STATISTICAL ANALYSIS OF ROMANIAN INSURANCE MARKET. A GROSS WRITTEN PREMIUMS PERSPECTIVE

The paper aims to analyze the Romanian insurance market in 2011 from the perspective of gross written premiums on non-life insurance classes, using principal component analysis technique (PCA) and cluster analysis in order to classify the 30 insurance companies by the most important components obtained by PCA.The empirical results showed that aircraft liability insurance, accident and sickness insurance, liability insurance for ships, insurance of legal expenses and the general liability insurance and surety ship insurance explain best the evolution of the insurance market.Grouping companies after the first two principal components, aircraft liability insurance, accident and sickness insurance, which recovers about 53% of the total variance of the original variables, can highlight three classes of companies: Astra, Allianz-Tiriac and Omniasig. The cluster analysis indicates the existence of four classes of companies: City Insurance, Astra, Groupama Insurances and the rest.