STATISTICS

STATISTICS: BULGARIA 1Q 2017: GWP up by 9.7%

The total GWP by Bulgarian insurers in 1Q 2017 was BGN 572 million (EUR 293 million), up by 9.7% y-o-y, according to the quarterly statistics published on the country's financial regulator website.

STATISTICS: CYPRIOT insurers' Q1 GWP up by 6.5% y-o-y

Cypriot insurers reported aggregate GWP of EUR 234.4 million in the first three months of 2017, up by 6.5% y-o-y, according to the quarterly market figures published by the Insurance Association of Cyprus - IAC.

STATISTICS: Hungarian market leaders in 2016

The thirty active members of MABISZ (the Hungarian insurance association) posted aggregate FY2016 GWP of HUF 920.6 billion (~ EUR 2.9 billion), up by 5.1% y-o-y, according to the association's website.

STATISTICS: ROMANIA: The insurance market exceeded last year its historic peak in GWP terms

The Romanian insurance market continued its sustained growth trend in 2016 as well, reaching a GWP volume of RON 9.38 billion (or EUR 2.1 billion), 10% more y-o-y. The non-life insurance segment recorded an increase of 11% compared with 2015, while life insurance went up by 6%. The maximum growth rate over the previous year was recorded in health insurance, with approximately 95%.

STATISTICS: Russia FY2016: Strong growth in GWP supported by traditional lines of business

The Russian insurance market grew by 15.3% in GWP terms, in 2016, supported by traditional lines of business development. Life insurance and bancassurance distribution, as well as liability insurance for damage to third parties, property insurance, personal insurance and insurance of financial risks recorded the best resuls. At the same time a significant drop was seen in insurance of hazardous production objects due to decrease of tariffs.

STATISTICS: UPDATE: Greece, FY2016: 4.6% y-o-y increase in the overall premium income

According to a recent press release of the Hellenic Association of Insurance Companies (HAIC), the Greek insurance market saw a 4.6% y-o-y increase in the overall premium income in 2016, to EUR 3.78 billion. The result takes into consideration the 56 insurance undertakings HAIC members, representing approximately 97.1% of total premium income.

STATISTICS: The Turkish market exceeded TRY 40 billion in GWP last year

Total GWP in the Turkish insurance market exceeded TRY 40 billion (about EUR 11 billion) last year, an increase of more than 30% compared to the previous year, according to preliminary data from the Insurance Association of Turkey - TSB. The TSB figures also show that Turkey's insurance sector grew by 20.2% in real terms last year when the annual inflation rate was 8.5%.

STATISTICS: MONTENEGRO, FY2016: Austrian and Slovene insurers lead the market rankings

The Montenegrin market reported a 4.2% y-o-y growth in FY2016 GWP, to EUR 80.1 million, according to the preliminary figures published on the ISA's web-site. The non-life insurance segment had the largest contribution to the aggregate figure, reporting GWP of EUR 66.5 million (83% of total GWP), while the life sector accounted for the remaining 17%, or EUR 13.7 million.

STATISTICS: ESTONIA, FY2016: Non-life lines saw the best results, driving up the market results

Insurers operating on the Estonian market reported total GWP of EUR 388 million for the financial year 2016, up by 7.4% y-o-y, according to the market data published by the Estonian National Statistics Board. The value of life GWP increased by 3.9% y-o-y, to EUR 85.7 million (22.1% of the total market), while Estonian general insurers posted GWP of EUR 302.3 million, 8.5% more y-o-y.

STATISTICS: CROATIA, FY 2016: GWP increase close to nil

The aggregate GWP by Croatian insurers amounted to HRK 8.76 billion (EUR 1.15 billion) at the end of December 2016, up by 0.42% y-o-y, according to the Croatian Insurance Bureau. Non-life GWP increased by 0.91% to HRK 5.84 billion, while the life insurance segment went down by 0.55%, to HRK 2.92 billion. The aggregate value of paid claims was HRK 4.75 billion, or 3.67% more y-o-y.

STATISTICS: BULGARIA: A property insurer - the most profitable market player at the end of September 2016

At the end of September 2016, the Bulgarian insurance market totaled about EUR 781 million, 8% more y-o-y, statistical data published by the FSC - Financial Supervision Commission show. Life insurers ended the first three quarters with an aggregate profit of EUR 16.9 million (vs. EUR 12.3 million in 3Q2015), while the non-life insurers reported an aggregated after tax result of EUR 33.1 million (vs. EUR 29.6 million).

STATISTICS: BOSNIA, 3Q: 8% y-o-y increase in GWP and a new market leader

Based on the figures released by AZOBIH - Insurance Agency of Bosnia and Herzegovina, at the end of September 2016 the aggregate value of GWP by the 27 insurers active in Republika Srpska and Federation of Bosnia and Herzegovina - the two administrative entities of the country, was of EUR 245.2 million, or 7.9% more y-o-y, while the value of claims paid was down by 5.2% y-o-y, to EUR 90.9 million.

STATISTICS: Poland 3Q2016: Motor insurance still unprofitable despite the increasing premiums

The descendant trend established during the previous quarters in the Polish insurance market continued in Q3, with GWP falling by another 2%, to EUR 9.44 billion. While the absolute driver of the falling trend was again the life insurance segment, it is worth noting also that given the slightly weaker domestic currency has also a saying in the matter. Denominated in Polish Zloty, the GWP figure only shows a stagnant trend.

STATISTICS: ESTONIAN insurers' GWP up by almost 7% y-o-y in 3Q

Estonian insurers posted aggregate GWP of EUR 285 million at the end of September, up by 6.7% y-o-y, according to quarterly market figures published by the Estonian National Statistics Board. The total value of life GWP was down by 0.4% y-o-y to EUR 60.2 million, while the non-life segment totaled EUR 224.8 million, or 8.7 %more y-o-y.

STATISTICS: CYPRUS, 3Q: The GWP growth-rate was supported by both market segments

According to the quarterly report on insurers' performance published by the Insurance Association of Cyprus (IAC), at the end of September 2016 the local insurance industry totaled EUR 565 million in GWP, up by 2.7% y-o-y. Per business segments, the value of life GWP was up by 3.3% y-o-y to EUR 235.7 million, while the non-life insurers generated a volume of EUR 329.4 million (approximately 58.3% of the total premiums), up by 2.4% y-o-y.

STATISTICS: BELARUS, 3Q2016, MoF: Insurance increased almost a quarter y-o-y

Belarusian insurance market totaled BYN 742 million (EUR 343 million) for the first nine months of 2016, 24.2% more y-o-y, according to the MoF market figures. In terms of paid claims, the market authority reported a 14.2% y-o-y increase, the 19 active market players paying almost BYN 394 million (EUR 182 million).

STATISTICS: KAZAKHSTAN, 3Q2016: Insurance companies reported GWP growth by 24.83% y-o-y

In 3Q2016, GWP reached KZT 277.02 billion (EUR 737.72 million), up by 24.83% y-o-y, while claims increased by 29.04%, to KZT 74.28 billion (EUR 197.82 million). In the reporting period, the market GWP increased mainly due to the following types of insurance: GTPL (v), Worker against accidents (c), MTPL (c), Financial losses (v), Property (v) and CARGO (v).

STATISTICS: CZECH REP., 3Q2016: Motor policies maintained the market on the upward trend

According to data released by the Czech Insurance Association (CAP), in 3Q 2016 the insurance market has been driven by non-life insurance segment which reported a y-o-y growth rate of 4.2%, while life policies continues to decrease by about 2.1%. Overall, the aggregate GWP increased slightly by CZK 1.61 billion (to CZK 89.57 billion or EUR 3.32.billion), which corresponds to a y-o-y growth rate of 1.8%.

Croatian insurers posted an aggregate GWP of HRK 6.74 billion (about EUR 900 million) in the first nine months of 2016, up by 0.3% y-o-y, according to the preliminary statistics published on Croatian Insurance Bureau - CIB website. Non-life GWP increased by 1% y-o-y to HRK 4.6 billion, while the life insurance segment totaled HRK 2.1 billion, or 1.2% less y-o-y.

STATISTICS: Montenegrin market up by 3.5% at the end of the third quarter

In 3Q2016, the Montenegrin insurance market totaled almost EUR 60 million, a 3.5% increase y-o-y, as the Insurance Supervision Agency has reported. Compared with September 2015, non-life insurance premium was up by 3.3% (to EUR 50.1 million), while the life insurance GWP grew by 4.2% (to EUR 9.2 million).

STATISTICS: ALBANIAN insurers posted about EUR 79 million in GWP at the end of September

The Albanian insurance market reached over ALL 10.8 billion (EUR 78.6 milion) for the period January - September 2016, or 7.2% more y-o-y, according to the quarterly market statistics published by AFSA - Albanian Financial Supervisory Authority. During the analysed period, the number of issued insurance contracts reached 808,881 showing a decrease of 0.4% y-o-y. The total of paid claims was about ALL 2.9 million or 27.8% more, compared to the period 3Q 2015.

