North Macedonia's insurance companies reported aggregate FY2024 business worth MKD 15.97 billion (~EUR 259.7 million), up by 11.3% y-o-y, according to the preliminary year-end market figures published on the country's Insurance Supervision Agency website.
The Latvian insurance market saw a 10% increase in GWP, in 2024, to almost EUR 1.23 billion, data provided by the National Bank of Latvia show. However, in the context of decreasing inflation, the market growth pace also slowed last year, as compared with 2023. The growth in claims paid was also slower, of only 5%.
In 2024, the insurance market increased by 62.8%, to RUB 3.7 trillion (EUR 35.06 billion, +52%), significantly outpacing economic growth. The ratio of insurance premiums to GDP increased by 0.6 percentage points, to 1.9% in 2024, according to a review of key performance indicators of insurers published by the Central Bank.
At the end of 2024, the insurance sector of Uzbekistan grew by 21.22% y-o-y and amounted to UZS 9.77 trillion (EUR 727.16 million), according to the data published by the National Agency of Prospective Projects (NAPP).
According to the survey conducted by the Association of Insurance Companies of Greece (AAEE) among its member Insurance Companies, the total premium production in 2024 increased by 8.7% compared to the previous year, amounting to EUR 5.68 billion.
The Turkish insurance sector grew by 72.5% to TRY 838.5 billion (EUR 22.78 billion) in 2024, according to data from the Insurance Association of Türkiye (TSB). In European currency, due to the exchange rates differences, the market change was ~53% y-o-y.
During 2024, the Lithuanian insurance market grew by 8.96% y-o-y (or by EUR 130.25 million) to EUR 1.58 billion, while the value of payments expanded by 11.4% y-o-y to EUR 704.67 million, according to the market figures published by the Bank of Lithuania – Lietuvos Bankas.
According to the Central Bank of the Republic of Kosovo, the local market grew by 14.63% y-o-y, to GWP worth EUR 167.9 million. At the same time, paid claims reached EUR 76.60 million, which is 8.44% higher than in 2023.
At the end of 2024, the insurance market of Estonia totaled EUR 685.43 million in terms of GWP, up by 7.36% y-o-y, according to the year-end market data published by the Estonian National Statistics Board.
The CEE insurers wrote gross premiums worth EUR 39.93 billion, by 10.59% more y-o-y in 3Q2024. At the same time, claims paid totaled more than EUR 20 billion (EUR 19.24 billion not including data for Kosovo, Romania and Slovenia, as not available).
The Slovene insurance market went down, overall, by almost 11% y-o-y in 2024, consolidated GWP reaching EUR 2.73 billion. While life insurance GWP grew by 5.7%, to EUR 885 million, the non-life segment saw a 17% depreciation of the GWP figure, to EUR 1.84 billion.
In 2024 the insurance market of Armenia practically did not grow - the growth was less than 2%, total GWP reached AMD 72.37 billion (EUR 174.86 million), as shown by the data of the Financial Rating of Insurance Companies provided to ArmInfo. It’s worth noting that in euro the market grew by 10.29% thanks to a more favorable exchange rate compared to 2023.
At the end of 2024, the insurance market of Croatia totalled EUR 1.9 billion, of which EUR 335.1million (17.4%) related to life insurance premium and EUR 1.6 billion (82.6%) to non-life insurance segment, according to the YE 2024 statistics published by The Croatian Financial Services Supervisory Agency – HANFA.
At the end of 2024, the BiH insurance market totaled EUR 555 million (BAM 1.1 billion), up by 10.3% y-o-y, as the local insurance agency – AZOBIH informed. At the same time, the value of claims paid by insurers expanded by 9.4% y-o-y to EUR 240 million.
The insurance market of Bosnia and Herzegovina ended Q3 2024 with aggregate GWP worth BAM 824.33 million (~EUR 421.47 million), up by 10.75% y-o-y, market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
Bulgarian insurance market reported 3Q 2024 GWP worth BGN 3.49 billion (EUR 1.78 billion), up 6.05% y-o-y, according to the official quarterly figures published on Financial Supervisory Commission website. Life insurers' GWP increased by 9.5% to BGN 584.94 million, while non-life insurers' GWP rose by 5.37% to BGN 2.9 billion.
The Montenegrin market reported in FY2024 a 12.34% y-o-y growth in GWP, to EUR 134.19 million, according to the preliminary figures published on the ISA's website, while the value of paid claims &indemnities increased by 20.6% y-o-y to almost EUR 60 million.
According to the FY2024 results, the insurance sector of Kazakhstan grew by 41.38%, reaching KZT 1,679.48 billion (EUR 3.07 billion). More than 58% of all market premiums came from non-life insurance.
The insurance market of Azerbaijan grew by 10.69% in 2024, reaching AZN 1.35 billion (EUR 763.48 million). The growth driver is life insurance, which increased by 16.65% and generated over 54% of all premiums, according to statistics published by the National Bank.
The Albanian insurance market grew significantly in 2024, with gross written premiums reaching ALL 24.505 billion (EUR 249.67 million), 7.02% up y-o-y. Additionally, the number of insurance contracts grew by 8.84%, totaling 1,595,687 contracts for the year, data from the Albanian Financial Supervisory Authority (ASFA) show.
Gross written premiums amounted to EUR 39.2 billion at regional level, up by 10.57% y-o-y. Yet, one should keep in mind that results for 3Q for Bulgaria and Bosnia & Herzegovina are not yet available. The GWP overall figure was calculated using the results of the two markets for the first half of 2024.
The insurance market of Serbia ended the first three quarters of 2024 with aggregate GWP worth RSD 132.57 billion (~EUR 1.13 billion, up by 14.67% y-o-y), of which non-life insurance - RSD 109.13 billion (+15.86%), while the life insurance segment totaled RSD 23.44 billion, up by 9.44% y-o-y.
During Q1-Q3 2024, the Slovak insurance market totaled EUR 1.56 billion, 6.96% more y-o-y, according to the 9 months statistics published by the National Bank of Slovakia (NBS).
The life insurance segment was up by 3.5% y-o-y to EUR 578.7 million, while the non-life classes accounted for EUR 982.85 million (or 62.94% of total GWP), or 9% more y-o-y.
The value of paid claims by local insurers decreased by 23.66% y-o-y to EUR 877.5 million, of which EUR 391.8 million related to life indemnities, the remaining EUR 485.7 million being accounted by the other non-life subclasses.
The insurance market of Cyprus totaled EUR 936.3 million at the end of September 2024, increasing by 7.6% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.
According to the Q3 2024 market data published by the Financial and Capital Market Commission (FKTK), the Latvian insurance market totaled GWP worth EUR 918.26 million, about 9.8% more y-o-y.
Insurers active on the Romanian market wrote gross premiums worth EUR 3.39 billion in the first three quarters of 2024, which is by 11.45% more y-o-y. Out of this total, local insurers accounted for EUR 2.88 billion, while the remaining EUR 513 million were generated by branches of EU insurers operating on FOS/FOE.
The regional insurance market of the former Soviet Union* countries grew by 37.61% in euros over the first three quarters of 2024, amounting to EUR 28.54 billion, according to
xprimm statistics.
The Ukrainian insurance market demonstrated growth in all key indicators for the first 9 months of 2024 - assets, insurance premiums and paid claims. GWP rose by 12.18% to UAH 38.30 billion (EUR 833.48 million), and paid claims - by 25.30% to UAH 15.07 billion (EUR 327.95 million), according to data published by the National Bank.
A few days before the beginning of 2025, Swiss Re's Business Unit CEOs share their views on the key themes that will shape the re/insurance industry in the year ahead. Geopolitical, economic and social tensions, as well as natural catastrophes will be the main threats to which reinsurers will have to respond.
The Czech insurance market ended the third quarter of 2024 with GWP worth CZK 173.64 billion (EUR 6.89 billion), up by 7.9% y-o-y, according to the end-September figures published by the Czech National Bank (CNB).
The largest CEE insurance market posted aggregate 3Q2024 GWP worth PLN 63.25 billion (EUR 14.75 billion), up by 9.6% y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers increased by 11% y-o-y to PLN 36.78 billion or EUR 8.58 billion.
Life GWP was up by 4% y-o-y to over PLN 17.7 billion (EUR 4.13 billion), while the non-life insurance segment increased by 11.95% to PLN 45.55 billion (EUR 10.6 billion).
According to the 3Q2024 results, the market grew by 46.20% y-o-y, amounting to RUB 2.40 trillion (EUR 23.26 billion). Investment and accumulative life insurance segments were a powerful driver of the insurance market – they grew to record levels, according to a review of key performance indicators of insurers published by the Central Bank.
Q3 2024 preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, shows that at the end of September 2024, the Greek insurance market totaled EUR 4.19 billion, up by 10.8% y-o-y.
According to the quarterly statistics published by the Central Bank of Hungary, at the end of Q3 2024, the aggregate GWP of Hungarian insurers reached EUR 3.23 billion, 9.87% up y-o-y. In local currency, the market growth was 11.65% y-o-y.
At the end of 3Q2024, the insurance sector of Uzbekistan grew by 18.64% y-o-y and amounted to UZS 7.01 trillion (EUR 494.28 million), according to data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.
According to the Insurance Supervision Service of Georgia, the insurance market grew by 20.12% in the first three quarters of 2024, amounting to GEL 982.57 million (EUR 322.37 million).
Gross written premiums amounted to EUR 26.9 billion at regional level, up by 7.67% y-o-y. At the same time, claims paid only increased by 0.03% y-o-y, to EUR 12.12 billion.
Macedonian insurers reported aggregate nine-months 2024 aggregate GWP worth MKD 12.18 billion (~EUR 198.17 million), 12.6% more y-o-y, according to the preliminary market figures provided by the Insurance Supervision Agency of North Macedonia.
The Lithuanian insurance market totaled EUR 1.17 billion at end-September 2024, up by 9.57% y-o-y, according to the quarterly figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims from insurance losses worth EUR 526 million, up by 10.8% y-o-y.
