♦ In the last six years, the same three insurers have led the CASCO insurance market ♦ While RCA insurance steals the light of the spotlight, CASCO insurances remain in the background, although the big battle and the potential could be in the coming years.
The CASCO insurance market, considered by specialists to be the true stake of the car segment, has undergone a volume doubling in the last six years, reaching from 400 million euros to about 800 million euros in 2024. Although RCA insurance continues to capture public attention and generate controversy, the dynamics in the CASCO area are outlined to the most relevant to the industry. The CASCO policy is an optional insurance, which can be purchased to increase the level of insurance of cars. The RCA being a compulsory insurance, the benefits are limited, instead the CASCO insurance can be customized so that the vehicle is insured at the real value and for multiple risks that may occur. The three great players in this area, Omniasig, Groupama and Allianz-Tiriac, maintained their top positions during this period, but operated important strategic adjustments that allowed them to capitalize on the growth potential. In 2018, Omniasig was a leader in the CASCO market, with subscriptions of almost 500 million lei, followed by Allianz-Tiriac with subscriptions of 433 million lei and Groupama with subscriptions of 425 million lei. At the end of 2024, the situation is visibly different. Omniasig remains in the forehead, with over 1.2 billion lei in gross premiums, but Groupama greatly reduced the distance, reaching very close to the leader. Allianz-Tiriac, on the other hand, recorded a stagnation, remaining below the threshold of 500 million lei.
This evolution reflects not only an increase in the market, but also a strategic repositioning of companies, in a context in which the RCA seems to have reached a maturity that limits growth prospects. Long viewed as a secondary segment in relation to RCA, Casco begins to attract more and more insurers interest. Although CASCO cannot exist without an active RCA policy, the differences between the two products are significant. If the RCA is a mandatory product, dictated by rates and legislation, CASCO remains a optional product, but with a significantly higher value and with a higher degree of personalization. In parallel, companies that have recently entered the RCA segment, including new names in the market, prepare the expansion on CASCO, relying on digitalization, flexible products and an approach that could allow an address of segments of customers left over last years. These moves come in a context in which the RCA market is becoming more difficult, the saturation is almost achieved, and the only real growths in the near future will most likely generate this general repositioning of the industry marks a paradigm change. Casco is no longer a simple «addon» at RCA, but a potential growth engine for insurers, in a market where differentiation becomes essential.
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