CEE PROPERTY INSURANCE, 3Q2014: 4.2% fall in GWP despite the increased weather related risks occurred

22 January 2015 — Vlad BOLDIJAR
In 3Q2014, the 17 markets of the CEE Region reported for the property insurance sub-segments (summing up the "fire and allied perils" and "other damages to property" classes) GWP of about EUR 3.07 billion. The value is 4.2% lower compared with January-September 2013 and represents about 12.7% of total CEE insurance market. At the same time, the value of property claims paid by CEE insurers decreased by 8.5% to EUR 1.14 billion.

According to the market figures published by KNF, Polish property market was the largest in CEE Region - totaling PLN 9.97 billion (about EUR 952 million) of which PLN 2.27 billion was reported by the fire and allied insurance class, the remaining PLN 1.7 billion being accounted by the damages to property sub-segment.

Czech Republic was the second largest property market. The figures published by the National Bank indicate a total value of GWP on the two property lines of about CZK 16.86 billion (about EUR 613 million).

All in all, taken together, Polish and Czech insurers have generated more than half (50.9%) of CEE property market.

On the other hand, Latvia (+20.5%) and Bosnia-Herzegovina (10.2%) are the only two countries which reported double-digit growth rate in GWP, while Romanian insurers reported the largest decrease: -19.8%.

Affected by extreme floods and torrential rainfalls in May and June, Bulgaria, Bosnia-Herzegovina and Serbia posted the largest increase in claims.

Note: The CEE region includes 17 countries: all the Eastern bloc countries, the independent states in former Yugoslavia and the three Baltic states.

Click here to download the 3Q2014 CEE property insurance market statistics.

Click on the links below to download the 3Q2014 insurance statistics in the CEE countries.
Albania
Bosnia
Bulgaria
Croatia
Czech Rep.
Estonia
Hungary
Kosovo
Latvia
Lithuania
Macedonia
Montenegro
Poland
Romania
Serbia
Slovakia
Slovenia

2334 views