According to the National Bureau of Statistics, the insurance sector of Moldova grew by 10.90% to MDL 2,421.91 million (EUR 124.52 million) at the end of 3Q2024. At the same time, paid claims grew by 26.02% and reached MDL 901.87 million (EUR 46.37 million).
The insurance sector of Kyrgyzstan grew by 56.29% at the end of 3Q2024, reaching KGS 3,734.84 million (EUR 39.80 million), according to data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.
At the end of 3Q2024, the insurance sector of Belarus amounted to BYN 1,929.51 million (EUR 538.31 million), which is 17.46% more y-o-y in local currency, according to data published by the Ministry of Finance of the Republic of Belarus.
Serbian insurers ended 1H2024 with total GWP worth EUR 759.86 million, which is 13.38% more y-o-y, according to the half-year statistics published by the National Bank of Serbia (NBS).
The Slovene insurance market fell by 10.8% in 3Q 2024, consolidated GWP reaching EUR 2.09 billion, according to data provided by the Slovenian Insurance Association. Life insurance GWP increased by 7.7%, to EUR 656.4 million, while non-life insurance decreased by 17.26%, to EUR 1.44 billion.
GWP by the Slovak insurers amounted, according to data provided by the SLASPO - Slovak Insurance Association, to EUR 2.23 billion in the first three quarters of 2024, which is by 9.57% more y-o-y.
At the end of June 2024, the BiH insurance market totaled EUR 279 million, up by 11.6% y-o-y, as the local insurance agency – AZOBIH informed. At the same time, the value of claims paid by insurers increased by 7.74% y-o-y to EUR 110.16 million.
Estonian insurers posted 9M 2024 aggregate GWP worth EUR 508.06 million, 6.52% more y-o-y, according to the market figures published by the Estonian National Statistics Board. Total paid claims by local insurers remained almost on the same level as the previous year, to ~EUR 303.7 million.
In the first three quarters of 2024, gross written premiums (GWP) in Albania's insurance market reached ALL 18,288 million, marking a 7.36% increase y-o-y. In European currency, the appreciation of the Albanian Lek against Euro, the market growth was of 15.9%, to EUR 185.15 million.
At the end of 3Q2024, the insurance sector of Armenia decreased by 1.50%, amounting to AMD 54.20 billion (EUR 125.09 million), according to the data of the Financial Rating of Insurance Companies provided to ArmInfo.
GWP amounted to EUR 26.35 billion at CEE level, up by 7.6% y-o-y. At the same time, claims paid remained quasi unchanged y-o-y, of EUR 11.9 billion. However, the present regional figures should be carefully considered as for Bosnia & Herzegovina and Serbia only the Q1results were available. Also, since claims data for Slovenia and Romania are likewise unavailable, the error on the claims side may be more substantial, undoubtedly changing the final outcome significantly.
Bulgarian insurers wrote gross premiums worth EUR 1.19 billion in the first half of 2024, which is by 3.3% over the 1H2023 result. According to data provided by the market authority, life insurance GWP accounted for EUR 203.5 million, 9% up y-o-y, while non-life GWP reached EUR 989.9 million, 2.7% up y-o-y.
Kosovar insurers posted 3Q 2024 Gross Written Premiums (GWPs) worth EUR 127.3 million, from EUR 110.1 million at the end of September 2023, data provided by the Central Bank show.
According to the quarter figures published by the Insurance Association of Türkiye - at the end of September 2024 the local insurance market increased by 73.78% y-o-y reaching TRY 570.44 billion (~EUR 14.9 billion). In European currency, due to about 35% depreciation of the Turkish Lira against Euro throughout the last 12 months, the market change was +32.16% y-o-y.
The insurance market of Azerbaijan for January-September amounted to AZN 1.02 billion (EUR 539.47 million), which is 9.38% more y-o-y in manats, according to data published by the Central Bank. At the same time, the largest share of premiums was collected in voluntary insurance.
For the period from January to September 2024, Kazakhstan's insurance sector grew by 40.12%, reaching KZT 1,210.27 billion (EUR 2.26 billion). Insurers' paid claims increased by 23.37% to KZT 240.92 billion (EUR 450.36 million), as shown by data published by the National Bank.
Insurers in the Central and East European (CEE) insurance markets wrote gross premiums worth EUR 13.45 billion in Q1 2024, which is 7.6% more y-o-y. Paid claims amounted to EUR 6.84 billion, 6% up y-o-y. Most markets recorded a positive dynamic, in some cases even at a double-digit growth rate.
According to data provided by HANFA – the Croatian Financial Services Supervisory Agency, at the end of September 2024 the total premium collected by the local insurers amounted to EUR 1.43 billion, of which EUR 0.25 billion (12.18% y-o-y growth) related to life insurance premium and EUR 1.18 billion (10.6% y-o-y growth) to non-life insurance premium.
At the end of September 2024, the insurance market of Montenegro totaled EUR 102.6 million, 12.7% more y-o-y, while the value of paid claims by insurers totaled EUR 42.64 million, up by 22.84% y-o-y, according to the quarterly market data released by Insurance Supervision Agency.
At the end of March 2024, the insurance market in Bulgaria totaled EUR 574.66 million, down by almost 1% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
According to the half-year market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totaled EUR 2.8 billion at the end of 1H2024, up by 6.7% y-o-y from EUR 2.63 billion a year before. The non-life insurance increased by 8.5% y-o-y, to EUR 1.44 billion, while in the case of life business lines, Greek insurers generated about EUR 1.37 billion in GWP, up by 4.90% y-o-y.
The Slovene insurance market fell by 10.37% in the first half of 2024, consolidated GWP reaching EUR 1.45 billion. Life insurance GWP increased by 8.2%, to EUR 444.27 million, most of the increase coming from the traditional life insurance lines (EUR 60.65 million), while the Unit-Linked line contributed with about EUR 18 million.
Serbian insurers ended 1Q2024 with total GWP worth RSD 41.69 billion (EUR 355.96 million), which is 16% more y-o-y, according to the end-quarter statistics published by the National Bank of Serbia (NBS).
The regional insurance market of the former USSR countries* in the first half of 2024 in euro grew by 22.22%, total GWP amounted to EUR 17.57 billion, according to
xprimm statistics.
The regional insurance market of the former Soviet Union* countries ended the first quarter of 2024 in euros with a 5.63% decline, with the total premium volume amounting to EUR 7.62 billion, according to
The insurance industry in Cyprus continued its upward trend in the first half of 2024, with total GWP amounting to EUR 631.8 million (+7.8% y-o-y), according to recent data from the Insurance Association of Cyprus - IAC.
At the end of June 2024, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 618.7 million, up by almost 10% y-o-y, while the amount paid in claims and indemnities increased by 3.77% y-o-y to EUR 355.8 million, according to data provided by the Latvian Central Bank.
North Macedonia's insurance market rose 10.66% to EUR 132.27 million, while in national currency the market growth rate was almost same (+10.49%). Claims paid by insurers increased by 2.92% to EUR 46.71 million, of which EUR 38.30 million were paid in non-life insurance and EUR 8.41 million – life indemnities.
In the first half of 2024, the market grew to UAH 24.21 billion (EUR 558.43 million), which is 13.37% more y-o-y in local currency and indicates an increase in demand for insurance products. Non-life accounted for 89% of the total GWP, while the share of life insurance approached 11%, as data published by the National Bank show.
Polish insurers wrote gross premiums worth EUR 9.93 billion in 1H2024, 13.8% up y-o-y, almost all business lines recording solid growth rates. Paid claims reached EUR 5.55 billion, 13% more y-o-y. The results denominated in Euro look better due to the y-o-y slight appreciation of the zloty against euro. As such, in the national currency, the market grew by 9.9%, while paid claims by 9.6%.
At the end of 1H2024, the insurance sector of Uzbekistan grew by 13% y-o-y and amounted to UZS 4.27 trillion (EUR 317 million), according to data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.
In 1H2024, the market amounted to RUB 1,293.61 billion (EUR 13.99 billion), which is 20.55% more y-o-y in local currency. Insurers' paid claims increased by 18% and reached RUB 583.71 billion (EUR 6.31 billon), according to data published by the Central Bank.
The insurance sector of Kyrgyzstan in 1H2024 grew by 29%, reaching KGS 1,907.83 million (EUR 20.63 million), according to the data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.
In 1H2024, the insurance sector of Kazakhstan grew by 28.31%, reaching KZT 754.52 billion (EUR 1.49 billion). Insurers' paid claims increased by 25.69% to KZT 149.94 billion (EUR 297.04 million), as data published by the National Bank show.
According to the Czech National Bank data, Czech insurers ended H1 2024 with GWP worth EUR 4.63 billion, a total slightly superior to the H1 2023 one (+2.6%). Paid claims have also remained quasi stable, increasing by 1.85%, to EUR 2.28 billion.
GWP by the Slovak insurers amounted, according to the official statistics of the Slovak National Bank, to EUR 1.05 billion in H1 2024, which is by 7.25% more y-o-y.
Total premium generated in the Türkiye insurance market increased in local currency by almost 81% during the first half of 2024 to TRY 380.4 billion (EUR 10.8 billion), according to the figures released by the Insurance Association of Turkey (TSB).
Kosovar insurers wrote gross premiums worth EUR 82 million in the first half of 2024, 16.78% more y-o-y. Paid claims reached EUR 35 million, decreasing by 3.3% y-o-y.
The insurance market of Lithuania totaled EUR 790.6 million at end-June 2024, up by 11% y-o-y, according to the quarterly market figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims for insurance losses worth EUR 341 million, up by 13.25% y-o-y.
The insurance market of Montenegro totaled EUR 68.23 million at the end of H1 2024, up by 13.95% y-o-y or by EUR 8.3 million, according to the half-year figures published by the local Insurance Supervision Agency (ISA). Gross written premiums from non-life insurance represent 81.35% of total insurance market - about EUR 55.5 million, up by 12% y-o-y while, while life business GWP was up by 23.11% y-o-y to EUR 12.7 million.
