Modest evolution for the CEE insurance market in 1H2012

22 October 2012 — Vlad BOLDIJAR
Modest evolution for the CEE insurance market in 1H2012
coperta_xir_octombrie2012The decrease rhythm of the insurance market in CEE slowed down in the first half of 2012. According to XPRIMM Insurance Report 1H 2012 - launched yesterday during the Baden-Baden XPRIMM Reception -, the decrease rate was -0.27%, compared to 4.01% at the end of 2011, the insurance market in CEE reaching EUR 17.68 billion in the first six months of 2012.

According to data presented at the event, the two market segments evolved completely differently during the analyzed period: while the gross written premiums volume of non-life insurance market decreased by 2.22%, down to EUR 9.44 billion (53.37% of the total), life insurance increased by 2.06% compared to January-June 2011, reaching EUR 8.24 billion.

Poland remains the largest insurance market in CEE, being estimated to EUR 7.79 billion, increasing by 5.41% compared to the first semester of 2011. Thus, the Polish market share in the region reached 44.10% in 1S/2012 compared to 41.72% in 1S/2011, the evolution being determined by decreases in the next three large regional markets: Czech Republic (-5.44%), Hungary (-12.19%, the biggest decrease in CEE) and Slovenia (-3.74%).

If the Polish market results were eliminated, the CEE insurance market would decrease by more than 4 percentage points.

The fifth insurance market in CEE was Slovakia, which remained on the same level registered in June 2011 (+0.84%): EUR 1.05 billion in gross written premiums, the equivalent of a 5.95% market share.

The Romanian insurance market ranked 6th, thus maintaining its place in the hierarchy of CEE countries, this position being gained after the beginning of the financial crisis. In the analyzed period, the Romanian insurers' market share decreased to 5.73%, compared to a 6.7% market share and the 4th place at the end of 2009.

The insurance markets in Croatia (EUR 652 million), Bulgaria (EUR 407 million), Serbia (EUR 281 million) and Lithuania (EUR 248 million) completed the Top 10, reporting business volume decreases of -2.8%, -2.5%, -6%, and -1,2% respectively.

Insurance markets under EUR 200 million ranked 11th to 16th. These markets remained at the same values registered last year or reported small growths (such as Latvia - 11th, Bosnia - 13th or Macedonia - 14th), or had a high positive dynamics, such as Estonia - 12th (+11.4%, the biggest growth in CEE), Montenegro - 16th (+6.4% - the second largest growth in the region) or Kosovo - 15th (+4%).

The smallest insurance market in CEE is, in the first semester of 2012, Albania - EUR 29.47 million in underwritings, decreasing by 3% compared to 1S/2011, the equivalent of a 0.17% regional market share.

XPRIMM Insurance Report 1H 2012, the most complex synthesis regarding 32 insurance markets in CEE, South-Eastern Europe, Russia and CSI, was launched on Sunday, October 21st, at the Baden-Baden XPRIMM Reception.

Media XPRIMM is represented at the Baden-Baden event by Sergiu COSTACHE, President, Adriana PANCIU, CEO, Alexandru CIUNCAN, Managing Partner, Mihaela CIRCU, Development Director, Georgiana OPREA, Accounts Manager, Oleg DORONCEANU, International Markets Coordinator and Dimitrios TSOULIAS, International Markets Counselor. Media XPRIMM team's transportation to Baden-Baden is supported by AUTOCAR Service.


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