THE IMPACT OF THE COVID-19 PANDEMIC ON THE ROMANIAN INSURANCE MARKET
Autor (i): Maria-Elena Gheordunescu
JEL: I 15
Cuvinte cheie: insurance market, insurance, non-life insurance, life insurance, insurers, gross written premiums
Abstract:
The COVID-19 pandemic has had a negative impact on the world's economy, insurance market included. Thus, the year 2020 began with the appearance of a new risk to the financial markets, completely related to the rapid spread of COVID19, with significant effects on the entire Romanian insurance market, a rather strong effect being registered by the travel insurance market, mainly due to the collapse of tourism. However, the Romanian insurance market maintained its ″5th position in 2020, with a slightly growing regional market share, from 5.88% in 2019, to 6.3% in 2020 ″. This was due to the fact that Romania was one of the few insurance markets in Central and Eastern Europe that ended last year with a positive growth rate of 2.7%, while - with few exceptions - the most important markets in the region ended the year on a negative trend. This paper aims to present the situation, effects and trends of the Romanian insurance market in the pandemic context. Based on the quantitative method, but also the qualitative one, this paper is an exploratory research, highlighting relevant information in the field of insurance.
The COVID-19 pandemic has had a negative impact on the world's economy, insurance market included. Thus, the year 2020 began with the appearance of a new risk to the financial markets, completely related to the rapid spread of COVID19, with significant effects on the entire Romanian insurance market, a rather strong effect being registered by the travel insurance market, mainly due to the collapse of tourism. However, the Romanian insurance market maintained its ″5th position in 2020, with a slightly growing regional market share, from 5.88% in 2019, to 6.3% in 2020 ″. This was due to the fact that Romania was one of the few insurance markets in Central and Eastern Europe that ended last year with a positive growth rate of 2.7%, while - with few exceptions - the most important markets in the region ended the year on a negative trend. This paper aims to present the situation, effects and trends of the Romanian insurance market in the pandemic context. Based on the quantitative method, but also the qualitative one, this paper is an exploratory research, highlighting relevant information in the field of insurance.
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