According to the Georgian Insurance Supervision Service, at the end of 1H2024, the insurance market grew by 20.44%, amounting to GEL 711.77 million (EUR 236.61 million).
Estonian insurers wrote gross premiums worth EUR 344.8 million in 1H 2024, by 8.16% more y-o-y. At the same time, paid claims increased by 5.46%, to EUR 207.72 million. The market portfolio’s structure remained largely unchanged, with only very small alterations of some LoBs’ weight.
The Hungarian insurance market saw an about 5% y-o-y increase in GWP, to EUR 2.2 billion, data provided by MNB show. However, denominated in local currency (HUF, Hungarian Forint) the market results show a higher growth rate, of almost 12%, the difference reflecting the depreciation of the Hungarian Forint against Euro.
Albanian insurers wrote gross premiums worth EUR 118.43 million, 14.12% up y-o-y. The double-digit growth rate is partly owed to the about 6% appreciation of the Albanian Lek. In local currency, the market growth was 7.55%.
GWP by the Slovak insurers amounted, according to the official statistics of the Slovak National Bank, to EUR 537.22 million in Q1 2024, which is by 7.25% less y-o-y.
Insurers of North Macedonia have written gross premiums worth EUR 67.5 million in the three months of 2024, which is 18.5% more y-o-y. Paid claims increased by 7.5%, to EUR 23.47 million.
According to the Czech National Bank data, Czech insurers ended Q1 2024 with GWP worth EUR 2.35 billion, a total sum fairly equal to the Q1 2023 one. Paid claims have decreased by 1.6%, to EUR 1.07 billion.
At the end of the first half of 2024, the insurance sector of Belarus amounted to BYN 1,267.85 million (EUR 374.87 million), which is 15.50% more y-o-y in local currency, as the data published by the Ministry of Finance of the Republic of Belarus show.
Latvian insurers ended Q1 2024 with gross written premiums (GWP) worth EUR 329,15 million, 11.42% up y-o-y. Life insurance accounted for almost 19% of this total, while motor insurance is the business segment eith the largest participation to the market portfolio (32%).
According to the National Bureau of Statistics, the insurance sector of Moldova grew by 11.06% to MDL 1,553.12 million (EUR 80.93 million) in the first half of 2024. At the same time, paid claims increased by 10.61% and amounted to MDL 532.99 million (EUR 27.77 million).
The 14 insurance companies operating on the Croatian insurance market in 1H2024 have collected premium worth EUR 953.3 million, of which EUR 175.5 million (18.5%) for life insurance and EUR 776.8 million (81.5 %) for the non-life insurance lines, data provided by the market authority (HANFA) show.
The gross written premiums by companies domiciled in Romania amounted to ~ EUR 961.3 million, 0.4% up y-o-y, and accounting for 86% of the total volume written in Romania. Meanwhile, GWP by branches operating in Romania under FOE reached EUR 154.5 million in Q1 2024.
Gross premiums written by Polish insurers in Q1 2024 reached EUR 5.1 billion (PLN 21.94 billion), which is 18.55% more y-o-y, in European currency. This very high growth rate is an effect of the appreciation of about 9% y-o-y of the Polish zloty. Calculated in Polich currency, the market growth was of slightly above 9%.
In the first half of 2024 the insurance sector of Armenia decreased by 6.32% to AMD 38.67 billion (EUR 93.04 million), according to the data of the Financial Rating of Insurance Companies provided to ArmInfo. At the same time, paid claims skyrocketed by 31.65% to AMD 20.55 billion (EUR 49.44 million).
The insurance market of Azerbaijan ended the first half of 2024 with a growth of 11.74% y-o-y, amounting to AZN 725.16 million (EUR 399.10 million). At the same time, paid claims jumped by 58.48% to AZN 356.63 million (EUR 196.28 million), according to the data published by the National Bank.
The Slovenian insurance market totaled EUR 746.2 million at the end of March 2024, an 9.6% decrease y-o-y, according to the Slovenian Insurance Association's quarterly figures. Life insurance GWP posted a positive double-digit rate of +10.1% y-o-y to EUR 217.4 million, while the general insurance segment decreased by -15.8% y-o-y to EUR 529 million (or 70.8% of total GWP) due to the over 90% decrease in health insurance, from EUR 175 million in Q1 2023 to ~EUR 15 million at the end of March 2024.
The aggregate Q1 GWP reported by Hungarian insurers totaled HUF 458 billion (~EUR 1.2 billion), 8.62% more y-o-y, according to the Q1 statistics published by the Central Bank of Hungary. The life insurance business accounted for 33.3% and the non-life insurance business accounted for 66.6% of total premium income.
The insurance market of Cyprus totaled EUR 330 million at the end of Q1 2024, up by 7.8% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 10.8% y-o-y to EUR 143.1 million, of which EUR 71.9 million - life indemnities (+21% y-o-y), EUR 71.2 million - non-life (up by 2.1%).
Estonian insurers posted aggregate business worth EUR 169.62 million in Q1 2024, or 9.51% more y-o-y, according to quarterly figures, published by the Estonian National Statistics Board.
During January-March 2024, the Lithuanian insurance market grew by 11.84% y-o-y to EUR 393.58 million, according to the market figures published by the Bank of Lithuania.
At the end of March 2024, the BiH insurance market totaled EUR 132.7 million (BAM 259.44), up by 13.12% y-o-y, as the local insurance agency – AZOBIH informed. At the same time, the value of claims paid by insurers expanded by 9.78% y-o-y to EUR 54.49 million.
Albanian insurance market posted Q1 2024 GWP of ALL 5.2 billion (~EUR 50.8 million), or 1.7% more y-o-y, according to the quarterly figures published on the website of the local financial supervisory authority - AFSA. The statistics published by the Albanian FSA include the figures from 12 insurance companies operating in the country: four life insurers and eight non-life.
According to the Georgian Insurance Supervision Service, at the end of the first quarter of 2024, the insurance market grew by 22.21% in local currency, amounting to GEL 397.73 million (EUR 136.85 million).
In 1Q2024, the market amounted to RUB 578.4 billion (EUR 5.81 billion), which is 5.5% more y-o-y in local currency. At the same time in euros the market result was negative (-10.86%). The Central Bank notes in its review of key performance indicators of insurers that the growth of the market has slowed down from 21.2% in 1Q2023.
According to the “Overview of supervised entities’ activities in the financial services sector for March 2024” published by the Croatian Financial Services Supervisory Agency (HANFA), the total gross written premium collected by the 14 insurance companies operating on the market in the first three months of 2024 amounted to EUR 451.9 million, of which EUR 77.7 million (17.2%) related to life insurance premium and EUR 374.2 million (82.8%) to non-life insurance premium.
The insurance market of Kosovo totaled EUR 41.6 million at the end of Q1 2024, 22.3% more y-o-y, according to data provided by the Central Bank (CBK).
According to preliminary figures published by the Insurance Supervision Agency of Montenegro (ISA), the business of Montenegrin insurers increased by 12.58% y-o-y in the first quarter of 2024, reaching EUR 34.46 million.
At the end of 1Q2024, the insurance sector of Uzbekistan grew by 32.64% y-o-y and amounted to UZS 2,213.96 billion (EUR 162.80 million), according to data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.
Bulgarian insurance market reported January-December 2023 GWP worth BGN 4.38 billion (EUR 2.24 billion), up by 21.29% y-o-y, according to the official figures published on Financial Supervisory Commission website. Life insurers' GWP increased by 16% to BGN 725.50 million, while non-life insurers' GWP rose by 22.39% to BGN 3.66 billion.
According to the Q1 2024 preliminary statistics published by HAIC - the Hellenic Association of Insurance Companies, at the end of March, the Greece insurance market totaled at EUR 1.40 billion, 14.3% more y-o-y.
Serbian insurers ended the year 2023 with total GWP worth RSD 155.25 billion (EUR 1.32 billion), almost 16% more y-o-y, according to the end-year statistics published by the National Bank of Serbia (NBS).
Total premium generated in the Turkiye insurance market increased in local currency by almost 92% during January-March 2024 to TRY 199.26 billion (EUR 5.72 billion), according to the quarterly figures released by the Insurance Association of Turkey (TSB).
According to the National Bureau of Statistics, the insurance sector of Moldova in 1Q2024 rose by only 0.7%, amounting to MDL 669.08 million, while paid claims increased by 9.2%, to MDL 266.70 million (EUR 14.02 million). At the same time, due to more favorable exchange rates, GWP growth was more noticeable in euros – by 6%, to EUR 35.16 million.
Gross written premiums amounted to EUR 49.11 billion at regional level, up by 11.8% y-o-y. At the same time, claims paid seem to have remained at a comparatively constant level compared to 2022. According to available data, the paid claims at CEE level, Bulgaria and Serbia excluded as data for the full year are not available, increased by about 4.5%, while the total GWP may amount to about EUR 26.5 billion (including values estimated for Bulgaria and Serbia, based on Q3 results).
In 1Q2024, the insurance sector of Kazakhstan grew by 27.56%, reaching KZT 366.55 billion (EUR 760.79 million). Paid claims of insurers increased by 31% to KZT 67.26 billion (EUR 139.61 million), as data published by the National Bank show.
At the end of 1Q2024, the insurance sector of Belarus amounted to BYN 633.59 million (EUR 180.93 million), which is 17% more y-o-y, as shown by data published by the Ministry of Finance of the Republic of Belarus.
At the end of 1Q2024, the insurance market of Azerbaijan grew by 7.56%, reaching AZN 373.14 million (EUR 203.68 million). However, paid claims rose by almost 50%, amounting to AZN 153.33 million (EUR 83.69 million), as statistics published by the National Bank show.
