THE EVOLUTION OF THE INSURANCE MARKET IN ROMANIA

Abstract

The market presupposes an intelligible whole, a system or a network of sales-purchase links between various economic agents that are united by interdependent relationships on the one hand and in antagonistic relationships on the other, each economic entity has its own interest in mind that wants to apply it. The market involves a confrontation between the bearers of demand and supply, through which the price of the economic commodity that is the object of exchange is deduced. Because through insurance, a professional commercial company assumes the task of taking over the event produced, instead of the premiums charged to natural and legal persons who are insured. Insurance acts as an insured against the negative consequences of the occurrence of a certain incident or complex event, thus insurance appears as a means of protecting yourself from threats. Insurance business is conducted in a framework called the insurance market. In this article we have highlighted the evolution of the national insurance market over a period of five years to highlight their growth trend. Initially, I briefly reproduced some definitions and specific features of the insurance market, later I defined the concept of insurance and its specific features with an emphasis on the principle of reciprocity and the basic division of insurance according to the information taken from the specialized literature. Later, I made a brief presentation of the evolution of the insurance market in Romania based on the information extracted from the asfromania website, in the analysis I inserted the evolution of the gross premiums underwritten, the specific market share of insurance companies, the structure by insurance classes and highlighted the top 5 insurance companies according to gross premiums written.

Keywords

• assurance
• evolution
• strategy