At the same time, only 12 percent of Romania's total population has life insurance, while 3 percent of them are paying some of their income into a pillar-three type of pension.
The study shows that in these countries the target group with high potentials for the insurance market is made up of people aged below 30 years, because 26 percent of them have personal insurance and 39 percent non-life insurance. Most of the insurance contracts are for cars and the potential there is still not achieved because with the rise in the standards of living in the region and an increasingly higher number of cars, the demand for car insurance will also go up.
GfK, one of the world's largest market research organizations, collects every year among the CEE insurance markets important key figures to the so called Insurances Services Database. Since the year 2000, GfK has continuously monitored the development of the CEE markets - Austria, the Czech Republic, Poland, Hngary, Croatia, Slovakia, Slovenia, Ukaine, Serbia, Bosnia Herzegovina, Bulgaria and Romania - in the banking and insurance sector. The sample of the Romanian respondents is 1,000 people and the data in the latest study regard the year 2011.
GfK Romania was established in 1992, having been for more than 10 years the leading local market researcher, with a 2011 business turnover of nearly 11 million euros.