At the end of 1Q2024, the insurance sector of Armenia recorded a GWP decrease by 19.10% to AMD 19.26 billion, according to the data of the Financial Rating of Insurance Companies provided by ArmInfo. It’s interesting that in euros the decline was approximately the same (-19.44%, EUR 45.43 million).
The insurance sector of Kyrgyzstan at the end of 1Q2024 grew by 14.60%, reaching KGS 804.60 million (EUR 8.34 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
The regional insurance market of the ex-USSR* ended 2023 in euros almost unchanged, the total GWP decreased by only 0.21% to EUR 29.11 billion as
xprimm statistics show.
The insurance sector of Tajikistan ended FY2023 with TJS 430.5 million (EUR 35.59 million), which is 40.73% more y-o-y in local currency, as data from the National Bank’s report shows.
At the end of 2023, the insurance sector of Uzbekistan grew by 29% to UZS 8,059.726 billion (EUR 586.94 million), as data published by the National Agency for Prospective Projects of the Republic of Uzbekistan show.
At the end of 3Q2023, the insurance sector of Uzbekistan grew by 33% to UZS 5,912.201 billion (EUR 460.76 million), according to the data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.
Polish insurers wrote gross premiums worth EUR 18.14 billion in 2023, 17.6% up y-o-y. With a few exceptions, all business lines saw double-digit growth rates. Paid claims reached EUR 10.17 billion, 7.5% more than in 2022.
The Slovene insurance market grew by 9% in 2023, consolidated GWP reaching EUR 3.05 billion, which is 9% more y-o-y. At the same time, paid claims went up by almost 23%, to EUR 2.22 billion, driven by the compensations pai after the floods in June 2023.
In 2023, the insurance market grew by a quarter to RUB 2.28 trillion (EUR 23.03 billion). The growth drivers in life insurance were all main types, including investment, accumulative and credit insurance, while in non-life insurance – motor segment, follows from data published by the Central Bank.
According to the Georgian Insurance Supervision Service, the market in 2023 amounted to GEL 1.06 billion (EUR 357.47 million/+13.35%), which is almost 17% more y-o-y. Insurers’ paid claims reached GEL 614.29 million (EUR 206.46 million/+20.29%), which indicates an increase of 24%.
In 2023, total GWP of insurance organizations amounted to BYN 2,215.8 million (EUR 626.60 million), which is 20.42% more y-o-y, according to data published by the Ministry of Finance of the Republic of Belarus.
Cypriot insurers reported FY2023 aggregate GWP of EUR 1.31 billion, up by 13.3% y-o-y, according to the year-end market figures report published by the Insurance Association of Cyprus - IAC.
The insurers owned by Slovene insurance group SAVA and Austrian UNIQA are, in terms of FY2023 GWP, the largest insurance companies that are active on Kosovo insurance market, according to the market shares presented by Slovene re/insurer SAVA Re in its 2023 Annual Report.
GWP of Ukrainian insurers in 2023 increased by 18.68% to UAH 47 billion (EUR 1.11 billion), as data published by the National Bank show. At that UAH 28.76 billion were received from individuals, UAH 17.2 billion - from legal entities, and UAH 1.06 billion - from reinsurers.
Romanian insurers (companies domiciled in the country) ended 2023 with GWP worth EUR 3.65 billion, up by 9.45% y-o-y. At the same time, paid claims decreased y-o-y by about 1.7%, to EUR 1.55 billion, data provided by the market authority (ASF) show.
At the end of 2023, the Slovak insurance market totaled EUR 1.95 billion, 1% more y-o-y, according to the Q4 2023 Data of the Financial Sector published by the National Bank of Slovakia (NBS).
The Czech insurance market totaled CZK 213.15 billion (EUR 8.62 billion) at the end of 2023, up by 6.52% y-o-y, according to the year-end figures published by the Czech National Bank (CNB).
The insurance sector of Moldova ended 2023 with double-digit growth (+18.80%), total GWP reached MDL 2.93 billion (EUR 151.67 million), according to data published by the National Bureau of Statistics of the Republic of Moldova. At the same time, market growth in euros was more impressive – almost 26%.
At the end of 2023, the insurance market of Estonia totaled EUR 638.44 million in terms of GWP, up by 15.89% y-o-y, according to the year-end market data published by the Estonian National Statistics Board.
At the end of December 2023, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 1.11 billion, up by 12.02% y-o-y, while the amount paid in claims and indemnities increased by 10.64% y-o-y to EUR 710.93 million, according to the quarterly figures published by the Central Bank (Latvijas Banka).
During last year, the Lithuanian insurance market grew by 17.22% y-o-y (or by EUR 212 million) to EUR 1.45 billion, while the value of payments expanded by 20.70% y-o-y to EUR 632.47 million, according to the market figures published by the Bank of Lithuania – Lietuvos Bankas.
According to the YE 2023 MNB (the National Bank of Hungary) statistics, the local insurance market totaled at the end of last year about HUF 1,508 billion (EUR 3.94 billion), up by 5.65% y-o-y.
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totaled EUR 5.26 billion at the end of 2023, up by 8.89% y-o-y from EUR 4.84 billion a year before.
The insurance sector of Kyrgyzstan in 2023 grew by 40.64%, reaching KGS 3.03 billion (EUR 30.82 million).
The insurance sector of Armenia ended 2023 with an increase of 16.26%, reaching AMD 71.01 billion, as evidenced by the data of the Financial Rating of Insurance Companies provided by ArmInfo. It is worth noting that in euros the annual market growth was almost half as much (+9.03%, EUR 158.55 million).
At the end 2023, the insurance market Bosnia totaled EUR 503.1 million (BAM 984 million), 11.7% more y-o-y, according to the most recent market figures published by AZOBIH - Insurance Agency of Bosnia and Herzegovina. In terms of claims paid by insurers, the overall amount was up by 7.7% y-o-y to EUR 219.6 million, of which EUR 55.5 million- life indemnities and EUR 164 million payments related to non-life claim files.
The GWP of Kosovo insurers increased by over 9% y-o-y to EUR 146.50 million during January-December 2023 while total gross claims paid increased by 11.5% y-o-y to EUR 71.70 million, according to the official monthly figures published on the website of the Central Bank of Kosovo showed.
North Macedonia's insurance companies reported aggregate FY2023 business worth MKD 14.3 billion (~EUR 233 million), up by 12.2% y-o-y, according to the preliminary year-end market figures published on the country's Insurance Supervision Agency website. Claims paid by insurers increased by 13.9% to MKD 5.8 billion (~EUR 95 million), of which MKD 5.0 billion - non-life payments and MKD 0.8 billion - life indemnities.
According to the year-end market data published by SLASPO (Slovak Insurance Association), at the end of 2023, total GWP from the members of the association (domestic insurers and EU branches) totaled EUR 2.72 billion, up by 4.73% y-o-y.
According to the Q4 2023 market data published by the Czech Insurance Association – CAP, total premiums of the members of the association reaches a value of CZK 168.5 billion (~EUR 6.8 billion) by the end of 2023, up by 7.1% y-o-y, or by CZK 11.1 billion.
Insurers in the Central and Eastern Europe ended the first nine months of 2024 with GWP worth EUR 35 billion, up by 11.6% y-o-y. AT the same time, paid claims rose by 3.87%, reaching EUR 16.1 billion.
The Turkiye insurance sector grew by 106.7% to TRY 486 billion (EUR 14.9 billion) in 2023, according to data from the Insurance Association of Turkiye (TSB). In European currency, due to the exchange rates differences, the market change was ~26.5% y-o-y.
Romanian insurers wrote gross premiums (GWP) worth approximately RON 13.1 billion (EUR 2.63 billion) in 9M 2023, 9% up y-o-y. Non-life insurance accounts for 83% of this total amount. Considering the 8.8% y-o-y inflation rate, the market remained steady in real terms.
In 2023, the insurance sector of Kazakhstan grew by 32%, reaching KZT 1,187.88 billion (EUR 2.36 billion). Insurers' paid claims at the same time jumped 43% to KZT 281.22 billion (EUR 559.93 million), data published by the National Bank show.
According to the year-end market figures recently published by Albanian FSA, during January-December 2023 the local insurance market experienced an increase of 8.86% y-o-y to ALL 22.9 billion (~EUR 220 million).
The Montenegrin market reported a 10.3% y-o-y growth in FY2023 GWP, to EUR 119.5 million, according to the preliminary figures published on the ISA's website, while the value of paid claims &indemnities increased by 9.1% y-o-y to almost EUR 50 million.
At the end of 2023, the insurance market of Azerbaijan grew by almost 26% to AZN 1.222 million (EUR 651.46 million). However, paid claims increased by 35% y-o-y, reaching AZN 587.32 million (EUR 312.97 million), as the data published by the National Bank show.
According to the Overview of the financial services sector – December 2023 published by The Croatian Financial Services Supervisory Agency (Hanfa - total premium collected by insurance companies in 2023 amounted to EUR 1.7 billion, of which EUR 0.3 billion (18.4%) related to life insurance premium and EUR 1.4 billion (81.6%) to non-life insurance premium.
The Czech insurance market ended the third quarter of 2023 with GWP worth CZK 160.9 billion (EUR 6.6 billion), up by 6.1% y-o-y, according to the end-September figures published by the Czech National Bank (CNB).
During Q1-Q3 2023, the Slovak insurance market totaled EUR 1.46 billion, 1.46% more y-o-y, according to the 9 months statistics published by the National Bank of Slovakia (NBS).
The CIS regional insurance market* ended the first three quarters of 2023 with a decrease in euro by 26.42% y-o-y, amounting to EUR 20.58 billion, according to
xprimm statistics.
The insurance market of Serbia ended the first three quarters of 2023 with aggregate GWP worth RSD 115.61 billion (~EUR 986.47 million, up by 16.32% y-o-y), of which non-life insurance - RSD 94.19 billion (+18.97%), while the life insurance segment totaled RSD 21.42 billion, up by 5.94% y-o-y.
