STATISTICS: SEE region, FY2019: Regional insurance market expanded to more than EUR 15 billion at the end of the year

21 May 2020 —
STATISTICS: SEE region, FY2019: Regional insurance market expanded to more than EUR 15 billion at the end of the year
At the end of 2019 the SEE insurance market (the region formed by Cyprus, Greece and Turkey) totaled about EUR 15.3 billion in terms of GWP, 12.5% more y-o-y, according to preliminary figures centralized by XPRIMM.

Of this figure, about 68% was generated by Turkish insurers, more than a quarter by Greek insurers, while the remaining of about 6 percentages by the Cypriot insurance companies. At the "claims chapter", for the insurance market of Cyprus and Greece there were no year-end 2019 updated figures. Click HERE to download the FY2019 SEE aggregate market figures.

Per countries, last year, the insurance industry of Cyprus totaled EUR 892 million, up by almost 4% y-o-y, according to end-year preliminary market figures published on the IAC website - the local professional association. In terms of premiums, the largest life insurers in the country were EUROLIFE, CNP CYPRIALIFE and UNIVERSAL Life - which accounted together for two quarters of life GWP, while in the non-life insurance segment, the Top 3 insurers (CNP Asfalistiki, UNIVERSAL and General Insurance of Cyprus,) accounted for about 31% of non-life GWP. (Click HERE for more details)

According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totalled EUR 4.07 billion at the end of 2019, up by 8.7% y-o-y. The life insurance segment increased by almost 17% y-o-y to EUR 1.97 billion. The market share of life insurance lines increased to almost 49%, outpacing non-life insurance lines growth, both in nominal and relative change. In the case of non-life business lines, Greek insurers generated about EUR 2.09 billion in GWP, 2% more y-o-y. MTPL was by a considerable margin the largest non-life insurance class, with 18% market share, being followed by Fire and natural forces property insurance, Sickness insurance, and Motor Hull insurance. (Click HERE for more details)

The Turkish insurance industry totaled TRY 69.24 billion (EUR 10.37 billion) in premiums in 2019, according to data released by the Turkey Insurance Association (TSB). The figure represents a nominal increase in local currency of 26.69% over 2018, while the same indicator calculated in European currency was 14.90% due the deprecietion of Turkish Lira against Euro. Non-life insurance companies generated premiums during 2019 of TRY 57.88 billion, while life insurers collected premiums of TRY 11.35 billion. Last year, top 5 insurers as GWP volume were ALLIANZ (10.00% market share), ANADOLU (9.54%), AKSIGORTA (6.46%), AXA Sigorta (5.93%) and SOMPO JAPAN Sigorta (4.86%). The menioned insurers accounted together more than one third (36.78%) of the market GWP. (Click HERE for more details)