In 2021, the profit of insurance companies before tax increased by 56% compared to the previous year and amounted to 171.2 million lei.
According to the National Bureau of Statistics, in 2021, the total income of companies amounted to 2 billion 767.2 million lei, which is 16.3% more than in 2020. Over 90% of the income was the income of companies from insurance activities - 2 billion 503.7 million lei, which is 17.2% more than in 2020. At the same time, in 2021, the total expenses of companies amounted to 2 billion 596.1 million lei, which is 14.4% more than in the previous year . About 79% of the expenses of companies are related to insurance activities - 2 billion 045.5 million lei (+ 17.5%). According to the NBS, in 2021, gross premiums accrued for all types of insurance amounted to 1 billion 926.3 million lei, which is 32.5% more than in 2020. During this period, the share of general insurance increased from 93% to 94 .8%, while the share of life insurance decreased from 7% to 5.2%. In particular, general insurance premiums for 2021 amounted to 1 billion 825.2 million lei, which is 35% more than in 2020, and the amount of life insurance premiums decreased by 0.5% to 101.1 million lei. Approximately 45% of the total premiums fell on compulsory third party liability insurance - 866.5 million lei (+ 32.3% compared to 2020) and 21.7% - on land transport insurance (CASCO) - 417.7 million lei (+23.2%). Herewith, the share of CASCO decreased by 1.6 percentage points over the year, the share of compulsory third party liability insurance did not change, while the share of premiums for health insurance increased from 4.9% to 6.7%, for property insurance against fire and natural disasters - from 8.3% to 10.9%. Meanwhile, the total amount of payments of insurance indemnities and compensations in 2021 amounted to 655 million lei and increased by 7.9% compared to 2020. About 94.3% of indemnities paid during this period fell on general insurance - 617.5 million lei, which is 7% more than in 2020. The amount of life insurance payments increased by 26% and amounted to 37.5 million lei, while the share of these payments increased from 4.9% in 2020 to 5.7 % in 2021. The majority of indemnities were paid under compulsory third party liability insurance (49.2% of total indemnities) and CASCO (33.7%). In particular, compulsory third party liability insurance reimbursements amounted to 322.3 million lei in monetary terms, an increase of 16.4% compared to 2020, while CASCO reimbursements increased by 21%, to 220.6 million lei. Last year, the share of indemnities for health insurance increased from 4.4% in 2020 to 5.1%, but the share of indemnities for property insurance against fire and other natural disasters decreased from 6.8% to 4.2%. It is worth noting that the statistics of the NBS cover all companies that indicate insurance as one of their activities. The data of the NBS differ from the data of the NCFM on activities in the field of insurance, which include statistics on licensed participants in the insurance market. // 25.03.2022 — InfoMarket