The business of Slovenian insurers rose 9.89% on the year in the first nine months of 2023, reaching EUR 2.35 billion in terms of GWP, according to the end-September 2023 market data of the Slovenian Insurance Association.
Bulgarian insurance market reported January-September 2023 GWP worth BGN 3.29 billion (EUR 1.68 billion), up by 24.21% y-o-y, according to the official quarterly figures published on Financial Supervisory Commission website. Life insurers' GWP increased by 20.63% to BGN 533.99 million, while non-life insurers' GWP rose by 24.93% to BGN 2.75 billion.
Q3 2023 preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, shows that at the end of September 2023, the Greek insurance market totaled EUR 3.8 billion, up by 9.7% y-o-y.
According to the quarterly statistics published by the Central Bank of Hungary, at the end of Q3 2023, the aggregate market gross profit of Hungarian insurers decreased by 36.5% y-o-y to HUF 14.7 billion the equivalent of EUR 37.6 million (vs. HUF 23.2 billion/EUR 55 million), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 42.4% y-o-y to HUF 12.1 billion (~EUR 31 million) vs. HUF 21 billion/ ~EUR 50 million.
According to the Q3 2023 market data published by the Financial and Capital Market Commission (FKTK), in terms of premiums, the Latvian insurance market totaled EUR 836.4 million at the end of September 2023, about 13.4% more y-o-y. There were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life & 4 life).
The largest CEE insurance market posted aggregate 3Q2023 GWP worth PLN 57.7 billion (EUR 12.5 billion), up by 9.4% y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers decreased by ~1.6% y-o-y to PLN 33 billion or EUR 7.1 billion.
The insurance market ended 3Q2023 with RUB 1,646.73 billion (~EUR 16.13 billion), which is 24% more y-o-y in rubles. However, in euro, the market decreased by about 32% due to a sharp change in the exchange rate compared to a year earlier. Paid claims reached RUB 758.86 billion/EUR7.43 billion (+17% in rubles), as follows from data published by the Central Bank.
According to the CAP (Czech Insurance Association) quarterly figures, at the end of September 2023 the aggregate GWP reported by member companies totaled CZK 127 billion (EUR 5.2 billion) up by 6.5% y-o-y.
According to the January-September 2023 statistics published by SLASPO (Slovak Insurance Association), at the end of Q3, total GWP from the members of the association totaled EUR 2.04 billion, up by 4.78% y-o-y.
At the end of 3Q2023, the Georgian insurance sector grew by 16.11%, reaching GEL 817.99 million (EUR 287.80 million), according to the Georgian Insurance Supervision Service.
Macedonian insurers reported aggregate nine-months 2023 aggregate GWP worth MKD 10.8 billion (~EUR 176 million), 12.8% more y-o-y, according to the preliminary market figures provided by the Insurance Supervision Agency of North Macedonia.
The insurance market of Cyprus totaled EUR 870 million at the end of September 2023, increasing by 13.6% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.
The insurance market of Ukraine in January-September 2023 recorded an increase of 19.49%. Total GWP reached UAH 34.14 billion (EUR 885.55 million), according to data published by the National Bank (NBU).
Estonian insurers posted January-September 2023 aggregate GWP worth EUR 477 million, 17.5% more y-o-y, according to the market figures published by the Estonian National Statistics Board. Total paid claims by local insurers increased by 4.5% y-o-y to ~EUR 302 million.
The Lithuania insurance market totaled EUR 1.07 billion at end-September 2023, up by 18.6% y-o-y, according to the quarterly figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims from insurance losses worth EUR 474.7 million, up by 22.2% y-o-y.
For 9M2023, total GWP of the insurance sector amounted to BYN 1,642.75 million (EUR 474.15 million), which is 20.93% more y-o-y, as follows from data published by the Ministry of Finance of the Republic. It is noteworthy that due to significant changes in exchange rates, the market result in euros was negative (-16.38%),
At the end of 3Q2023, the insurance sector in Moldova grew by almost 20%, reaching MDL 2.18 billion (EUR 114.13 million), according to data published by the National Bureau of Statistics of the Republic of Moldova. At the same time, market growth in euros differs slightly – 19.07%.
The insurance market of Bosnia and Herzegovina Q3 2023 with aggregate GWP worth BAM 744.2 million (~EUR 380.5 million) vs. BAM 668.6 million (~EUR 341.8 million) a year before, according to the January-September 2023 market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
Albanian insurance market posted January-September 2023 GWP of ALL 17.0 billion (~EUR 160 million), or 9.9% more y-o-y, according to the 3Q2023 figures published on the website of the local financial supervisory authority - AFSA.
At the end of 3Q2023, the insurance sector of Armenia grew by 15.67%, reaching AMD 55.03 billion (EUR 131.85 million), according to the data from the Financial Rating of Insurance Companies provided by ArmInfo.
According to the September
2023 Monthly Report published by HANFA – Croatian Financial Services Supervisory Agency, at the end of September 2023 the total premium collected by the 15 local insurers amounted to EUR 1.3 billion, of which EUR 0.2 billion (17.15%) related to life insurance premium and EUR 1.1 billion (82.85%) to non-life insurance premium.
Kosovo 12th active insurers posted 3Q 2023 Gross written premiums (GWPs) worth EUR 110.1 million, from EUR 98.2 million at the end of September 2022, central bank data showed.
The growth of the insurance sector in 3Q2023 exceeded 60% y-o-y, total GWP reached KGS 2.39 billion (EUR 25.39 million). At the same time, paid claims increased by 54%, to KGS 387.36 million (EUR 4.12 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
According to the 3Q2023 results, the insurance market of Azerbaijan grew by 28.17% to AZN 937.24 million (EUR 521.12 million). It is worth noting that GWP growth outpaced the growth in paid claims, which increased by 25.67%, amounting to AZN 400.39 million (EUR 222.62 million), as statistics published by the National Bank show.
At the end of 3Q2023, the insurance sector in Kazakhstan reached KZT 863.74 billion (EUR 1.71 billion), which is 27% more y-o-y. At the same time, paid claims jumped by almost 40%, amounting to KZT 195.28 billion (EUR 387.84 million), as data published by the National Bank show.
At the end of September 2023, the insurance market of Montenegro totaled EUR 90.98 million, 9.90% more y-o-y, while the value of paid claims by insurers totaled EUR 34.68 million, up by 4.76% y-o-y, according to the quarterly market data released by Insurance Supervision Agency.
According to the quarter figures published Insurance Association of Turkiye - at the end of September 2023 the local insurance market increased by 123.41% y-o-y reaching TRY 328.2 billion (~EUR 11.3 billion). In European currency, due to the exchange rates differences between September 30th 2023 and September 30th 2022, the market change was +39.6% y-o-y.
The GWP of Slovenian insurers rose 9.5% on the year in the first six months of 2023, reaching EUR 1.62 billion, according to the end-June 2023 market data from the Slovenian Insurance Association.
In the first half of 2023, the insurance markets in Greece, Cyprus, and Turkey demonstrated positive growth in gross premiums written (GWP), reaching a total of EUR 10.7 billion, marking a substantial increase of 32.33% year-on-year. However, it's important to note that currency fluctuations have significantly impacted these figures, particularly in Turkey.
GWP in the Central and Eastern European (CEE) region, amounted to EUR 24.78 billion, showing a significant y-o-y increase of 11.8%. Meanwhile, claims paid decreased by 9.7% y-o-y, reaching EUR 11.34 billion. It's important to note that these claims figures do not include data for Croatia and Slovenia. If these two countries' payouts remain similar to the first half of 2022, the overall regional claims might match or slightly exceed the 2022 levels.
Romanian insurers ended 1H 2023 with GWP worth EUR 1.83 billion, 3.28% more y-o-y, data provided by the Romanian Financial Supervising Authority (ASF) show. Out of this total GWP volume, life insurance provided EUR 305 million, while non-life insurance classes generated EUR 1.52 billion.
At the end of June 2023, the insurance market in Bulgaria totaled EUR 1.15 billion, up by 25.9% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
The first half of 2023 the insurance market in Serbia ended with an increase of 16.28% y-o-y, having reached RSD 78.56 billion (EUR 670.17 million), according to the statistics published by the National Bank of Serbia (NBS).
Cypriot insurers posted H1 2023 aggregate GWP of EUR 585.9 million, up by EUR 57 million (or by 11.8% y-o-y), according to the half-year market figures report published by the Insurance Association of Cyprus - IAC. Non-life insurance segment totaled EUR 292.5 million (up by 9.8% y-o-y), while the life insurance segment generated premiums of EUR 293.3 million, or 11.8% more y-o-y.
The Czech insurance market ended the second quarter of 2023 with GWP worth CZK 107.8 billion (EUR 4.5 billion), up by 6.4% y-o-y, according to the end-June statistics published by the Czech National Bank (CNB).
Latvian insurers' January-June 2023 aggregate GWP (local and EU branches, summed-up) expanded by 15% to almost EUR 562.3 million, while the amount paid claims and indemnities increased by 6.6% y-o-y to EUR 343 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).
Of total GWP, branches of EU insurers generated 35.6% - EUR 200 million, or 9.2% more y-o-y, the remaining EUR 362 million +~18% y-o-y being generated by the local insurers. According to FKTK half-year report, at the end of June 2022, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life and 4 life units).
In terms of GWP, the largest life insurer in the country is SEB Life and Pension Baltic SE (GWP of EUR 45.8 million, 3.4% market share), while BTA Baltic Insurance Company led the non-life ranking with GWP worth EUR 148 million or 32.9% market share.
Access xprimm.com database and download the H12023 Latvian insurance market statistics: GWP/claims portfolio and life/non-life rankings.
Hungarian insurers' end-June 2023 GWP decreased by 0.8% y-o-y to HUF 779 billion (EUR 2.1 billion), according to the quarterly statistics published by the National Bank of Hungary (MNB).