STATISTICS: KOSOVO insurers' Jan-Sept GWP rises 3% y-o-y

In 3Q 2016 the Kosovo insurers reported a 3% y-o-y increase in GWP to EUR 62.9 million, as the Central Bank - CBK data showed. MTPL premiums accounted for about 65% of total GWP, of which a share of 56% - third party liability policies, while the share of Border policies was close to 9%. Other types of voluntary segments accounted for ~35% of total market.

STATISTICS: CIS, 1H2016: Insurance markets passing through the storm

After years of positive high dynamics, insurers of the CIS space are confronted with a difficult economical environment: decreasing demand for insurance products and the falling currency exchange rates all over the region are putting a high pressure on the costs and profitability. Overall, GWP in the region went down y-o-y by 3,3% in European currency.

STATISTICS: BULGARIA, 1H2016: 5.6% up y-o-y, capitalizing on the life and motor insurance lines growth

According to data published by the FSC - Financial Supervision Commission, Bulgarian insurers recorded in 1H2016 a GWP worth EUR 528.15 million, 5.6% up y-o-y. Two were the business segments with a relevant contribution to the market's growth: life insurance, which saw a record high growth in premium volume (~44%) on the Unit-Linked insurance line and the motor insurance lines, the Motor Hull and MTPL lines' contribution, in absolute terms, to the GWP growth being almost equal.

STATISTICS: RUSSIA, 1H2016: The market concentration trend continued in 2016. There are probably nearly 100 insurers in the red zone

The Russian insurance market increased by 14% in nominal terms and in the local currency, in the first half of 2016. "Unlike many other sectors of the financial industry, insurance is growing. We are ahead of other industries and this is a fact," said Igor YURGENS, President, All-Russian Insurance Association (ARIA) and President Russian Association of Motor Insurers (RAMI).

STATISTICS: CZECH REP., CAP: Insurance market growth rate increases by 2% y-o-y in H1

The total written premium of the members of the Czech Insurance Association (CAP) has increased by c. CZK 1.2 billion on year- on-year basis, which corresponds to 2% growth. The positive development of the insurance market in the first six months is still supported by non-life insurance, which reported c. 4.5% volume growth and thus again became the most dynamic segment. Also life insurance, which has been showing a more significant decrease in the last two years, slowed down the decline from 3.4% in the 1st quarter to 2.2%.

STATISTICS: BOSNIA, 1H2016: Motor lines generate about 80% of the non-life insurer's expenses for claims

The aggregate GWP value generated by the Bosnian insurers was up by 7.86% y-o-y to BAM 316.90 million (EUR 162.03 million) in the first half of 2016, according to the figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS). About 71% of total GWP were made by the 12 insurance companies which are registered in the FBiH (or EUR 115 million) the remaining 29% (EUR 47 million) being reported by the 13 RS insurers.

STATISTICS: LITHUANIA's H1 market grows 5.74% to EUR 330.20 million

Lithuania's insurance market (including branches of foreign companies), totalled EUR 330.20 million at the end of June 2016, up by 5.74% y-o-y, according to data published by the Central Bank of Lithuania. Non-life insurance market grew by 11.85% to EUR 230.08 million (69.68 of total GWP), while life insurance market lost 6.05 % to EUR 100.12 million (30.32% of total market).

STATISTICS: GWP in ESTONIA's insurance market up 6.3% in H1

Estonian insurers reported H1 GWP of EUR 190 million, 6.3% more compared with January-June 2015, according to the market figures published by the Estonian National Statistics Board. At the same time, the value of paid claims increased by 13.7% y-o-y, to EUR 112 million.

STATISTICS: CROATIA, 1H2016: The market remained relatively at the 1H2015 level

According to the half year report on insurers' performance published by the Croatian Insurance Bureau - HUO, in 1H2016 the local insurance industry fairly remained at the 1H2015 level, the GWP volume by the 23 active insurers totalling EUR 640.7 million (HRK 4.81 billion) - 0.12% more y-o-y. Per segments, life GWP went down by 2.3% y-o-y to EUR 202.7 million, while the 18 non-life insurers wrote premiums of EUR 438 million, up by 1.3% y-o-y.

STATISTICS: Rep. of Moldova, 1H2016: GWP up by more than 9.5%, while claims increased by over 40%

The Moldavian insurance market has recorded in 1H2016, total GWP of MDL 628 million (EUR 28,2 million), increasing by 9,5% as compared with 1H2015, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF). In the European currency, company's GWP have seen a decrease of 0,49%, as a consequence of the national currency depreciation against the European one.

STATISTICS: KOSOVO, 1H2016: Insurers posted GWP of EUR 40 million in 1H2016

The Kosovo insurers' GWP increased by 1.68% y-o-y to EUR 39.96 million in the first half of 2016, as shown by the Central Bank's data. Gross written premiums from Motor TPL insurance increased by 5.28% to EUR 22.57 million, generating about 56.48% of total GWP. The total gross claims paid were down by more than 8% to EUR 17.81 million.

STATISTICS: ROMANIA: Over 9% increase in Q1 and for the first time GWP cover 100% of damages and expenses

Gross underwritten premiums in the insurance market in the first quarter of this year totaled RON 2.43 billion (~EUR 540 million), up 9.16% compared to the same period in 2015, according to the market evolution presented by the Romanian Financial Supervisory Authority (ASF). Growth has been fueled by the non-life insurance segment, which recorded an advance of 9.74%, approaching the threshold of RON 2 billion, as well as the life insurance segment, in which underwritings increased by 6.6%, amounting to RON 438 million.

STATISTICS: LATVIA, 1Q2016: Local insurers are losing market share to EU branches

According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 157.3 million at the end of March 2016, or 4% more y-o-y. The EU-branches' GWP increased by 11.2% to EUR 43.2 million (or 27.4% from the total amount of premiums), while the Latvian-based insurers accounted for the rest of 72.6% or EUR 114.1 million (up by 1.6% y-o-y).

STATISTICS: Bosnian insurance market remained on track during 1Q

According to the 1Q financial figures published by the two market authorities which supervise the Bosnian insurance market (Insurance Supervisory Agency of Federation of Bosnia and Herzegovina - NADOS, and Insurance Agency of Republika Srpska - AZORS) - the local insurance industry totalled almost EUR 75 million, at the end of March 2016, representing an increase of 7% y-o-y.

STATISTICS: AZERBAIJAN, 4M2016: 16.10% GWP growth in local currency

During the first fourth months of 2016, the Azerbaijani insurance industry grew, in local currency, by 16.10%, to AZN 192.73 million. Due to strong devaluation of the local currency (AZN) against USD/EUR, by almost 45%, in the European currency the insurance market decreased by 21.29%, to EUR 112.22 million.

STATISTICS: ESTONIA, 1Q2016: GWP up to EUR 92 million, driven by non-life lines

Estonian insurers reported in Q1 2016 GWP of EUR 91.78 million, up 5.21% y-o-y, according to preliminary aggregate market figures published by the Estonian National Statistics Board. Per insurance classes, the total value of GWP on the life segment was down by 4.18% y-o-y to EUR 19 million (20.69% of the total market), while the value of non-life GWP totaled EUR 72.79 million, 7.97% more y-o-y.

STATISTICS: GREECE, 1Q2016: market down by 6% y-o-y

At the end of March 2016, the Greek insurance market totaled EUR 948.57 million, down by 5.7% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC). The life insurance segment decreased by 10% y-o-y, to EUR 456.68 million, while the non-life business line dropped by 1.2% to EUR 491.89 million.

STATISTICS: ALBANIAN insurers GWP down by 2.7% y-o-y in Q1

The Albanian insurance market reached GWP of over ALL 2,939 million (EUR 21.2 million) for the period January-March 2016, or 2.70% less y-o-y. During the analysed period, the number of issued insurance contracts reached 222,422 showing a decrease of 1.29% y-o-y.

STATISTICS: HUNGARIAN insurers' GWP up by 2% in Q1

Hungarian insurance market totaled HUF 236.9 billion (EUR 754 million) at the end of March 2016, 1.84% less y-o-y, according to the statistics published by the Central Bank. The volume of paid claims by insurers remained stable at HUF 126 billion (EUR 400 million).

STATISTICS: Czech Insurance Association: Insurance market growing thanks to MOD insurance

At the end of March 2016, the Czech Republic insurance market totaled CZK 31.12 billion (about EUR 1.15 billion), 1.27% more y-o-y, according to the results of the members of the Czech Insurance Association (CAP). The most dynamic sector in non-life insurance is collision insurance. Collision insurance (n.red.: MOD insurance) strengthened year-on-year by 9.2% and helped to maintain the continuing growth of the entire non-life segment", CAP annoucend in a press release.

