XIR 1H2021: CEE insurance markets have exceeded the pre-crisis business volume

21 October 2021 — Daniela GHETU
GWP in the 17 CEE markets under the scope of the latest XPRIMM Insurance Report reached EUR 20.75 billion at the end of June 2021, 8.30% more y-o-y and exceeding by about EUR 900 the volume in 1H 2019, the year before the Covid crisis. Except for Estonia and Slovakia, insurance business in all CEE markets reached volume superior to 1H2019.

All markets saw a positive dynamic, seven of them recording even double-digit growth rates: Albania, Bulgaria, Croatia, Hungary, Kosovo, North Macedonia, Romania. Only Slovakia and Latvia reported a rather stagnating market evolution, with growth rates close to nil. Among the markets that recorded the most substantial GWP growth, the main drivers were property insurance - especially where the previous year suffered the impact of some extreme natural hazards-, and motor insurance, against the increasing number of car registrations.

However, the situation is somehow different when considering the main business lines individually. In life insurance, the regional GWP still lacks some EUR 22 million to the 1H2019 value, mostly because three of the Top-5 largest life insurance markets are still behind the pre-crisis level: Poland, Czechia and Slovakia. Out of the about EUR 900 million in premiums exceeding the 1H2019 recorded by the non-life segment, the largest part was provided by the property insurance lines (EUR 315 million; class 8 and 9), while the motor insurance classes' contribution stood at about EUR 162 million for the Motor Hull line and EUR 42 million for the MTPL line.

The latest XPRIMM Insurance Report CEE, SEE & CIS for 1H2021 is available for online reading on xprimm.com.

The report provides for statistical data and market analysis for over 30 insurance markets in the Central and Southeastern Europe, as well as the ex-Soviet space. Regional trends are analyzed in several articles signed by XPRIMM, Fitch and S&P's analysts.

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