According to the 1H2023 figures published by the National Bank of Slovakia, the insurance market totaled at the end of June EUR 983.5 million (up by 0.9% y-o-y), while gross claims paid by insurers were about ~EUR 459 million (down by 19% y-o-y).
Polish insurance market reported 1H2023 aggregate GWP worth PLN 40 billion (EUR 8.8 billion), 10% more y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority).
At the end of June 2023, the insurance market of Albania totaled ALL 11 billion (~EUR 104 million), up by 13% compared to January - June 2022, official half-year data provided by the Albanian Financial Supervisory Authority (AFSA) showed.
At the end of the first half-year of 2023, the BiH insurance market totaled EUR 249.9 million (BAM 488.7 million), 9.9% more y-o-y, as statistics from the local insurance agency - AZOBIH shows.
The CIS* regional insurance market ended the first half of 2023 with a strong y-o-y decrease in euros - by 23%, amounting to EUR 14.39 billion, according to
xprimm statistics.
Kosovo's active 12 insurers reported an aggregate net profit of EUR 5.9 million at the end of June 2023 vs. EUR 2.5 million a year before, according to data provided by the Central Bank (CBK). At the same time, the total insurers' assets increased to EUR 294.2 million, from EUR 253.6 million a year earlier.
In the first half of 2023, the Moldovan insurance sector grew by 18.29%, reaching MDL 1.39 billion (EUR 70.03 million), according to data published by the National Bureau of Statistics of the Republic of Moldova.
The GWP of Turkish-based insurers increased by more than two times (+131.3%) on the year in the first six months of 2023, reaching TRY 210.3 billion (EUR 7.5 billion) vs. TRY 90.9 billion (EUR 5.2 billion), data of the Insurance Association of Turkey showed.
The insurance market ended the first half of 2023 with RUB 1,073.12 billion (EUR 11.28 billion), which is 24% more y-o-y in rubles. However, in euros, it decreased by 29% due to a sharp change in exchange rate compared to the first half of 2022. Paid claims reached RUB 494.68 billion rubles (+17%)/EUR 5.20 billion, as follows from data published by the Central Bank.
The insurance market of Lithuania totaled EUR 712.6 million at end-June 2023, up by 19.1% y-o-y, according to the quarterly market figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims for insurance losses worth EUR 301.2 million, up by 21.7% y-o-y.
Half year premiums underwritten by Greek insurers members of Hellenic Association of Insurance Companies (HAIC) totaled EUR 2.65 billion, up by 14% y-o-y according to end-June 2023 figures.
Estonian insurers reported H1 2023 GWP worth EUR 318.8 million, 18.4% more compared with January-June 2022, according to the market figures published by the Estonian National Statistics Board. At the same time, the value of life & non-life paid claims and indemnities remained approximately around last year's value (~ EUR 200 million)
In 1H2023, the market grew by 17%, reaching GEL 590.99 million (EUR 206.70 million), according to the Georgian Insurance Supervision Service.
The Georgian insurance market ended the first quarter of 2023 with GEL 325.45 million (EUR 116.81 million), which in local currency is almost 22% more y-o-y, according to the Georgian Insurance Supervision Service.
The CIS regional insurance market* ended the first quarter of 2023 with an increase of almost 32% y-o-y, reaching EUR 8.08 billion, according to
xprimm statistics.
In January-June 2023, total GWP of the insurance sector of the republic amounted to BYN 1,097.74 million (EUR 331.66 million), which indicates an increase of 20.18% y-o-y in local currency, according to data published by the Ministry of Finance of Belarus. While in euros the market result was negative (-3.31%).
Bulgarian insurance market totaled BGN 1.13 billion (EUR 580 million) at the end of March 2023, up by 28.2% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
The insurance market of Central and Eastern Europe (CEE) totaled EUR 12.5 billion at the end of Q1 2023, according to the data centralized by xprimm, up by 10.2% y-o-y. The value of paid non-life claims and life indemnities increased by 2.3% y-o-y to EUR 6.5 billion.
The CIS regional insurance market* ended the first quarter of 2023 with an increase of almost 32% y-o-y, reaching EUR 8.06 billion, according to
xprimm statistics.
Macedonian insurers posted January-June aggregate GWP worth MKD 7.4 billion (~EUR 119.5 million), 14.1% more y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.
The insurance market of Montenegro totaled EUR 59.9 million at the end of H1 2023, up by 9.1% y-o-y (or by EUR 5 million), according to the half-year figures published by the local Insurance Supervision Agency (ISA). Gross written premiums from non-life insurance represents 82.7% of total insurance market - about EUR 49.5 million, up by 10.7% y-o-y while, life business GWP was up by 2.4% y-o-y to EUR 10.3 million.
1H2023 results show that the insurance sector of Uzbekistan saw a significant growth - by 36.34%, reaching UZS 3,778.18 billion (EUR 301.81 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
In the first half of 2023, the total GWP in Tajikistan amounted to TJS 194.3 million (EUR 16.32 million). According to
the National Bank, premiums tend to grow compared to 1H2022 by TJS 27.9 million or 16.8%.
Azerbaijan's insurance market ended 1H2023 with an increase of 32%, reaching AZN 648.95 million (EUR 350.38 million). At the same time, the growth of paid claims was less significant (+28.65%), their total volume reached AZN 225.03 million (EUR 121.50 million), according to the data published by the National Bank.
The insurance market of Ukraine in 1H2023, according to data published by the National Bank (NBU), saw an increase of 21.33%. The total GWP increased to UAH 21.35 billion (EUR 533.86 million).
The insurance sector ended the first half of 2023 with an increase of 22%, reaching AMD 41.28 billion (EUR 98.55 million). At the same time, the growth of paid claims led to a noticeable decrease in the growth rate of profits of insurance companies in Armenia, according to the data of the Financial Rating of insurance companies provided by ArmInfo.
The growth of the insurance sector in 1H2023 amounted to 48.10%, GWP reached KGS 1.47 billion (EUR 16.21 million). At the same time, paid claims increased even more - by 61%, to KGS 303.03 million (EUR 3.32 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
Total GWP for the first half of 2023 amounted to KZT 588.05 billion (EUR 1.18 billion), which means an increase of almost 32% y-o-y, according to data published by the National Bank. The main driver of growth is voluntary property insurance.
Serbian insurers ended Q1 2023 with total GWP worth RSD 35.9 billion (EUR 306 million), 13.95% more y-o-y, according to the end-quarter statistics published by the National Bank of Serbia (NBS).
The Slovenian insurance market totaled EUR 825.3 billion at the end of March 2023, an 8.3% increase y-o-y, according to the Slovenian Insurance Association's quarterly figures. Life insurance GWP posted a negative subunit rate of -0.2% y-o-y to EUR 197.3 million, while the general insurance segment increased by 11.2% y-o-y to EUR 628 million - or 76.1% of total GWP.
At the end of March 2023, the insurance market of North Macedonia totaled MKD 3.5 billion (EUR 57 million), up by 17.8% y-o-y, according to quarterly data published by the local Insurance Supervision Agency.
According to the 1Q2023 results, the insurance sector of Uzbekistan grew by about 29% y-o-y, reaching UZS 1,669.17 billion (EUR 134.42 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
According to the 2023 Q1 figures published by the National Bank of Slovakia, insurance market totaled at the end of March EUR 579.23 million (up by 14% y-o-y), while gross claims paid by insurers were about ~EUR 220.62 million (down by 13.6% y-o-y).
At the end of March 2023, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 295.43 million, up by 16.92% y-o-y, while the amount paid in claims and indemnities increased by 1.74% y-o-y to EUR 177.61 million, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).
The insurance market of Moldova ended 1Q2023 with a 44.10% annual GWP increase, reaching MDL 664.24 million (EUR 33.17 million), according to data published by the National Financial Market Commission. Paid claims of the local insurers increased by 26.90% to MDL 234.77 million (EUR 11.72 million).
Romanian insurers reported GWP worth EUR 957.9 million in Q1 2023, which is only 1.74% up y-o-y. Out of this total, life insurance accounted for 16.75% share, with GWP of EUR 160.4 million, by 0.7% less than in the previous year. Non-life insurance saw a positive growth rate of 2.24%, to EIR 797.5 million, which is a rather modest evolution after the 2022 results.
The Q1 2023 figures published by the Czech National Bank (CNB) show that the local insurance industry totaled about EUR 2.3 billion - CZK 54.8 billion, up by 6.6% y-o-y.
Gross written premiums amounted to EUR 43.89 billion at regional level, up by almost 7.53% y-o-y. At the same time, claims paid increased by 9.7% y-o-y, to EUR 25.37 billion.
The aggregate Q1 GWP reported by Hungarian insurers totaled HUF 421.71 billion (~EUR 1.10 billion), 6.57% more y-o-y, according to the Q1 statistics published by the Central Bank of Hungary. The life insurance business accounted for 35.85% and the non-life insurance business accounted for 64.15% of total premium income.
In 1Q2023, the market significantly grew y-o-y. This was largely due to the low base effect, since in February-March 2022 the external conditions for the Russian economy deteriorated sharply, which led, among other things, to a significant decrease in activity in the insurance market and a GWP reduction at the end of 1Q2022, the Central Bank notes in its review.
Polish insurance market reported Q1 2023 aggregate GWP worth PLN 20.12 billion (EUR 4.30 billion), 10.89% more y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). Claims and benefits paid by local insurers decreased by 2.46% y-o-y to PLN 11.25 billion (~EUR 2.40 billion) from PLN 11.53 billion a year before.
Total premium generated in the Turkiye insurance market increased in local currency by 140.86% during January-March 2023 to TRY 103.79 billion (EUR 4.98 billion), according to the quarterly figures released by the Insurance Association of Turkey (TSB).
According to the quarterly market data published by SLASPO (Slovak Insurance Association), the January-March 2023 business from the members of the association totaled EUR 710.43 million, up by 4.54% y-o-y.