STATISTICS: CEE, FY2015: 1.5% growth of the overall insurance market's volume, mainly driven by the increasing domestic demand

Central and East European (CEE) economies saw, in general, a good 2015, with an average regional increase in GWP of over 3% supported by a solid domestic demand. Some of this economic revival also translated into a revival trend of the insurance business in the region, although not yet generalized and not yet very strong. As a the economic growth patterns are quite different, the extent to which they have resulted in an increased purchasing power of the population and of the local businesses is also different and thus, the growth opportunities offered to insurers are uneven across the region. However, with some exceptions, the CEE insurance markets have seen, at least in GWP terms, positive results.

STATISTICS: FY2015: Turkish insurers maintained the SEE market "in black"

Last year, the SEE insurance market (inclusing Cyprus, Greece and Turkey) totaled about EUR 14.04 billion in GWP, 2.44% more y-o-y, according to preliminary figures centralized by xprimm.com. Of this figure, about 70% was generated by Turkish insurers, more than a quarter by Greek insurers, while the remaining five percentage points by the Cypriot market.

STATISTICS: Who were the FY2015 SLOVENIAN top insurers?

The Slovenian insurance market totaled EUR 1.97 billion at the end of December 2015, 2% more y-o-y, statistics of the country's Insurance Association indicated. In terms o claims paid by local insurers, the aggregate value increased by 1.9% to EUR 1.35 billion.

STATISTICS: MACEDONIA - 2015: Local insurers marked an 8.51% y-o-y growth-rate in GWP

Last year, Macedonian insurers reported an aggregated increase in GWP of 8.51%, according to the preliminary results provided by the Insurance Supervision Agency. The non-life insurance sector dominated the market portfolio and accounted for 86.70% of total GWP - of which about 44.59% was related to Motor TPL policies, 19.82% - property lines and 8.37% - motor hull.

STATISTICS: BULGARIA: Insurance market's net profit up by 82% last year

The Bulgarian insurance market closed the financial year 2015 with a 10.6% y-o-y growth in GWP, to BGN 1.96 billion (EUR 1.00 billion), according to the preliminary data published by the Financial Supervisory Commision. Paid claims amounted to BGN 1.03 billion (EUR 525.41 million), or 6.46% more y-o-y, while the whole market's net profit reached BGN 83.76 million, or EUR 42.82 million vs. EUR 23.58 million a year before.

STATISTICS: Uzbekistan, FY 2015: stable double digit market growth

In 2015, the aggregate volume of GWP reported by the Uzbek insurers was of UZS 551 billion (or EUR 181 million), up by almost 25.59% y-o-y, according to the market data provided by the Ministry of Finance of the Republic of Uzbekistan. At the same time, claims paid for all types of insurance amounted to UZS 111 billion (EUR 36.6 million), up by 48.73% y-o-y.

STATISTICS: ROMANIA, FY 2015: 8.22% GWP increase, reversing the last years' negative trend

According to data recently presented by the Romanian Financial Supervising Authority (FSA), the Romanian insurance market ended 2015 with GWP of EUR 1.97 billion, 8.22% up y-o-y. The total figure includes GWP by ASTRA in the first half of the year, before triggering the bankruptcy proceedings of the company. Disregarding the ASTRA results both for 2015 and 2014, the market growth stood at about 14.3% y-o-y.

STATISTICS: SLOVAK Rep., NBS: The insurance market went down by 4% in 2015

Last year, the Slovak insurance market totaled EUR 2 billion, down by 4.1% y-o-y, as the preliminary statistics published by the National Bank of Slovakia (NBS) indicated. The life insurance field decreased by 9.6% y-o-y due to the 18% depreciation of unit-linked subsegment, while the non-life GWP was up by 2.8% to EUR 965 million.

STATISTICS: Czech Insurance Association: The market was backed up by non-life insurance in 2015

The preliminary results of the Czech Insurance Association (CAP) for 2015 show an annual increase of CZK 1.1 billion, which is a 1% rise, in the premium volume. Premium growth accelerated in the second half of the year compared to a 0.3% increase in the first half. Same as last year, the insurance market is backed up by non-life insurance, which strengthened by 4%. Life insurance, on the other hand, is continuously weakening, namely by 3.5% in comparison with 2014.

STATISTICS: ESTONIA's insurance market is expanding steadily

Last year, the Estonian insurance market posted total gross written premiums of EUR 361.2 million, up by 6% y-o-y, according to FY2015 preliminary market figures published by the Estonian National Statistics Board. Claims paid during the period were up by 9.2% y-o-y to EUR 207 million. It's worth mentioning that the figures published by the Estonian National Statistics Board reflect the performance of Estonian insurers and other EU branches for the insured risks only in Estonia.

STATISTICS: BiH, FY2015: steady growth fueled by the MTPL line

The Bosnian insurance market saw a 4.7% y-o-y growth, to GWP of EUR 301 million, while paid claims remained fairly stable at the previous year's level, of EUR 128 million. It is however interesting to observe that the strongest contribution to the market growth belonged to insurers from smallest administrative entity of the country, the Republica Srpska. Thus, RS's share in the overall premium production increased by about 1.5 pp, to 29%.

STATISTICS: KAZAKHSTAN, FY 2015: Market returns on the ascending path

Despite the worsening economic situation of the country, in 2015 local insurance companies were able to return to growth in GWP as compared with the previous decrease by 4.64% in 2014. Thus, in the analyzing period, the GWP reported by insurers totaled KZT 288 billion, up by 8%.

STATISTICS: CROATIA: Positive trend in GWP driven by the life insurance lines

Despite the falling MTPL premium figures, the Croatian insurance market saw an overall positive trend in 2015, with total GWP going up by 2.26%, to EUR 1.14 billion. The life insurance segment's weight in the total portfolio increased by 3pp, to 33.6%, due to the positive evolution which led to an 11.6% in GWP. On the non-life segment premiums went down by almost 2%, driven by the falling tariffs on the MTPL line.

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.

STATISTICS: MACEDONIA, 3Q2015: The number of MTPL contracts rose by 16,616 units

In January-September 2015, Macedonian insurers reported GWP of MKD 6.3 billion (EUR 102 million), 7.8% up y-o-y, as data published by the Insurance Supervision Agency of Macedonia show. As in previous reporting periods, non-life insurance premiums dominated the market portfolio, and accounted for 89% of the aggregate GWP (MKD 5.6 billion.

STATISTICS: SLOVENIA, 3Q: 1.2% aggregate growth-rate due to the 5% expansion of the life segment

Insurance premiums in Slovenia totaled EUR 1.51 billion in 3Q2015, 1.21% more compared with the January-September 2014 period, according to the figures published on SIA's (Slovenian Insurance Association) website. On the claims side, the aggregate value increased by 2.63% to EUR 986.36 million, of which EUR 295.86 million were life indemnities and EUR 690.51 million - paid claims related to non-life sub-classes.

STATISTICS: UZBEKISTAN, 3Q2015: Claims increased by 56.19%

In the first nine months of 2015, the volume of GWP collected by the Uzbek insurance companies totaled UZS 398 billion or EUR 135 million, up by 27% in national currency compared with 3Q2014, according to market data provided by the Ministry of Finance of the Republic of Uzbekistan.

STATISTICS: HUNGARY insurance market grows 2.6% in 3Q

Hungarian insurers' GWP rose 2.6% y-o-y to HUF 647 billion (EUR 2 billion) in the first nine months of the year, according to the figures published by the National Bank. Life insurance GWP was down by 1.5% to HUF 333 billion, while revenue from premiums on general insurance policies increased by 7.3% to HUF 314 billion.

STATISTICS: TURKEY 3Q: Significant growth rates on all classes

The Turkish insurance sector totaled TRY 22 billion (EUR 6.5 billion) at the end of September 2015, representing a nominal increase of 16.1% y-o-y, according to the market figures published on the Insurance Association of Turkey - TSB's website.

STATISTICS: GREECE, 3Q2015: The decreases reported on motor classes pushed the market down by 3.6% y-o-y

The Greek insurers reported gross written premiums of EUR 2.72 billion in 3Q2015, down by 3.6% y-o-y, according to a quarterly report published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance GWP accounted for 51% of the total - EUR 1.38 billion, or 8% less y-o-y, while the life insurance sector was up by 1.4%, reaching EUR 1.33 billion (49% of total insurance market).

