STATISTICS: SEE insurance market compressed by 12.4% during 2021

2 May 2022 — Andrei Victor
The Southeastern Europe (SEE) insurance market defined by Cyprus, Greece and Turkey insurance markets, ended 2021 with aggregate GWP worth EUR 12.2 billion, 12.4% less y-o-y. The negative rate was driven by the more than EUR 2 billion compression reported by the largest regional insurance market: Turkey.

In fact, total premium generated in the Turkish insurance market increased in local currency by 27.53% to TRY 105.30 billion in 2021, as compared to 2020, according to the preliminary figures released by the Insurance Association of Turkey (TSB). In European currency, due to depreciation on Turkish Lira against EUR, the local insurance market decreased by ~23% y-o-y or by EUR 2 billion to ~EUR 7 billion vs. EUR 9.04 billion in 2020 or by EUR 3.4 bn vs. EUR 10.37 billion in 2019. (click here to read more)

According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totaled EUR 4.26 billion at the end of 2021, up by 7.7% y-o-y. According to the presented year-end figures, the non-life insurance increased by 5.7% y-o-y EUR 2.26 billion, while in the case of life business lines, Greek insurers generated about EUR 2 billion in GWP, up by 10% y-o-y. (click here to read more)

Cypriot insurers posted 2021 aggregate GWP of EUR 962 million, up by EUR 45 million (or by 4.9% y-o-y), according to the year-end market figures report published by the Insurance Association of Cyprus - IAC. The GWP from non-life insurance lines totaled EUR 512.4 million (up by 1.1% y-o-y), while the life insurance segment generated premiums of EUR 449.5 million, or 9.6% more y-o-y. (click here to read more)

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