The business of Czech insurers member of local professional association - CAP totaled at the end of March 2023 about CZK 42.9 billion (EUR 1.8 billion) up by 5.5% y-o-y, or by CZK 2.2 billion. According to the CAP representatives, "compared to the 8.5% growth rate recorded in the same period last year, or 7% growth achieved at the end of 2022, this is a slowdown in the growth rate of the entire insurance market".
At the end of March 2023, the BiH insurance market totaled EUR 117.27 million (BAM 229.35 million), 9.32% more y-o-y, according to the quarterly market figures published by the local insurance agency - AZOBIH.
The insurance market of Cyprus totaled EUR 306 million at the end of Q1 2023, up by 11.83% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 12.22% y-o-y to EUR 129.16 million, of which EUR 59.40 million - life indemnities (+1% y-o-y), EUR 69.75 million - non-life (up by 23.96%).
Estonian insurers posted aggregate business worth EUR 154.89 million in Q1 2023, or 18.58% more y-o-y, according to quarterly figures, published by the Estonian National Statistics Board.
During January-March 2023, the Lithuanian insurance market grew by 20.50% y-o-y to EUR 351.92 million, while the value of payments expanded by 24.58% y-o-y to EUR 153.77 million, according to the market figures published by the Bank of Lithuania. It is worth mentioning that the value of payments includes only claims paid for insurance losses.
According to the 1Q results, the insurance sector of Ukraine grew by 6.22% to UAH 10.11 billion, based on the data published by the National Bank. The market was supported by non-life insurance, while life insurance dropped by almost 13%.
According to the Q1 2023 preliminary statistics published by HAIC - the Hellenic Association of Insurance Companies, at the end of March, the Greece insurance market totaled at EUR 1.23 billion, 6.8% more y-o-y.
The insurance market of Kosovo totaled EUR 34.2 million at the end of Q1 2023, 14.8% more y-o-y, according to data provided by the Central Bank (CBK).
In 1Q2023 the insurance sector grew by 13.51% to BYN 541.16 million (EUR 174.40 million). At that, non-life supported the market up-trend, while life insurance fell by almost 16% y-o-y, according to data published by the Ministry of Finance of the republic.
Thanks to the positive, double digit growth rate recorded for the non-life segment, which offset the significant fall of the life insurance business, the Croatian insurance market saw in the first quarter of the year a very modest, but positive dynamic. GWP increased, overall, by 1.5% y-o-y, to EUR 411.16 million.
The business of Montenegrin insurers increased by 13.83% y-o-y in the first quarter of 2023, reaching EUR 30.61 million, as preliminary official figures showed.
The Serbian insurance market ended 2022 with aggregate GWP worth RSD 134 billion (EUR 1.14 billion), up by 12.16% y-o-y, according to the NBS's (National Bank of Serbia) year-end figures.
The growth of the insurance sector in 1Q2023 reached 50% y-o-y, GWP increased to KGS 702.08 million (EUR 7.38 million).
Albanian insurers recorded GWP worth EUR 45.42 million in Q1 2023, up by 29% y-o-y. In the same period, paid claims rose by 18.3% y-o-y, to EUR 14.23 million. However, one should note that due to the Albanian currency appreciation vs. the precedent year, the growth rates in European currency are significantly higher than those calculated with the premiums and paid claims values denominated in Albanian Lek.
The insurance sector of Armenia in the first quarter of 2023 grew by 17.24% to AMD 23.81 billion (EUR 48.94 million). At the same time, paid claims' growth slightly outpaced premiums and amounted to 18.70%, as shown by the data on the activities of insurance companies provided by ArmInfo.
In 1Q2023, the insurance sector grew to KZT 287.35 billion (EUR 590.56 million), which is almost 24% more y-o-y. The main growth driver is voluntary property insurance. At the same time, insurers' paid claims increased by about 37% to KZT 51.22 billion (EUR 105.28 million), as shown by data published by the National Bank.
The insurance sector of Azerbaijan ended the first quarter of 2023 with an increase of 34%, reaching AZN 346.91 million (EUR 187.17 million). However, growth of paid claims was even more rapid - they jumped by 67% in local currency to AZN 102.29 million (EUR 55.19 million), according to statistics published by the National Bank.
Romanian insurers ended 2022 with GWP worth EUR 3.34 billion, almost 16% up y-o-y. While the life insurance sector saw a rather stagnant evolution, growing by only 1.45% y-o-y, the non-life side recorded an almost 20% growth, to EUR 2.8 billion.
The CIS market* ended FY2022 with a 9.9% y-o-y growth in euros, reaching EUR 29.15 billion, according to
xprimm statistics.
In 2022 total GWP of the insurance sector amounted to BYN 1,840.1 million (EUR 631.13 million), which is 6.6% more y-o-y, according to data published by the Ministry of Finance of the Republic.
The Slovenian insurance market totaled EUR 2.79 billion at the end of 2022, a 7% increase y-o-y, according to the Slovenian Insurance Association's year-end figures. Life insurance GWP increased by 3.12% y-o-y to EUR 770 million, while the general insurance segment increased by 8.5% y-o-y to EUR 2.02 billion - or 72.5% of total GWP.
Bulgarian insurance market ended 2022 with a total GWP of BGN 3.61 billion (EUR 1.85 billion), up by 10.87% y-o-y, according to the market figures from the Bulgarian Financial Supervision Commission (FSC). Per business lines, 82.69% represented non-life GWP (EUR 1.53 billion, 12.69% more y-o-y), the remaining 17.31% being accounted by life GWP (EUR 319.76 million, up by 2.95% y-o-y).
The Georgian insurance market ended 2022 with GEL 909.63 million (EUR 315.36 million), which is almost 18% more y-o-y in local currency, according to the Georgian Insurance Supervision Service.
The insurance market at the end of 2022 remained virtually unchanged, while the Central Bank noted that quarterly dynamics was multidirectional and followed changes in economic activity. GWP decreased in the insurance types related to lending and life insurance, and support was mainly provided by motor insurance and life insurance segments, according to the latest CB's review of key performance indicators of insurers.
Total GWP in 2022 decreased by about 19% to UAH 39.6 billion (EUR 1.01 billion), of which UAH 24.6 billion were received from individuals, according to the data published by the National Bank. Life insurance dropped by 17%, non-life - by 19%.
The Polish insurance market posted FY2022 GWP worth PLN 72.35 billion (EUR 15.42 billion), up by 4.53% y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers increased by 7.46% y-o-y to PLN 44.38 billion or EUR 9.46 billion.
According to the YE 2022 MNB (the National Bank of Hungary) statistics, the local insurance market totaled at the end of last year about HUF 1,428 billion (EUR 3.56 billion), up by 7.39% y-o-y. Life GWP increased by 1.02% y-o-y to HUF 609 billion / EUR 1.52 billion while non-life portfolio expanded by 12.68% y-o-y to HUF 819 billion / EUR 2.04 billion. Thus, during the analyzed period, the life insurance business accounted for 42.7% and the non-life insurance business for 57.3% of total GWP.
Cypriot insurers reported FY2022 aggregate GWP of EUR 1.05 billion, up by 9.5% y-o-y, according to the year-end market figures report published by the Insurance Association of Cyprus - IAC.
The Czech insurance market totaled CZK 200 billion (EUR 8.3 billion) at the end of 2022, up by 11.3% y-o-y, according to the year-end figures published by the Czech National Bank (CNB). For the life segment, the GWP value (including reinsurance) increased by 5% y-o-y CZK 54.3 billion, while the non-life insurance market was up by 13.9% y-o-y to CZK 145.8 billion.
The insurance market of Moldova ended 2022 with an increase of 28.28%, reaching MDL 2.47 billion (EUR 121.26 million), according to data published by the National Financial Market Commission. Paid claims amounted to MDL 905.68 million (EUR 44.44 million), which is 36.78% more y-o-y.
At the end of 2022, the Slovak insurance market totaled EUR 1.92 billion, 4.7% more y-o-y, according to the Q4 2022 Analytical Data of the Financial Sector published by the National Bank of Slovakia (NBS). The value of paid claims by local insurers increased by 15.5% y-o-y to EUR 1.18 billion, of which EUR 583.9 million related to life indemnities, EUR 176.9 million - Motor TPL, EUR 183.4 million- MoD and EUR 159.7 million - payments related to property claim files.
At the end of last year, the insurance market Bosnia totaled EUR 450.5 million (BAM 881 million), 7.7% more y-o-y, according to the Q4 2022 market figures published by AZOBIH - Insurance Agency of Bosnia and Herzegovina.
At the end of 2022, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 994.7 million, up by 17.1% y-o-y, while the amount paid in claims and indemnities increased by EUR 100 million to EUR 641.5 million, according to the year-end figures published by the local Central bank - Latvijas Banka.
The Turkish insurance sector grew by 123.2% to TRY 235 billion (EUR 11.8 billion) in 2022, according to data from the Insurance Association of Turkiye (TSB). In European currency, due to the exchange rates differences, the market change was only +69% y-o-y.
The Montenegrin market reported a 9.58% y-o-y growth in FY2022 GWP, to EUR 108.28 million, according to the preliminary figures published on the ISA's website.
The GWP of Kosovo insurers increased by 14.14% y-o-y to EUR 134.00 million during January-December 2022 while total gross claims paid increased by 5.41% y-o-y to EUR 64.30 million, as official monthly figures published on the website of the Central Bank showed.
Last year, Estonian insurance market totaled EUR 550.90 million in terms of GWP, up by 13.26% y-o-y, according to FY2022 market figures published by the Estonian National Statistics Board.
During the year 2022, the Lithuanian insurance market grew by 18.57% y-o-y (or by EUR 193 million) to EUR 1.23 billion, while the value of payments expanded by 24.69% y-o-y to EUR 682.37 million, according to the market figures published by the Bank of Lithuania.
According to the Czech Insurance Association - CAP, at the end of 2022 the aggregate GWP reported by member companies totaled CZK 157.36 billion (EUR 6.52 billion) up by 7.01%, or by almost CZK 10.31 billion.
