STATISTICS:

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

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

2019-01-10

FIAR 2019: Register before 30 January and save 40% of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 30 January.

2019-01-10

ON THE MOVE

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

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