Romania has the lowest density of life insurance in Europe, of EUR 11/capita, compared to a European average of EUR 1.100/capita, according to the report European Insurance Figures 2009, recently published by CEA - European Federation of Insurers and Reinsurers. Taking into account that life insurance has managed to save the dynamics of the local market throughout this year, low density indicates a line of business with great growth opportunities.
Also, the amounts paid by Romanians for insurance in 2009, life and non-life insurance, cumulated, fell from a year earlier to about EUR 90 per capita, the European average being close to EUR 1.800 per capita. Moreover, our country stands on the penultimate position in Europe, ahead of Turkey, in terms of insurance density.
Such great differences can not be explained by differences in standards of living alone; first of all, it is about a low degree of education in the field and, at the same time, about awareness of the importance of these products, these being the key points that insurers must focus on in the coming period.
Also, the degree of insurance penetration in GDP was slightly lower compared with 2008, according to the report, around 1.80%, in the context of diminishing underwritings, compared to an average of 8% in the CEA. In terms of this indicator, Romania has occupied the same position as for the insurance density in the European rankings, its penetration rate exceeding only the one of Turkey.
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