STATISTICS: BULGARIA, 3Q: 22% increase in life GWP and better profitability on non-life segment

In 3Q2015, the Bulgarian insurance market increased by 9.7% to EUR 722.5 million, statistical data published by the FSC - Financial Supervision Commission indicates. Life insurance market totaled EUR 152.5 million or 22% more y-o-y due the increases reported on traditional (by 17%) and unit-linked (by more than 113%) segments, while the non-life insurance sector generated about 80% of the total insurance market, the equivalent of EUR 570 million (up by 6.8% compared to 3Q2014 figures).

STATISTICS: KAZAKHSTAN, 3Q2015: Premiums increased by 7.50% KZT 222 billion

Gross written premiums collected by the local insurers increased by 7.50%, to KZT 222 billion in the first 9 months of 2015. In euro, insurance business decreased by 18.32% due to strong devaluation of KZT against EUR by 98%. At the same time, the paid claims increased twice compared to GWP. The most important claims were recorded on the voluntary types of insurance such as: Financial losses (+203.43%), CARGO (+194.61%), Accidents (+75.81%), Property (+56.94%), etc.

STATISTICS: KOSOVO 3Q insurance market down by 0.3% y-o-y

In 3Q 2015 the Kosovo insurers reported a slight y-o-y decrease in GWP, of 0.27%, to EUR 61.03 million, as the Central Bank data showed (Note: The figures presented by CBK include only the insurers' activity on non-life segment). Claims paid by local insurers for this period increased significantly by 17.54% y-o-y to EUR 23.07 million.

STATISTICS: ESTONIAN insurers' GWP rises 5.4% in Jan-Sept

Estonian insurers posted aggregate GWP of EUR 267 million at the end of September 2015, up by 5.4% y-o-y, according to quarterly market figures published by the Estonian National Statistics Board. Of all five life insurers, the market leader was SWEDBANK Life Insurance SE (40.2% market share), while Estonia's market leader in non-life insurance was If P&C Insurance AS (27%).

STATISTICS: In 3Q15 MONTENEGRIN insurers issued 51,000 more contracts vs. Jan-Sep '14

Montenegrin insurance companies reported aggregate GWP of EUR 57.3 million during January-September 2015, 6.3% more y-o-y, according to the preliminary figures published on the country's Insurance Supervision Agency website. Non-life insurance premiums totaled EUR 48.5 million, up by 6.9% on the year, while the life insurance segment generated premiums of EUR 8.8 million, 4.0% more y-o-y.

STATISTICS: ALBANIA 3Q2015: Life insurance loses ground; non-life remains in the double digit growth territory

Albanian's insurance market uptrend continued in the third quarter of 2015, with GWP increasing by about 17% y-o-y, to ALL 10.07 billion (EUR 71.76 million). However, as compared with the results reported in the previous quarters, the market dynamic is slowing down, as the impact of the strong increase in the MTPL prices is somehow dissipating after more than one year from the FSA's corrective measures enforcement.

STATISTICS: CROATIAN insurers 3Q GWP up by 2.43% y-o-y

Croatian insurers posted aggregate GWP of HRK 6.72 billion (about EUR 881 million) in the first nine months of 2015, up 2.43% y-o-y, according to the preliminary statistics published on Croatian Insurance Bureau website. Non-life GWP decreased by 2.65% y-o-y to HRK 4.55 billion, while the life insurance segment totaled HRK 2.17 billion, or 15.04% more.

STATISTICS: BOSNIA, 1H2015: Srpska based insurers increased their weight in the market

The 24 insurers operating in the two administrative entities of Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported GWP of BAM 293.8 million (EUR 150.23 million), up 3.7% y-o-y, according to the aggregate figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS).

STATISTICS: SLOVAK Rep., 1H2015: 16% increase of the market aggregate profit

In 1H2015, the Slovak insurance market totaled EUR 1.06 billion, while the value of paid claims by local insurer was EUR 586.4 million, according to the financial figures published on the NBS's web-site (National Bank of Slovakia). More in detail, the life insurance field generated more than half of total GWP (51.3%), while the non-life classes accounted for 48.7% of the market (EUR 516 million).

STATISTICS: CYPRUS, 1H2015: Market's status almost unchanged in the last 12 months

According to the figures published by the Insurance Association of Cyprus - IAC, in the period January-June 2015, the total volume of gross written premiums by the member companies remained approximately at the 1H2014 level: EUR 381.74 million, down by 0.03% y-o-y. According IAC's web-site, there are 28 insurance company members which account for about 95% of the annual GWP.

STATISTICS: MACEDONIA, H1: Preliminary figures show a 8.3% y-o-y increase in GWP

In January-June 2015, Macedonian insurers reported gross written premiums of MKD 4.3 billion (about EUR 70 milion) or 8.3% more y-o-y, as the preliminary figures provided by the Insurance Supervision Agency showed. As in previous periods, non-life insurance premiums dominated the market portfolio, and accounted for 89.2% of total GWP, of which about 39% was related to Motor TPL policies, 26.5% - property lines and 8.0% - motor hull.

STATISTICS: CZECH Rep, 1H2015: Record decline in single premium life insurance products

According data provided by the Czech National Bank, in the first half of 2015 the Czech insurance market saw a 5.7% decrease in GWP (or 4.99% decrease for the market results denominated in European currency), to CZK 78.2 billion (EUR 2.87 billion). The life insurance segment is entirely responsible for the negative trend, mostly because of the huge decrease in single premium insurance products sales.

STATISTICS: POLAND 1H2015: GWP stagnation, lower profitability

Compared with the previous years' results, 1H2014 represented for the Polish insurance market rather a stagnation period, with GWP increasing by only 1.3% both on the life and non-life segments. Thus, total GWP amounted to PLN 28.09 billion (EUR 6.69 billion), while claims paid totaled PLN 17/44 billion (EUR 4.16 billion), a volume roughly comparable with the last year's first half figure.

STATISTICS: SLOVENIA 1H2015: Timid signs of recovery in GWP

After several years of sluggish decline, in 1H2015 the Slovenian insurance market seemed to show some recovery signs, with a 3.8% increase in the life GWP and lower negative change rate, of 0.8%, on the non-life side, overall resulting in a 0,4% y-o-y growth of the total GWP volume, to EUR 1.06 billion.

STATISTICS: TURKEY 1H2015: Surging car sales not yet visible in motor insurers' business

Although at somehow more modest rates, the Turkish insurance market continued its constant growth also in 1H2015. Overall GWP increased by some 13.4%, to TRY 15.04 billion, while because of the continued deterioration of the Turkish currency against the Euro, the market results denominated in European currency only show a 9.6% growth in GWP, to EUR 5 billion.

STATISTICS: UKRAINE, 1H2015: Top 20 non-life insurers outperformed the market average growth rate

In the first half of 2015, GWP collected by local insurers totaled UAH 13.4 billion, up by 21.4% y-o-y, of which UAH 12.5 billion were collected on non-life insurance segment (up by 17.6%). Life insurance GWP amounted to UAH 939 million (down by 3.9%). However, considering the over 50% y-o-y inflation rate recorded in Ukraine, in real terms, as well as denominated in European currency, the results show a strong downturn trend.

In the first six months of this year, the insurance companies of Republic of Moldova reported a total GWP volume of about MDL 573.17 million, down by half percent compared with the 1H2014 figures. About 93.72% of aggregated GWP volume was generated by the non-life classes, the remaining 6.28% being accounted by life policies.

STATISTICS: MONTENEGRO, 1H2015: Restarting growth

Judging by the first six months results, it seems that the Montenegrin insurance market is recovering in 2015, with improved dynamics on almost all business lines. Thus, after ending 2014 with a drop in GWP, in 1H2015 the overall premium volume went up by 4.8% y-o-y, to almost EUR 37 million.

STATISTICS: SERBIA 1H2015: The lessons from 2014 flood didn't raise public interest for property insurance

Serbian insurers ended 1H2015 with GWP amounting to almost EUR 341 million, 11.23% up y-o-y. In local currency, GWP amounted to RSD 41.1 billion, 15.85% more y-o-y. Paid claims increased by about 14%, to RSD 14.75 billion (EUR 111.8 million). In relative terms, the life insurance segment showed the best dynamic, with a 21.3% GWP growth, while indemnities paid for life insurance diminished by some 2.3%. Yet the life insurance business remains little, with an overall GWP volume of EUR 72.7 million.

STATISTICS: CROATIA, 1H2015: MTPL still hurt by intense competition

The first half of 2015 ended for the Croatian insurance market with a 3.65% growth in GWP, to HRK 4.8 billion (EUR 640 million). The non-life segment recorded a negative change, with GWP decreasing by almost 3% driven by a drop of more than 10%, of the MTPL insurance class. Overall, the motor insurance segment lost some 5pp of its weight in the market.

STATISTICS: HUNGARY 1H2015: motor insurance lines pushed up the non-life GWP figures

After two years of moderate growth, the results recorded by the Hungarian insurance market in 1H2015 seem to indicate a period of relative stagnation. Thus, GWP went up by about 2% in local currency, to HUF 443.6 billion, while denominated in European currency show a slightly over zero change, once again affected by the Hungarian forint depreciation (EUR 1.4 billion).

