In the first quarter of 2022, the net profit of insurance companies (before tax) amounted to 83.8 million lei, an increase of 2.3 times compared to the same period last year.
According to the National Bureau of Statistics, in January-March 2022, the total income of companies amounted to 674.3 million lei, which is 9.8% more than in the same period of 2021. About 92% of the income of companies was income from insurance activities - 620.9 million lei, which is 11.9% more than in January-March 2021. At the same time, the total expenses of companies in this period amounted to 590.5 million lei, which is 2.1% more than in I quarter of 2021. About 80% of the expenses of companies are related to insurance activities - 472.7 million lei (+2.4%). According to the NBS, in January-March 2022, the amount of accrued gross premiums for all types of insurance amounted to 485.4 million lei, which is 24.5% more than in the same period of 2021. During this period, the share of general insurance increased from 93.2% to 94.3%, while the share of life insurance decreased from 6.8% to 5.7%. In particular, general insurance premiums for January-March 2022 amounted to 457.9 million lei, which is 26.1% more than in the same period last year, while the amount of life insurance premiums increased by 3.4% - up to 27.5 million lei. Approximately 47.2% of the total premiums fell on compulsory motor third party liability insurance - 228.9 million lei (+29.8% compared to the first quarter of 2021) and 19.5% - on land transport insurance (CASCO) – 94.7 million lei (+7.7%). Herewith, the share of CASCO decreased by 3.1 percentage points over the year, the share of compulsory motor third party liability insurance increased by 2 percentage points. The share of premiums for health insurance decreased from 5.6% to 5%, and for property insurance against fire and natural disasters it increased from 12.6% to 17%. Meanwhile, the total amount of payments of insurance indemnities and compensations in the first quarter of 2022 amounted to 186 million lei and increased by 16.5% compared to the same period last year. About 94% of the indemnities paid during this period fell on general insurance - 174.9 million lei, which is 15% more than in January-March last year. The amount of life insurance payments increased by 47.6% and amounted to 11.1 million lei, while the share of these payments increased from 4.7% to 6%. Most of the indemnities were paid under compulsory motor third party liability insurance (47.9% of the total amount of indemnities) and CASCO (33.9%). In particular, compulsory motor third party liability insurance reimbursements amounted to 89.1 million lei in monetary terms, an increase of 13.2% compared to Q1 2021, while CASCO reimbursements increased by 21.5% to 63 million lei. In January-March 2022, compared to the same period last year, the share of indemnities for health insurance increased from 5% to 6.2%, as well as property insurance against fire and other natural disasters - from 4.8% to 5.9%. 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 information of the NCFM on activities in the field of insurance, which include statistics on licensed participants in the insurance market. // 26.05.2022 — InfoMarket.
