Prospect of EU accession will increase influx of foreign insurers

Despite rating weaknesses, the market continues to show exceptionally strong growth, with premiums rising by 49.7% in 2003 and around 30% in the first three quarters of 2004

Prospect of EU accession will increase influx of foreign insurers

Romania has signed an accession treaty with the EU with a target accession date of 1 January 2007. This has given rise to an insurance law reform programme which aims to adopt the entire corpus of EU Insurance Directives by the end of 2005.