STATISTICS: BULGARIA 1H2015: life and motor hull insurance, the main drivers of the market's 9.5% growth

According to data published by the FSC - Financial Supervision Commission, Bulgarian insurers recorded in 1H 2015 GWP worth EUR 500.15 million, 9.5% up y-o-y. Two were the business segments with a relevant contribution to the market's growth: life insurance which saw a record high growth in premium volume (~21%) and the motor insurance lines, the Motor Hull line in particular (almost 13% y-o-y growth in GWP).

STATISTICS: GEORGIA, 1H2015: The higher level of losses may be the most important trend of the current year

In the first half of 2015, GWP by the Georgian insurers amounted to EUR 83.11 million, up 20.2% y-o-y (GEL 207.72 million). Analyzing the official results one may conclude that the insurance industry has recovered after a sharp y-o-y decline in 2014 when the market decreased by 32.3%. The main reason for the 2014 decline was the complete removal of the insurers from all government's projects, such as the universal healthcare program.

STATISTICS: GWP of MACEDONIAN insurers up by more than 10% in Q1

Macedonian insurers posted aggregate gross written premiums of EUR 34.86 million (MKD 2.14 billion) at the end of March 2015, according to figures published on the Insurance Supervisions Agency website. The mentioned figure is about 10.2% higher y-o-y. The value of paid claims increased by 16.4% y-o-y to EUR 13.3 million.

STATISTICS: Bank of Lithuania, 1H2015: Insurance market reaches record volumes, although the growth rates of the insurance branches vary

The insurance market recorded a year-on-year 6.4% increase over the first half of this year in terms of premiums written, with its volumes reaching record heights - EUR 312.3 million. "Growth in life insurance was less robust than a year ago, but this branch remains the main engine of growth within the entire insurance market. The non-life insurance market boosted as well, although the most numerous in terms of contracts concluded, the motor third party liability (MTPL) insurance class did not avoid a decline", says Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.

STATISTICS: LATVIA: Insurers profit down by almost 50% in 1H2015

According to the figures published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) posted aggregated gross written premiums of EUR 273.6 million in the first half of the year, which is 6.3% more compared with the same period last year. At the same time, the value of paid claims and indemnities increased by 9.7% y-o-y to EUR 148.4 million.

STATISTICS: KOSOVO insurers reported a loss of EUR 2.5 million at the end of June

During the January-June 2015 period, the Kosovo insurance market maintained similar results to those reported for the 1H2014 period - GWP of EUR 39.3 million, while the value of paid claims increased by 22% y-o-y to EUR 19.4 million, according to financial figures published by the Central Bank of the Republic of Kosovo (CBK). During 1H2015, the number of policies sold by insurance companies was 447.9 thousand, representing an annual increase of 4.5%.

STATISTICS: GREECE, 1H2015: Life insurance maintained the market on a positive track

The Greek insurers reported a GWP of EUR 1.96 billion in the first half of 2015, as compared with EUR 1.92 billion a year earlier, according to the 1H2015 Report published by the Hellenic Association of Insurance Companies (HAIC). The Report published by HAIC includes the figures for 57 insurers accounting for 95.8% of the insurance market's full data for 2014. Of these, 21 were active in the life segment (97.4% market share) and 47 were active in the non-life segment (94.4% market share).

STATISTICS: ESTONIA's insurance market posts 4.6% half-year growth in GWP

The insurers activating on the Estonian market reported total gross written premiums of EUR 178 million at the end of June 2015, up by 4.6% y-o-y, according to the market figures published by the Estonian National Statistics Board. At the same time, the value of paid claims was up by 7.1% y-o-y to EUR 99 million.

STATISTICS: BELARUS, 1H2015: Devaluation of the BYR against the "hard" currency had a negative influence on the main types of insurance that can be bought in foreign currency

The growth and strengthening of the crisis phenomenon due to the fall of oil prices (editor's note: On August, 2015 the cost of Brent crude oil fell below USD 42.87/per barrel, so once again the price for the Brent crude oil is close to its lowest level in six years), as well as the devaluation of RUB, the extending of sanctions for Russia (which is the main trade partner of the Republic of Belarus) and the fall on the Chinese stock market led to the low economic growth in Belarus last year.

STATISTICS: POLISH insurance market up 3% in Q1 2015

Polish insurers' aggregate GWP was up by 2.95% y-o-y to PLN 14.37 billion (EUR 3.51 billion) in the first quarter of 2015, as the financial indicators published by the Polish Financial Supervision Authority (KNF) showed. Official figures also revealed that the amount of paid claims/indemnities during the period was PLN 8.72 billion, representing a decrease of 4.82% y-o-y.

STATISTICS: LATVIA, 1Q2015: Local insurers maintained the market in "black" due to the 2% decrease in GWP reported by the EU-branches

According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 151.21 million at the end of March 2015, or 5.98% more y-o-y. At the same time, the value of paid claims and indemnities was up by 11.69%, reaching EUR 75.64 million. The GWP of branches of EU insurers decreased by 2.05% to EUR 38.84 million (or 25.68% from the total amount of premiums), while the Latvian-based local insurers accounted for the rest of 74.32% or EUR 112.38 million (up by 9.06% y-o-y).

STATISTICS: BELARUSIAN insurers reported a 15% increase in GWP in the first quarter

According to the results published by the Belarusian Association of Insurers, in 1Q2015, total premiums in the insurance market have risen by 15% year-on-year to BYR 1,880 billion. In European currency, due to the devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of GWP: EUR 118 million, or 2.2% less y-o-y. The claims paid by local companies reached BYR 993.88 million, up by almost 40% compared to 1Q2014.

STATISTICS: GEORGIA, 1Q2015: 31% increase in GWP and a new market leader

In January-March 2015, the Georgian insurance market increased by 31% y-o-y in local currency to GEL 115.92 million (EUR 48 million), according to the data published by the Insurance Supervisory Office - ISO. The positive trend recorded by the local insurance industry was driven by the increasing of GWP reported in almost all business lines.

In the first three months of 2015, the aggregate volume of GWP reported by the Uzbek insurers was of UZS 135 billion (or EUR 50 million), up by almost 22% y-o-y, according to the market data provided by the Ministry of Finance of the Republic of Uzbekistan. At the same time, claims paid for all types of insurance more than doubled and amounted to UZS 31.2 billion (EUR 11.5 million), up by 114.8% y-o-y.

STATISTICS: The SLOVENIAN market shrank by about EUR 10 million in 1Q2015

The Slovenian insurance market totaled EUR 547.10 million at the end of March 2015, 1.67% less (or EUR 9.27 million in absolute value) as compared with 1Q2014, statistics of the country's Insurance Association indicated. The value of paid claims increased in absolute value by EUR 3.63 million to EUR 332.61 million, of which EUR 100.30 million were life indemnities and EUR 232.31 million - claims related to non-life sub-classes.

STATISTICS: BULGARIAN insurers' Q1 GWP grows 13%

The total of gross written premiums of Bulgarian insurers in the first three months of 2015 was BGN 506 million (EUR 258.7 million), up by 13.3% from a year earlier, according to the quarterly statistics published on the country's financial regulator website. The value of paid claims was up by 32% to BGN 259 million (EUR 132.5 million).

STATISTICS: SERBIAN insurers GWP up 27% in 1Q2015

According to the Central Bank figures, in 1Q2015 the total premiums collected by 21 insurance companies operating in Serbia increased by 27.15% in nominal terms to RSD 19.99 billion (EUR 166 million). Non-life GWP generated 78.39% of the total premiums, while the share of life segment went down to 21.61%.

STATISTICS: CYPRIOT insurers 1Q GWP down by 2.2% y-o-y

Cypriot insurers posted aggregate gross written premiums of EUR 191.92 million in the first three months of 2015, down by 2.19% y-o-y, according to the quarterly market statistics published by the Insurance Association of Cyprus - IAC. At the same time, in the analyzed period, the local insurers paid about EUR 115 million in life and non-life claims.

STATISTICS: BOSNIA, 1Q2015: RS based insurers maintained the country GWP "in black"

In the first three months of 2015, BiH's insurance market totaled almost EUR 70 million (BAM 136.8 million), 0.4% more y-o-y as a result of an increase of over 5.5% (to EUR 19.8 million) of insurance companies based in the Republic of Srpska (RS), according to the figures published by the two market authorities - Insurance Agency of Republika Srpska (AZORS) and the Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (NADOS). The volume of FBiH insurers' GWP decreased by 1.5% y-o-y, totaling EUR 50.1 million.

