STATISTICS: Motor insurance CEE: competitivity hinders the market growth potentially provided by the increased cars sales
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:
- Overall Market Data
- Life Insurance Indicators
- Non-Life Insurance Indicators
- MTPL Insurance Market Data
- Motor Hull Insurance Market Data
- Property Insurance Market Data