Except for Hungary, all CEE markets saw a positive dynamic, in many cases at double-digit rates. Lithuania, Latvia and Romania reported the most impressive performance in this respect, with y-o-y GWP growth rates of 18.6%, 17.11% and 15.94% respectively. Overall, 10 out of the 17 markets of the region saw double digit growth rates. However, the high growth rates are not making such good news as it may seem, as a large part of the growth is an inflationary one accompanied also by similar steep increases in paid claims. Paid claims increased in many countries, as also at regional level, at a higher pace than GWP.
Poland, Czechia, Hungary, Romania, Slovenia are the Top 5 countries in total GWP terms, maintaining the hierarchy at the end of 2021. However, there are differences in the regional market share, as Poland and Hungary lost about 1 percentage point of their weight, points retrieved by Czechia (+1.2 pp) and Romania (+1pp).
Life insurance GWP totaled EUR 12.26 billion across the CEE, by almost 1% less y-o-y. The main reason behind the slightly negative trend recorded in Hungary (6.8%; - EUR 112 million) and Poland (4.5%; - EUR 217.35 million). Apart from Poland and Hungary, only the Croatian, Latvian and Estonian markets saw a negative trend in life insurance. It should however be noted that growth rates in life insurance were, in general, lower than the overall average, double-digit rates being observed only in a few markets with a very low penetration of life insurance.
Poland, Czechia, Hungary, Slovakia and Slovenia were the Top 5 life insurance markets in the region, accounting together for over 80% of the regional GWP. While the hierarchy remained unchanged against 2021, Poland has lost about 1.5 percentage points of its regional weight, entirely recuperated by the Czech market.
Non-life insurance GWP accounted for EUR 31.63 billion, 11% up y-o-y at regional level. At the same time, claims paid increased by 11.86%, to EUR 15.53 billion. All markets saw a positive trend in the premiums' evolution, at rather high paces considering the difficult economic conditions.
Poland, Czechia, Romania, Hungary, Slovenia are the Top 5 non-life markets, the only change in hierarchy being the reversed ranks of Romania and Hungary, mostly owed to the different performances of the motor insurance markets, especially of the mandatory MTPL insurance class. The five markets account together for about 75% of the regional non-life business.
At the following link you can download the FY2022 CEESEE regional aggregate insurance data (GWP and claims, growth rates and shares per countries), centralized on the following business lines:
- CEESEE aggregate insurance market data (life+non-life, summed-up)
- CEESEE life insurance market data
- CEESEE non-life insurance market data
- CEE MTPL statistics
- CEE MoD statistics
- CEE Property insurance data
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