STATISTICS: KAZAKH insurers up by 8.7% in the first quarter

Kazakh insurers reported an 8.7% increase of GWP in the first three months of 2015 reaching KZT 72.5 billion (approximately EUR 360 million), according to the market statistics published on the National Bank website. Due to the appreciation of KZT/ EUR exchange rate by almost KZT 50 per EUR, in European currency - the calculated market growth rate was 35%. In the analyzed period, the value of paid claims totaled KZT 20.5 billion (more than EUR 100 million), up by 25.4% y-o-y.

STATISTICS: HUNGARIAN insurers' business up by 1.7% in Q1

Hungarian insurance market totaled HUF 241.36 billion (EUR 807 million) at the end of March 2015, 1.71% more y-o-y, according to the statistics published by the Central Bank. In European currency, due the appreciation of the Hungarian Forint - the calculated growth rate was 4.41%. The volume of paid claims by insurers decreased by 1.79% to HUF 125.85 billion (EUR 421 million), due the reduced values reported for life indemnities.

STATISTICS: ROMANIA 1Q2015: GWP up 11% y-o-y "helped" by a 20% MTPL growth rate

After two years starting with a first quarter during which the market remained on a decreasing trend, at the beginning of 2013 and 2014 respectively, the Romanian insurance market surprised us with an 11% increase (to EUR 506 million) in 1Q2015. Per insurance classes, stands out the growth rates reported on two segments: life insurance (+13% y-o-y to EUR 94 million) and Motor TPL (+20% y-o-y, to EUR 197 million).

STATISTICS: Slight decrease in Q1 GWP volume for MOLDAVIAN insurers

In the first three months of this year, the 15 active Moldavian insurers reported a total GWP volume of about MDL 253.66 million (EUR 12.48 million), down by a half a percentage point as compared with the 1Q2014 figures. About 92% of aggregated GWP voume was generated by the non-life classes, the remaining 8% being accounted by life policies. The value of paid claims by insurers decreased by 31.4% y-o-y to MDL 79.36 million (EUR 3.90 million).

STATISTICS: GREECE, Q1: Unit-linked policies maintained the local market in positive teritorry

The Greek insurers reported GWP of EUR 993 million in the first quarter of 2015, 0.7% more y-o-y, according to the 1Q2015 Report published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance premiums accounted for 50.2% of the total insurance premiums (EUR 498 million, 11.8% less y-o-y), while the life insurance segment accounted for the remainder of the market (EUR 495 million, or 17.5% more y-o-y).

STATISTICS: AZERBAIJAN: 1Q2015: Local market reported a 14.30% growth

In 1Q2015, the Azeri insurance market totaled AZN 134.80 million, increasing by 14.30% in local currency compared with the same period last year, while the claims paid amounted to AZN 35.75 million (up by 25.13%), according to data presented by the Ministry of Finance of the Republic of Azerbaijan. Due to the exchange rate variations, in European currency, the insurance market increased by 8.89%, to EUR 119.12 million.

STATISTICS: Montenegrin insurers Q1 GWP up 9%

The 11 Montenegrin insurers activating on the market reported aggregate gross written premiums of EUR 17.06 million for the January-March 2015 period, up from EUR 15.63 million in 1Q2014, the figures published by the country's Insurance Supervision Agency indicated.

STATISTICS: KOSOVO, 1Q2015: GWP of EUR 18 million, similar with the 1Q2014 value

At the end of March 2015, the Kosovo insurance market totaled EUR 18.04 million - a value similar to that reported for the first quarter of last year, the market statistics published by the Central Bank of Kosovo - CBK indicate. During the reported period, claims paid by insurers totaled EUR 8.98 million, 18.53% more y-o-y.

STATISTICS: ALBANIAN insurers' GWP up 14.41% in Q1

The Albanian insurance market reached ALL 3.02 billion (EUR 21.53 million) in the January-March 2015 period, or 14.41% more y-o-y, the official statistics published by the Albanian Financial Supervisory Authority - AFSA indicated. The value of claims paid by local insurers increased by 18.61%, to ALL 705.51 million.

STATISTICS: ARMENIA, FY 2014: The market's results have significantly deteriorated

If in the first half of 2014, the Armenian insurance market stagnated, despite a certain growth of the key indicators, for the entire 2014, the market's results significantly deteriorated. Namely, gross written premiums decreased by nearly 13%, compared with claims that increased almost twice (22.86%). The largest growth of claims, 138.51%, was reported on the accident insurance segment, the most popular type of insurance in Armenia.

STATISTICS: SERBIA, FY 2014: Driven by the life insurance growth and slightly affected by the May floods' losses

The Serbian insurance market ended 2014 with a 8.4% increase in GWP, to RDS 69.4 billion. In European currency, given the about 6% depreciation of the Serbian Dinar, the market growth was of only 2.7%, to EUR 573.8 million. "Serbian insurance market continued exhibiting similar trends identified in the previous period," said Nikola RODIC, Head of Actuarial and Statistic Division, Insurance Supervision Department, National Bank of Serbia. "Overall stability of the insurance market was preserved, while insurance companies continue to face cost pressures in their operations."

STATISTICS: MOLDAVIAN market down by 10% in 2014 due the currency depreciation

Last year the Moldavian insurance market totaled MDL 1.2 billion or 0.4% more y-o-y, according to the official statistics published by the National Commission of Financial Market - NCFM. Denominated in euro, due to the depreciation of the national currency, the local insurance market was down by 9.9% to EUR 64.6 million. The value of claims paid by insurers was up by 6.6% y-o-y to EUR 27.6 million, of which motor insurance classes (hull, MTPL and Green Card, summed) accounted for more than 58% (or EUR 16 million) while financial loss policies represented 30% (or EUR 8.2 million).

STATISTICS: GEORGIA, FY 2014: Excluded from the state health insurance program, insurers have improved profitability

Georgian insurers were confronted with a challenging year in 2014, mainly because of the health insurance program cessation. "The state health insurance program - initiated by the Government of Georgia in 2007 in order to provide medical insurance to vulnerable groups of Georgian population via private insurance companies -, represented app. 45% the total 2013 GWP. In 2014 the program was canceled. As a result, despite the robust growth in corporate sector, the insurance market shrank by 30%," Vakhtang DEKANOSIDZE, CEO IRAO told XPRIMM.

STATISTICS: MACEDONIA FY2014: Preliminary figures indicate significant growth rates in property claims

The preliminary FY2014 statistics indicate for the Macedonian insurance market a total GWP volume of EUR 124 million, 6.1% up y-o-y. Life insurance segment generated a 21.8% y-o-y growth rate (to EUR 14.5 million), while the non-life insurance classes increased by 4.3% y-o-y to EUR 109.6 million. At the "claims chapter", the aggregate value increased by 3.2% to almost EUR 50 million. Life indemnities' volume went down by 10.6% y-o-y to EUR 1.7 million, while on the non-life segment the aggregate growth rate was 3.8% (to EUR 48 million).

STATISTICS: RUSSIA FY2014: The internal chronic problems affected the insurance market more than the international sanctions

The Russian insurance market recorded in 2014, for the first time, a negative trend in real terms: while GWP grew by 9.16% in Russian currency, to RUB 987.78 billion, the y-o-y inflation rate recorded by the end of 2014 stood at about 11%, according to the international statistical databases. At the same time, claims paid surged by 12% in nominal terms, to RUB 472.27 billion, the largest contribution to this higher claims volume belonging to the motor insurance lines.

STATISTICS: POLAND FY2014: decreasing trend continued both in business volume and aggregated net profit terms

The Polish insurance market preserved in 2014 the downward trend established in the previous year, with GWP recording a 5% decrease (in local currency) of the overall GWP volume (7.65% in euro), to PLN 54.9 billion (EUR 12.89 billion). Life insurance segment continued to see substantial reduction in GWP, although to a less dramatic pace than one year ago (-8.3% in 2014; - 14.06% in 2013 in Polish zloty - PLN).

STATISTICS: CYPRUS insurance market declined by 3% in 2014

At the end of 2014, the Cypriot insurance market totaled EUR 727 million, recording an annual decrease of 3%, according to the figures published by the Insurance Association of Cyprus (IAC). The value of paid claims declined by 26% y-o-y to EUR 459 million. In case of life insurance, IAC reported a negative dynamic of 4.7% y-o-y to EUR 304 million while in case of non-life insurance segment, the decrease was 1.9% y-o-y to EUR 423 million.

STATISTICS: BULGARIA, FY2014: The insurance market increased by 2.6% y-o-y driven by the double digit growth rate reported on life segment

Statistical data published by the FSC - Financial Supervision Commission indicate for the financial year 2014 an 2.6% y-o-y increase of the Bulgarian insurance market to EUR 907.4 million. Life insurance market totaled EUR 174.1 million or 11.3% more y-o-y due the increase of traditional segment by 10%, while the non-life insurance sector generated about 80% of the total insurance market, the equivalent of EUR 733.3 million, up by 0.8% compared to FY2013 figures.

