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    Press release: New insurance market leader consolidates its position, while MTPL offering remains diversified. Market share of MTPL leader continues to decline

Press release: New insurance market leader consolidates its position, while MTPL offering remains diversified. Market share of MTPL leader continues to decline

Bucharest, 22 November 2022 - Groupama, the new leader of the insurance market, consolidated its position by remaining in first place at the end of the first 9 months of this year, with a share of 17.94%, closely followed by Allianz Țiriac with 17.67%.

On the other hand, competition in the MTPL market remained at its highest level in five years and in the third quarter of 2022, data aggregated by the Financial Supervisory Authority shows.

At the end of September, three insurers continued to control double-digit market shares, while four others recorded a notable level of Gross Written Premiums in the MTPL segment.

Specifically, Euroins recorded a market share of just over 31%, down slightly from mid-year, and remains the market leader. Euroins’ share is more than 5 percentage points lower than at the end of 2021, when the company controlled more than 35% of the market.

The gap between Euroins and its competitors narrowed in the third quarter of this year, as Groupama and Allianz Țiriac, the second and third largest players in the MTPL segment, maintained their market shares. Groupama is approaching 21%, while Allianz Țiriac has exceeded 19%.

Four other companies have market shares between 5.5% and 7.5%, with Axeria Iard having a notable presence, with almost 5.6%, although the company did not enter the market, under the European right of free practice, until the end of 2021. Only one insurance company authorised to sell MTPL remains with a negligible market share.