According to the study, named BARES.AS—the Responsible Behavior and Insurance Benchmark of Romania—55% of Romanians describe themselves as optimistic, while 15% adopt a pragmatic approach. However, 12% report feeling stressed or fatigued, and 6% identify as pessimistic. Gen Z and Millennials express higher levels of optimism compared to Gen X and Baby Boomers, although pragmatism is more prevalent among older generations.

“This study by LIFE IS HARD provides a comprehensive snapshot of how Romanians view insurance in 2024, set against a backdrop of economic and social uncertainty. For us, this initiative is closely tied to our company's mission—MORE LIFE—which is dedicated to improving quality of life through accessible, tailored digital protection and security solutions. Additionally, the study keeps us connected to the real needs of Romanians, offering valuable insights into their preferences regarding risk, protection, and financial stability. Insurance companies, therefore, have the opportunity to adapt their products to meet increasingly diverse expectations, where accessibility and trust are essential criteria,” said Cătălin Chiș, CEO of LIFE IS HARD.

Key Concerns: Health and Financial Stability

Romanians remain cautious about the future. The main issues impacting quality of life are health concerns (68%), followed by financial difficulties (59%) and security issues (35%), including worries about potential conflicts involving Romania. These findings suggest an increased need for both personal and financial protection solutions.

Attitude Toward Insurance: Price and Trust as Decisive Factors

Romanians' criteria for choosing insurance reflect a pragmatic approach. Price remains the most significant factor in purchase decisions (70%), followed by trust in the insurance company (58%) and industry expertise (37%). Regarding their experiences with insurance, 46% of Romanians have a somewhat positive view, while 32% report high satisfaction with the insurance products they have used.

“The BARES.AS study reinforces LIFE IS HARD's commitment to innovation and supporting the insurance industry, complementing our previous efforts like the 24Broker and 24Consultant solutions, as well as our comparator platform, www.24Broker.ro. The insights from this study support our technological initiatives and bring real added value to our partners, including insurance companies, consultants, and brokers. Additionally, this study enables us to provide essential data and insights on different customer categories, fostering a deeper understanding of the market and consumer behavior, and contributing to the adaptation of offerings and sales strategies for greater effectiveness,” stated Cristian Filimon, Director of LIFE IS HARD's Tomorrow Division—dedicated to the insurance industry.

Openness to New Types of Insurance

“Our research with LIFE IS HARD reveals that Romanians are increasingly open to innovative insurance products. Behavior-based insurance, tailored to lifestyle and healthy habits, as well as mental health insurance, are gaining traction, especially among the Self-Focused segment, where 40% express interest in these products. On the other hand, AI-based insurance solutions and partnerships with fintech companies remain less understood by the general public,” added Paul Acatrini, Research Manager & Managing Partner at Cult Research.

The Four "Romanias" of Insurance

The BARES.AS study, presented at the Transylvania Insurance Days 2024, highlights the presence of four main segments within the population, each with distinct attitudes towards insurance:

• Pioneers (23%): Optimistic, with higher incomes and inclined toward complex insurance solutions.
• Self-Focused (37%): Concerned about emotional and physical health, future-oriented, and with an individualistic approach.
• Social Spectators (27%): More affected by rising costs and less likely to purchase insurance due to dissatisfaction with their lifestyle.
• Socially Disconnected (13%): The most vulnerable group, with low incomes and minimal interest in insurance, holding the fewest policies.

The BARES.AS study—the Responsible Behavior and Insurance Benchmark of Romania—supports LIFE IS HARD's mission to transform the insurance industry through digital solutions and data-driven insights, providing tangible support for partners and added value for users.