STATISTICS: ROMANIA, FY2014: Lowest value of the insurance penetration degree, in past 7 years

At the end of 2014, the Romanian insurance market totaled EUR 1.85 billion, 1.84% less y-o-y, according to financial figures collected by XPRIMM. The life insurance GWP decreased by 1%, to EUR 365 million, while the non-life insurance segment was down 2% y-o-y to EUR 1.48 billion. At the same time, the value of paid claims by insurers decreased by 3.3% to EUR 1.09 billion, the Financial Supervisory Authority said in a statement.

STATISTICS: HUNGARY FY2014: Positive trend both in profitability and underwriting volume

Hungarian insurers saw at the end of 2014 a 4.02% growth in the consolidated market GWP, to HUF 833.8 billion, mostly driven by the positive evolution of the traditional life insurance lines. However, denominated in European currency, the market results show once again a negative trend, with a 1.9% decrease of the GWP volume, to EUR 2.65 billion, following the about 6% depreciation of the Hungarian Forint (HUF).

STATISTICS: LATVIAN market up 10% in 2014 due the double-digit growth-rate reported by the EU branches

According to the figures published by the Financial and Capital Market Commission - FKTK, in 2014 the Latvian insurance sector totaled EUR 517.4 million, or 9.9% more y-o-y. During the reporting period, gross premiums written by local insurers went up by 6% to EUR 371 million (71.7% of total market), while the EU branches' business saw a double-digit growth rate (+21%) to EUR 146.3 million (28.3% of total GWP).

STATISTICS: GREECE, FY2014: Life insurance UL policies maintained the insurance market at the 2013 level

In 2014, the Greek insurance market totaled EUR 3.8 billion, 0.6% less y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance GWP accounted for 51.8% of the total insurance premiums (EUR 1.97 billion, 9.6% less y-o-y), while the life insurance segment accounted for the remaining of the market (EUR 1.83 billion, or 11.4% more y-o-y).

STATISTICS: ESTONIA, FY2014: Local market reported increases on almost all business lines

Last year, the Estonian insurance market posted total gross written premiums of EUR 341 million, 7.5% up compared with the previous year, according to FY2014 preliminary market figures published by the Estonian National Statistics Board. Claims paid during the period were up by 3.5% to EUR 189.5 million due to the 5% increase reported on the general insurance segment.

STATISTICS: TURKISH insurance sector up by 7.3% in 2014

Last year, the Turkish insurance industry reported a 7.3% increase in GWP, to TRY 25.9 billion (EUR 9.2 billion), compared to the previous year's TRY 24.2 billion, according to the preliminary figures published by the Insurance Association of Turkey - TSB.

STATISTICS: KAZAKHSTAN, FY2014: Local market decreased by 4.7%

According to the official data published by the National Bank of the Republic of Kazakhstan, in 2014 the gross written premiums collected by the local insurance companies totaled KZT 266.1 billion (EUR 1.1 billion), 4.7% less in local currency compared with 2013.

STATISTICS: MONTENEGRIN market ended 2014 "in red", influenced by decreases in property and motor insurance

The Montenegrin insurance market totaled EUR 72.41 million at the end of 2014, 0.50% less y-o-y, according to the preliminary statistics published by the local Insurance Supervision Agency. As in the previous reporting periods, the two market segments recorded similar dynamics: Non-life insurance GWP was down by 3.31% (to EUR 59.85 million), while the total life insurance premium grew by 15.45% (to EUR 12.56 million).

STATISTICS: CROATIAN insurers 2014 GWP down by 5.7% due the negative rates reported on the main non-life sub-segments

Croatian insurers reported gross written premiums of HRK 8.56 billion (EUR 1.11 billion) in 2014, down 5.68% y-o-y, according to the preliminary market figures published by the Croatian Insurance Bureau. On insurance classes, the non-life segment saw a 9.4% decrease, to HRK 5.92 billion, while the life insurance segment generated a business volume of HRK 2.64 billion, up by 3.9% compared to FY2013.

STATISTICS: BiH insurers reported a 6.6% GWP growth-rate and a 24.2% increase in claims in 2014

At the end of 2014, the 24 insurers activating in the two administrative entities that formed Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported gross written premiums of BAM 562 million (EUR 287.4 million), up 6.6% y-o-y, according to the aggregate figures from the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS). At the same time, the aggregate value of paid claims increased by 24.2% to BAM 250 million (EUR 127.6 million).

STATISTICS: Compulsory motor insurance pushed up the ALBANIAN market by 36.2% in 2014

Albanian insurers reported gross written premiums of ALL 11.6 billion (EUR 83 million) at the end of 2014, or 36.2% more y-o-y, being strongly influenced by the positive growth rates recorded by the three compulsory motor classes: DMTPL (+89%), Green Card (+57%) and Border policies (+50%). At the same time, the aggregate value of paid claims was approximately ALL 2.8 billion (EUR 20 million) or 4.7% more compared with FY2013, according to the financial data published by the Albanian Financial Supervisory Authority (AFSA). "The number of issued insurance contracts reached 1,032,554 showing an increase of 3.69% compared to last year", the AFSA said in a statement published on its website.

STATISTICS: POLAND 3Q2014: sharp decrease in the non-life segment profitability

Total value of gross premiums written by the Polish insurers in the first three quarters of 2014 amounted to PLN 40.8 billion, recording a 5.77% decrease y-o-y. Claims paid amounted to PLN 25.2 billion, about 10.1% less than a year earlier. The aggregated net profit amounted to PLN 2.65 billion on the life insurance side, up 14% y-o-y, and PLN 3 billion for the non-life insurance business (49% down y-o-y). According to a PIU (Polish Chamber of Insurers) release, this difference has to do primarily with the amount of dividends within the largest Polish insurance group.

STATISTICS: MACEDONIA 3Q2014: life insurance strives to reach 10% market weight

The Macedonian insurance market ended the first three quarters of 2014 with an almost 6% increase in GWP, to EUR 95 million. In relative terms, life insurance saw the highest growth rate, recording a GWP amount higher by 21.6% as compared with 3Q2013. Yet, in absolute figures, the main source of growth remained the non-life segment, especially the MTPL and damages to property lines.

STATISTICS: EU branches generated almost 30% of LATVIAN market in 3Q2014

According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled at the end of September 2014 about EUR 378 million, or 7.6% more y-o-y. Of the total, gross premiums written by local insurers increased by EUR 10 million as compared to september 2013 (to EUR 271 million), while the gross premiums written by the EU branches reached more than EUR 107 million, or 28.3% of the total GWP.

STATISTICS: ESTONIAN insurance market up 7.9% y-o-y in 3Q2014

Insurers active on Estonian market posted total gross written premiums of EUR 253.5 million at the end of September 2014, 7.9% up as compared with the previous year, according to quarterly market figures published by the Estonian National Statistics Board. At the same time, the value of paid claims remained almost unchanged a year ago, reaching EUR 135.7 million.

STATISTICS: The ROMANIAN insurance market reached the lowest value in the past 7 years

According to the preliminary data collected by INSURANCE Profile Review, at the end of September, the Romanian insurance market totaled RON 5.9 billion (EUR 1.3 billion), down 5.8% y-o-y. The life insurance segment declined 6,3% to RON 1.2 billion (EUR 236 milion), while the non-life sector totaled RON 4.7 billion (EUR 1.07 billion), or 5,6% less y-o-y.

STATISTICS: Over EUR 430 million in GWP for SERBIAN insurers due the double digit growth rate in life segment

In 3Q2014, the Serbian insurance market totaled RSD 51.4 billion (EUR 432 million), representing a increase of 5.2% on a year earlier, according to the statistics published by the National Bank of Serbia (NBS). The value of paid claims on non-life segment increased 2.2% y-o-y to RSD 16.5 billion (EUR 139 million) due the 14.4% growth rate reported on properly insurance - a segment affected by catastrophic floods in May 2014, while the value of life indemnities increased 33% to RSD 3.5 billion (EUR 29 million).

STATISTICS: SLOVAKIA, 3Q2014: divergent trend on the life and non-life insurance lines

Gross written premium in 3Q2014 by the Slovak insurers went up y-o-y by 2%, to EUR 1.6 billion, at a fairly equal growth pace for life and non-life insurance segments. According to the National Slovak Bank, the market supervisor, overall the number of insurance policies grew by 4.13%, which compared with the GWP increase indicates a still highly competitive market.

Bulgarian insurers recorded a 4.76% aggregated y-o-y GWP growth rate in 3Q2014, to a total premiums volume of EUR 658.4 million. However, although positive, the 9 months result seems to indicate a relative slowdown of the market in the second half of 2014 (6.5% growth in Q1 and 7.5% growth in 1H). At the same time, claims paid increased by 10.4%, to EUR 343.98 million, in part as a consequence of the extreme weather events recorded during the summer.

