In a season with visibly decreasing motor insurance claims, due to the road transportation restrictions, and fortunately rather calm in extreme weather events, paid claims decreased at regional level by 8.5%, to EUR 10.03 billion. The only notable exceptions were recorded in some of the Adriatic countries, mostly because of the significantly increased expenses for property insurance claims.
Overall, most CEE markets performed better than expected in 1H2020, a few of them even reporting positive GWP growth rates.
Life insurance seems to be the most affected business line, but this is not entirely a consequence of the Covid crisis. Overall, GWP for life insurance amounted to EUR 5.82 billion, 8.57% down y-o-y. On the Unit-Linked insurance products line, GWP decreased at regional level by 11.22% y-o-y, to EUR 1.77 billion.
Non-life insurance remained rather stable or saw modest negative growth rates, despite the difficulties raised by the crisis on the motor insurance segment, which in most markets holds a dominant position. Thus, GWP amounted to EUR 13.29 billion, 1.54% less y-o-y. Non-life paid claims decreased by 4.85%, to EUR 5.85 billion.
Both motor insurance classes recorded a negative change in GWP, at regional level - Motor Hull GWP went down by 2.5% y-o-y, while MTPL premiums volume decreased by 3.69%. Yet, in the CEE non-life portfolio, motor insurance classes still account together for an over 52% share in the GWP volume.
Property insurance recorded mostly positive growth rates. In the Adriatic area, following the Zagreb earthquake, property insurance take-up increased in the second quarter. Overall, GWP for property insurance reached EUR 2.7 billion, 1.1% up y-o-y.
- CEE 1H2020 Overall
- CEE 1H2020 GTPL
- CEE 1H2020 Life
- CEE 1H2020 Life, Unit-Linked
- CEE 1H2020 Motor Hull
- CEE 1H2020 MTPL
- CEE 1H2020 Non-life
- CEE 1H2020 Property
- CEE 1H2020 TOP-50 Insurers
1641 views
