STATISTICS: CEE&SEE, 3Q2023: double digit growth rates for both premiums and claims paid

15 February 2024 — Daniela GHETU
STATISTICS: CEE&SEE, 3Q2023: double digit growth rates for both premiums and claims paid

Insurers in the Central and Eastern Europe ended the first nine months of 2024 with GWP worth EUR 35 billion, up by 11.6% y-o-y. AT the same time, paid claims rose by 3.87%, reaching EUR 16.1 billion.

With few exceptions, most markets achiever double-digit growth rates in 3Q2023. The markets remaining in positive territory, nut slower growth paces, were Croatia, Czechia, Montenegro, Romania, Slovakia and Slovenia.

The non-life insurance sector saw an overall regional growth rate of 14.3%, to EUR 26.35 billion. Claims paid for non-life increased by 14.22%, to EUR 12.87 billion, mostly driven by inflation.

Motor insurance lines account for the largest part of the non-life sector: MTPL holds a 30% share of the regional non-life GWP, while the Motor Hull line’s share is almost 22%. For both motor insurance lines, paid claims rose by about 15%.

In the Southeastern Europe, the insurance markets of Cyprus, Greece and Turkey saw an aggregate GWP growth of 29.57%, to EUR 15.96 billion. The high growth rate was driven by the Turkish market, where GWP grew by almost 40%, under the influence of the extraordinary high inflation.

Visit the CEE & SEE statistical webpage to see regional 3Q2023 statistical data for the main business lines.


 

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