At the end of September 2014, the insurance market of Cyprus totaled EUR 549 million or 3.9% less y-o-y, according to the report of the Insurance Association of Cyprus on insurers' performance. On the main insurance classes, the largest decrease in GWP was reported in life insurance, from EUR 243 million to EUR 227 million (or 6.4% less y-o-y), while the non-life segment decreased by 2.1% y-o-y to EUR 321 million.

STATISTICS: GREECE, 3Q2014: Life policies have slowed the insurance market decline to 1%

The Greek insurers reported gross written premiums of EUR 2.8 billion in 3Q2014, down 1% y-o-y, according to a Report published by the Hellenic Association of Insurance Companies (HAIC). The Report includes figures from 59 insurers, representing 94.4% of the market's GWP. Of these, 21 were activating on the life insurance segment (97.8% market share) and 48 were activating on the non-life segment (91.9% market share).

STATISTICS: KAZAKH market decreased 6.4% y-o-y in 3Q2014 due the negative rates reported by life, accidents, financial losses and CARGO sub-segments

The Kazakh insurance market closed the first nine months of 2014 with a 6.4% decrease in GWP to KZT 206.4 billion (EUR 895 million), according to the figures published by the National Bank of Kazakhstan. 87.5% of the total gross written premiums were related to direct insurance contracts, the remaining rest (12.5%) being accounted by accepted reinsurance contracts. At the same time, the share of compulsory insurance classes in total GWP increased to 25.5% from 20.9% in 3Q2013, while the share of voluntary policies decreased to 75.5%.

STATISTICS: Insurance agencies in FBiH and RS reported a 7.8% growth rate for BOSNIAN market in 3Q2014

Based on the figures released by the insurance agencies in the Federation of Bosnia and Herzegovina and the Srpska Republic (RS), in 3Q2014 the added-up value of gross written premiums by the 24 insurers active in the two administrative entities that formed Bosnia and Herzegovina increased to EUR 218 million, or 7.8% more y-o-y. The insurers from the Federation accounted for EUR 158 million (72.6% of total), while the RS insurance market accounted for the remaining rest of EUR 60 million.

STATISTICS: Azerbaijan 3Q2014: Life insurance continues to be the market leader

In 3Q2014, the insurance market of Azerbaijan totaled AZN 314.13 million, reporting an increase rate of 3.54% in local currency, while the claims payments amounted to AZN 116.39 million, up by 31.46%, according to data presented by the Ministry of Finance of the Republic of Azerbaijan. Taking into account the exchange rate variations, in European currency, the insurance market increased by 10.18%, to EUR 315.55 million.

STATISTICS: ALBANIA 3Q2014: The stabilization of MTPL tariffs pushed up the market by more than 45%

The insurance premium revenues for January-September 2014 were about ALL 8,585 million (EUR 61.4 million), or 45.21% more compared to the January-September 2013, Albanian Financial Supervisory Authority (AFSA) informed. Payment of claims, during the period January-September 2014, increased by 1.40% compared to January-September 2013. Most of the gross paid claims were related to motor insurance, about ALL 1,662 million (EUR 11.9 million) or 83.08% of total gross paid claims.

STATISTICS: CROATIAN insurers 3Q GWP down 5.4% according CIB

According to the latest data from the Croatian Insurance Bureau (CIB), the 25 insurance companies active on the market wrote gross premium in the amount of HRK 6.6 billion (EUR 860.3 million) by the end of September 2014, which is 5.4% less y-o-y. The life insurance segment increased in GWP by 4.1%, while the non-life sector declined by 8.7%.

STATISTICS: KOSOVO, 3Q2014: Voluntary insurances gaining ground

The Kosovo insurance sector reported a slight y-o-y increase in GWP, of 1.65%, to EUR 61.2 million in the first nine months of 2014, as the Central Bank data showed (Note: The figures presented by CBK include only the insurers' activity on non-life segment). MTPL premiums accounted for more than a half of total GWP, while the share of Border policies premiums was close to 20%. Other types of voluntary insurance accounted for ~28% of total market.

STATISTICS: MONTENEGRO 3Q2014: Slightly positive rate maintained by life insurers

In January-September 2014, the Montenegrin insurance market totaled EUR 54 million, a slight sub unitary increase of 0.4% compared to the previous year, Insurance Supervision Agency reported. Compared to 3Q2013, non-life insurance premium was down by 2.4% (to EUR 45.3 million), while the total life insurance premium grew by 17.6% (to EUR 8.6 million).

STATISTICS: GREECE 1H2014: unit-linked insurance products pushed the life segment back on a positive track

The Greek insurers reported a GWP of EUR 1.93 million in the first half of 2014, as compared with EUR 1.97 billion a year earlier, according to the 1H2014 Report published by the Hellenic Association of Insurance Companies (HAIC). In the analyzed period, the non-life insurance GWP accounted for 54.9% of the total (EUR 1.06 billion, 9% less y-o-y), while the life insurance segment accounted for the remainder of the market (~EUR 870 million, or 7.57% more y-o-y).

STATISTICS: POLAND 1H2014: the second year of consistent drop in life insurance GWP

The Polish market continued to saw in 1H2014 the descending trend recorded in 2013. Thus, overall GWP decreased by 7.4% y-o-y, to PLN 27.7 billion, again driven by the 11.3% decrease in life insurance underwriting. However, due to the Polish zloty appreciation during the last 12 months, the market results look better denominated in euro (EUR 6.7 billion in GWP, 3.67% down y-o-y).

STATISTICS: LITHUANIA 1H2014: EUR 294 million in GWP and expecting a 6% increase for year end

In the first half of 2014, the Lithuanian insurers wrote insurance premiums amounting to LTL 1,013.7 million (EUR 293.6 million), a year-on-year increase of 7.8%, but still 2.9% less than in the first half of 2008, when the volume of Lithuania's insurance market was the highest, Bank of Lithuania informed. According to the half-year review published by the market authority, the life insurance market grew by even 18.3% (to LTL 331.0 million / EUR 95.9 million), while the non-life insurance market was up by 3.4% (to LTL 682.8 million / EUR 197.7 million) over the year.

STATISTICS: HUNGARY 1H2014: Increased car sales pushed up the motor insurance segment

Hungarian insurers recorded a slight increase, of 1.5%, in premium production in the first half of 2014, to HUF 435 billion. However, converted in European currency the result looks less encouraging, as the total GWP figure for 1H2014 was of EUR 1.4 billion, by 3.37% below the 1H2013 level. Once again the 5% depreciation of the local currency put an additional pressure on the foreign insurers operating on the Hungarian market.

STATISTICS: GEORGIA 1H2014: Insurance market down by 19% in local currency

In 1H2014, the Georgian insurance market decreased by 18.82% y-o-y in local currency to GEL 159.58 million, according to data published by the Insurance State Supervision Service of Georgia. Due to exchange rate variations in the European currency, the insurance market decreased by ~27.30%, to EUR 66.27 million.

STATISTICS: GWP of Estonian insurers in H1 up by 3.3% to EUR 225 million

Gross insurance premiums reported by the four life insurers and by the eight general insurers operating in Estonia in the first half of 2014 increased by 3.3% compared to the year before to EUR 225 million, according to statistics published by Financial Supervision Authority of Estonia. The value of claims paid by insurers decreased 6.4% y-o-y to EUR 114 million.

STATISTICS: SERBIA 1H2014: Life insurance and MTPL carried the market

First half of 2014 ended for the Serbian insurance market with a 2.74% growth in GWP, to EUR 306.5 million, a result slightly affected by the currency evolution (4.19% growth rate in local currency). The absolute driver of the market's growth was the life insurance segment which recorded a 17.6% increase in premiums.

STATISTICS: UKRAINE, 1H2014: 4,8 % decrease in GWP

Gross written premiums volume reported by the Ukrainian insurers in 1H2014 amounted to UAH 13.6 billion, 4.8% less y-o-y. Due to the 54.5 % depreciation of the local currency, Hryvnia, in relation with Euro, the figures denominated in European currency show a lower rate by 38.41%, to EUR 845.39 million.

STATISTICS: KAZAKHSTAN: Local market down by 4.64%

According to the revised data from the National Bank of the Republic of Kazakhstan, in January-June 2014, gross written premiums collected by local insurance companies totaled KZT 144 billion (EUR 578.73 million), which is 4.64% lower in local currency compared to the same period of 2013. Due to the devaluation of the local currency (KZT), held in the beginning of February last year by the National Bank of the Republic of Kazakhstan and the depreciation of the national currency to the euro by more than 20% the insurance market has registered a decline of 25% in the European currency.