The evolution of the Romanian insurance market after 2000

Main Article Content

Mihaela Simionescu


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.

Article Details

How to Cite
SIMIONESCU, Mihaela. The evolution of the Romanian insurance market after 2000. Economics, Management and Sustainability, [S.l.], v. 4, n. 1, p. 21-28, apr. 2019. ISSN 2520-6303. Available at: <>. Date accessed: 04 aug. 2021. doi:


Alexandru, F., & Armeanu, D. (2007) Asigurări de bunuri și persoane, Editura Economică, București.
Burca, A. M., & Batrinca, G. (2014). The determinants of financial performance in the Romanian insurance market. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(1), 299-308.
Cristea, M., Marcu, N., & Cârstina, S. (2014). The relationship between insurance and economic growth in Romania compared to the main results in Europe–a theoretical and empirical analysis. Procedia Economics and Finance, 8, 226-235.
De Grauwe, P. (2014). Macroeconomic policies in the Eurozone since the sovereign debt crisis. KU Leuven, Euroforum.
Ducháčková, E., & Daňhel, J. (2010). Teorie pojistných trhů. Professional Publishing.
Ducháčková, E., & Daňhel, J. (2015). Proceedings of the 7th International Conference Financial markets within the globalization of world economy. Praha: Eupress.
Hrabalova, E., Vavrova, E., & Hampel, D. (2017). New approaches to regulating insurance markets in the European Union in the aftermath of the financial crisis y (No. 2017-72). Mendel University in Brno, Faculty of Business and Economics.
Hull, J. (2015). Risk management and financial institutions. 4th edition: John Wiley.
Ioncică, M., Petrescu, E. C., Ioncică, D., & Constantinescu, M. (2012). The role of education on consumer behavior on the insurance market. Procedia-Social and Behavioral Sciences, 46, 4154-4158.
Kramaric, T. P., & Kitic, M. (2012). Comparative analysis of concentration in insurance markets in new EU member states. Romania, 1, 92-84.
Muzakova, K., & Stibranyiova, L. (2014). European Insurance Markets: Size and Trends in Regulatory Environment in the Context of Its Complexity. Journal of Modern Accounting and Auditing, 10(8), 865-877.
Pavlat, V., & Kubicek, A. (2010). Regulace a dohled nad financnimi trhy. Praha: VSFS.
Teodorescu, S. (2010) Fundamentele asigurărilor, Editura Bren, București.
Zweifel, P., & Eisen, R. (2012). Insurance Economics. Berlin: Springer Verlag.