Romania is among the countries with the least developed lifeinsurance markets in Central and Eastern Europe, as the share ofthis industry in the Gross Domestic Product amounts to just0.3%.
The Romanian life insurance market is thus much smaller than inother countries in the region. In Hungary and Poland, for instance,life insurance accounts for 1.9% of GDP. In Slovenia, it is at1.8%, while in the Czech Republic and in Slovakia, life insuranceaccounts for 1.6% and 1.3% of the market respectively, according todata from the National Association of Insurance and ReinsuranceCompanies in Romania (UNSAR).
In the other countries in the region, the ratio of the lifeinsurance market to GDP is less than one per cent. Even Bulgariahas a higher proportion than Romania's, at 0.4%. The only countriesin the region faring worse than Romania are Latvia (0.2%) andUkraine (0.1%). In 2009 the Romanian life insurance market amountedto around 1.62 billion RON, down 13% against the previous year.
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