STATISTICS: Motor insurance CEE: competitivity hinders the market growth potentially provided by the increased cars sales

A visibly revigorated cars sales market supported the CEE motor insurance market in 3Q2105, providing for a larger customer base. However, the rough competitivity of the market hindered growth, resulting in a just about 3% increase both in the Motor Hull and MTPL GWP. Overall, motor insurance premium amounted to about EUR 7 billion, which is almost 29% of the overall CEE insurance business.

The good news in Motor Hull is that, except for Romania and Slovenia, the line saw a positive trend in all countries, the best performer in relative terms being Bulgaria, where a 11.4% y-o-y increase for the Motor Hull GWP was recorded.

The MTPL insurance lines continues to be stringly challenged by the price wars. As a result, although in the region's major markets one would expect seeing a real market revival, in line with the double digit increases of the cars sales throughout the year, the 3Q results are far from meeting the optimistic expectations. Surprisingly, Polish GWP for MTPL fell by 2%, although the local cars sales market saw an over 20% increase. In Hungary, the MTPL line's evolution was closer to expectations, while in some other countries as Romania, Serbia or Albania the teriffs' correction was the main reason of the double digit GWP higher figures. Croatia continued to record a drastic fall in MTPL GWP, the downward trend established after the MTPL's market liberalization still affecting the market.

Claims paid for the motor lines went up in 3Q2015 by anout 3% for the Motor Hull line and almost 10% for the MTPL insurance class. Overall, motor insurance lines' profitability seems to remain under pressure.

Access www.xprimm.com and download the 3Q2015 CEE insurance market statistics:

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

2018-11-15

Thierry DEREZ resigned from SCOR's Board of Directors

Thierry DEREZ, chief executive of COVEA, has resigned from the Board of SCOR, thus putting an end to a conflictual situation that lasted several months following the rejected EUR 8.2 million takeover bid placed by COVEA in September.

2018-11-14

CyberCube partners with CNA

Partnership enables CNA to broaden cyber insurance underwriting capabilities and address the emerging challenges in measuring cyber aggregation risk

2018-11-08

Generali nine-month results: Operating result and net profit improve. Life net cash inflows rebound. Capital position remains solid even with highly volatile markets

In the first nine months of 2018, Generali's operating result increased to EUR 3.6 billion, up 3.9% as a result of improvements in all business segments. Also, premiums increased by 6.1% to nearly EUR 50 billion thanks to the growth in both business segments, with an acceleration in Property & Casualty (+2.7%). Net profit increased to EUR 1,855 million (+26.8%), also thanks to the positive non-operating performance and the result from disposals.

2018-11-08

Munich Re affirms profit guidance despite natural catastrophes - quarterly profit of EUR483m

Despite high losses owing to Typhoon Jebi and Hurricane Florence (around EUR300m each), MUNICH Re posted, in Q1-3, a profit of EUR2,038m and is thus on track to achieve its profit target of EUR2.1-2.5bn. The company also highlights a robust growth in property-casualty reinsurance and that the profit guidance for ERGO raised to at least EUR350m, following good Q1-3.

2018-11-07

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all