 million lei (+ 26.1% compared to 9 months of 2020) and 20.7% - for insurance of ground vehicles transport (CASCO) - 297.6 million lei (+ 27.1%). Herewith, the total amount of payments of insurance benefits and compensations for 9 months 2021 amounted to 474.1 million lei and increased by 1.8% compared to the same period in 2020. About 94.3% of compensations paid during this period fell on general insurance - 447 million lei, which is 0.4% more than in the same period of 2020. The amount of payments on life insurance increased by 32.2% and amounted to 27.1 million lei, and the share of these payments increased from 4.4% in 9 months of 2020 to 5.7% - for the same period of the current year. Most of the indemnities were paid under compulsory motor third party liability insurance (49.7% of the total amount of indemnities) and CASCO (34.5%). In particular, indemnities for compulsory motor third party liability insurance amounted to 235.6 million lei in monetary terms, increasing by 17.1% compared to 9 months in 2020, and according to CASCO, the volume of compensations increased by 27.3% - up to 163.4 million lei. It is worth noting that the NBS statistics cover all companies that indicate insurance as one of their activities, and they differ from the NCFM data on insurance activities, which include statistics on licensed participants in the insurance market. // 26.11.2021 — InfoMarket.
