Headquartered in Bucharest, GrECo Romania opened a second office in Cluj Napoca in 2013, strengthening its presence in areas receiving the most direct foreign investment in the country.
The foundations of the Romanian subsidiary date back to 1995, a period when the local insurance structures started to adopt market economy principles. Since then, GrECo Romania has been an important pillar in
the development of GrECo Group in Central and Eastern
Headquartered in Bucharest, GrECo opened a second office in Cluj Napoca in 2013, strengthening its presence in areas receiving the most direct foreign investment in the country. For more than a decade, the company has experienced a steady and constant market development, servicing both international and local corporate clients across Romania. In line with the Group’s specialty strategy, teams of experienced local specialists are servicing clients from all industries. Their main focus, however, is on Financial Institutions & Leasing, Construction & Real Estate, Food & Agri, Transport & Logistic, Financial Lines, Trade Credit & Bonds.
In 2021, GrECo Romania placed a total of 37 million EUR in premiums for its almost 5,500 clients with over 41,000 policies.
GrECo’s accurate and complete insight, their proactive advice and correct understanding of our insurance needs makes all the difference. From risk trends and coverage enhancements up to regulatory developments, we benefit from the added value of our strong partnership with GrECo: They continuously optimise our protection standard and risk costs in this challenging environment.
Head of Supply Chain and Trade Finance at BCR
Facts & figures – Romanian insurance market
The Romanian insurance market is oriented towards general insurance (82% of total written premiums in 2021), while life insurance has experienced steady growth in the last years. In 2021, the total written premiums went up by 24% to a value of 2.8 billion EUR.
The non-life insurance market is dominated by car insurance with a share of 76% registered in 2021. The broke age market has grown by 26% in 2021, resulting in an intermediation degree of more than 80% for non-life insurance. The military conflict between Russia and Ukraine at the beginning of 2022 introduced new challenges to the market. Many state economies will be facing new risks on their road to recovery and consolidation after the Covid-19 pandemic.
We are deeply satisfied with the services and pricing GrECo provides to our business insurances as well as our personal insurances. GrECo´s experts are always there to deep dive into our requests and show up with multiple options which we can tailor to our needs!
Country Manager Weerts Romania
In July, Adam was recruited in a newly created executive leadership role, to run, build and develop GrECo’s specialist Health & Benefits business across its 17 countries.
Ante Banovac shares his thoughts about future risks facing the insurance industry and the state of the insurance market in Serbia, Slovenia and Croatia
How bad was drought this year in your region and how much insurance would help to protect against losses?
Such a big drought leads to many negative consequences in many industries, especially in agriculture, energy, logistics, and forestry.