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Considering the qualitative changes in the legislative framework, the Romania’s entrance into the European Union and the recent global economic crisis, the Romanian insurance market is analyzed by considering ten representative insurance companies. A panel autoregressive-model (PVAR) model for the ten insurance companies was constructed for the period 2004-2017. This model suggested that the indemnities paid by the insurance companies negatively affected the liquidity but with a lag of two periods after changes in indemnities. Granger causality test indicated a causal relationship from indemnities variation to gross written premium in the same period. Almost 27% of the variation in indemnities rate is explained by a shock in the rate of gross written premium.
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