According to the quarterly market data published by SLASPO (Slovak Insurance Association), at the end of 2022, total GWP from the members of the association totaled EUR 2.60 billion, up by 4.50% y-o-y.
The insurance sector of Uzbekistan ended 2022 with a y-o-y growth of almost 67%, total GWP rose to UZS 6,231.72 billion (EUR 520.97 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
North Macedonia's insurance companies reported aggregate FY2022 gross written premiums worth MKD 12.78 billion (EUR 207.92 million), up by 9.94% y-o-y, according to the year-end market figures published on the country's Insurance Supervision Agency website.
At the end of 2022, the insurance sector of Kazakhstan grew by 10.40%, to KZT 899.59 billion (EUR 1.82 billion). At the same time, insurers' paid claims, in contrast to premiums, jumped by more than 50% in local currency, reaching KZT 196.33 billion (EUR 398.37 million), according to data published by the National Bank.
The insurance sector of Azerbaijan ended 2022 with an increase of 15%, reaching AZN 970.82 million (EUR 535.95 million). At the same time, paid claims decreased by 5.56% to AZN 433.20 million (EUR 239.15 million), according to the statistics published by the National Bank.
The insurance sector of Armenia ended 2022 with an increase of almost 24% (in AMD). Total volume reached AMD 61.08 billion (EUR 145.42 million). It is worth noting that paid claims increased very slightly in local currency, by only 3%, to AMD 29.42 billion, according to the data, provided by ArmInfo.
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totaled EUR 4.85 billion at the end of 2022, up by 4.2% y-o-y.
CEE insurance market totaled EUR 31.98 billion, (up by 5.37% y-o-y) at the end of September 2022, according to the insurance statistics centralized by xprimm.com. At the same time, the value of paid claims was up by almost 9% to EUR 18.50 billion.
According to the year-end market figures recently published by Albanian FSA, during January-December 2022 the local insurance market experienced an increase of 9.16% y-o-y to ALL 21.03 billion (~EUR 184 million). At the same time, the number of policies increased by 12.93% compared to January-December 2021 to 1,325,231.
The aggregate FY 2022 GWP reported Croatia-based insurers increased by 8.18% y-o-y, reaching HRK 12.7 billion (EUR 1.68 billion), according to the yea-end data published by the Croatian Insurance Bureau. Total gross claims paid increased to HRK 7.71 billion from HRK 7.29 billion a year earlier.
At the end of 2022, the insurance sector of Kyrgyzstan grew by 71% to KGS 2.16 billion (EUR 23.61 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
During Q1-Q3 2022, the Slovak insurance market totaled EUR 1.43 billion, 10.55% less y-o-y, according to the 9 months statistics published by the National Bank of Slovakia (NBS).
The Czech insurance market ended the third quarter of 2022 with GWP worth CZK 151.47 billion (EUR 6.17 billion), up by 12.55% y-o-y, according to the end-September figures published by the Czech National Bank (CNB).
Bulgarian insurance market reported January-September 2022 net profits worth BGN 245.78 million (EUR 125.67 million), up by 1.47% y-o-y as compared with the snapshot on 30 September 2021 (BGN 242.22 million), according to the market statistics published on Financial Supervisory Commission website.
Serbian insurance market ended the first three quarters of 2022 with aggregate GWP worth RSD 99.39 billion (~EUR 847 million), up by 12.20% y-o-y, according to the quarterly figures published on the website of National Bank of Serbia (NBS). Non-life GWP was up by 14.31% y-o-y to RSD 79.17 billion, while the life insurance segment totaled RSD 20.22 billion, up by 4.64% y-o-y.
Macedonian insurers reported aggregate nine-months 2022 aggregate GWP worth MKD 9.59 billion (EUR 156 million), 8.67% more y-o-y, according to the preliminary market figures provided by the Insurance Supervision Agency of North Macedonia.
According to the Q3 2022 market data published by the Financial and Capital Market Commission (FKTK), Latvian insurers' aggregate net profits decreased by EUR 7 million (or by 28.2% y-o-y) to EUR 17.87 million (vs. EUR 24.90 million at the end of September 2021).
In 9M 2022, insurance companies licensed in Romania wrote gross premiums worth EUR 2.43 billion, up by 23% y-o-y, data from the market authority show. Adding to this amount GWP by insurers operating on FOE, the total market GWP reached 2.7 billion. Non-life insurance accounted for 83% of the total GWP.
The CIS regional insurance market* ended the first three quarters of 2022 with an annual growth of approximately 43% y-o-y in euros, reaching EUR 28.15 billion, according to
xprimm statistics.
The gross written premiums of Slovenian insurers rose 4.8% on the year in the first nine months of 2022, reaching EUR 2.14 billion, according to the end-September 2022 market data of the Slovenian Insurance Association.
According to the 3Q2022 results, the Georgian insurance market grew by 16.11% y-o-y, reaching GEL 704.48 million (EUR 256.34 million), according to the Georgian Insurance Supervision Service.
At the end of 3Q2022, the market saw a slight decrease, amounting to RUB 1,327.93 billion (EUR 23.96 billion). It is worth noting the rapid growth in the European currency due to the positive dynamics of the ruble exchange rate against the euro (from ~84 rubles / euro in 2021 to ~50 rubles / euro at the end of September 2022), according to the market data published by the Central Bank.
Insurance companies of Ukraine in January-September 2022 collected UAH 28.57 billion (EUR 803.51 million) of insurance premiums and paid out UAH 9.50 billion (EUR 267.21 million), which is respectively 25% and 29% less y-o-y in local currency, according to data from the National Bank.
The insurance market of Cyprus totaled EUR 765.5 million at the end of September 2022, increasing by more than 9% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.
According to the January-September 2022 aggregate figures published by SLASPO (Slovak Insurance Association), at the end of Q3, total GWP from the members of the association totaled EUR 1.95 billion, up by 4.42% y-o-y. Premiums written in life insurance decreased by 0.5% y-o-y to EUR 772 million, while non-life segment was up by 7.9% y-o-y to EUR 1.18 billion.
The largest CEE insurance market posted aggregate 3Q2022 GWP worth PLN 57.7 billion (EUR 10.8 billion), up by 3.6% y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers increased by ~11% y-o-y to PLN 33.6 billion or EUR 6.9 billion.
According to the quarterly statistics published by the Central Bank of Hungary, at the end of September 2022, the aggregate market gross profit of Hungarian insurers decreased by 65% y-o-y to HUF 23.2 billion the equivalent of EUR 55 million (vs. HUF 66.3 billion/ EUR 184 million), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 66% y-o-y to HUF 21 billion (~EUR 50 million) vs. HUF 61.8 billion/ ~EUR 171 million.
According to the CAP (Czech Insurance Association) quarterly figures, at the end of September 2022 the aggregate GWP reported by member companies totaled CZK 119.2 billion (EUR 4.9 billion) up by 7.5%, or by almost CZK 8.4 billion.
For 9 months of 2022, total GWP of Belarusian insurers amounted to BYN 1,358.45 million (EUR 567.06 million). The y-o-y increase was only about 3%, according to data published by the Ministry of Finance of the Republic.
According to the 3Q results, the insurance market of Uzbekistan grew by 69.51% y-o-y (in local currency), to UZS 4,462.28 billion (EUR 418.02 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
According to the January-September 2022 preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, at the end of Q3, the Greek insurance market totaled EUR 3.19 billion, up by only 0.3% y-o-y.
According to the quarter figures published by TSB - Association of Insurance and Reinsurance Companies of Turkey - at the end of September 2022 the local insurance market increased by 108% y-o-y reaching TRY 146.9 billion (~EUR 8.1 billion). In European currency, due to the exchange rates differences, the market change was only +18% y-o-y.
The GWP of Kosovo insurers increased by 11.3% y-o-y to EUR 98.3 million during January-September 2022 while total gross claims paid increased by 2.2% y-o-y to EUR 46.6 million, as official monthly figures published on the website of the Central Bank showed.
The insurance market of Bosnia and Herzegovina ended the first nine months of the current year with aggregate gross written premiums worth BAM 668.66 million (~EUR 341.88 million) vs. BAM 618.26 million (~EUR 316.11 million) a year before, according to the January-September 2022 market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
Albanian insurance market posted January-September 2022 GWP of ALL 15.50 billion (~EUR 133 million), or 9.5% more y-o-y, according to the 3Q2022 figures published on the website of the local financial supervisory authority - AFSA.
The insurance market of Moldova at the end of 3Q2022 grew by 26.56% to MDL 1.82 billion (EUR 95.84 million), according to data published by the National Financial Market Commission. Paid claims reached MDL 585.80 million (EUR 30.84 million), which is 25.41% more than in the same period of 2021.
Azerbaijan's insurance sector ended 3Q with an increase of 12.24%, reaching AZN 731.22 million (EUR 438.62 million). At the same time, paid claims decreased by 14.69% to AZN 318.61 million (EUR 191.12 million), according to the statistics published by the National Bank.
3Q2022, the insurance sector of Kyrgyzstan ended with impressive growth y-o-y - by 51%, reaching KGS 1492.37 million (EUR 19.26 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
Estonian insurers reported January-September 2022 aggregate GWP worth EUR 405.77 million, 13.08% more y-o-y or ~EUR 47 million in absolute value, according to the market figures published by the Estonian National Statistics Board. Total paid claims by local insurers increased by 7.40% y-o-y to EUR 288.82 million.
The insurance market of Lithuania totaled EUR 905.83 million at end-September 2022, up by 19.14% y-o-y, according to the quarterly market figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims and indemnities worth EUR 501.22 million, up by 28% y-o-y.
Gross written premiums amounted to EUR 22.17 billion at regional level, up by almost 7% y-o-y. At the same time, claims paid increased by 11.5% y-o-y, to EUR 12.64 billion.
At the end of September 2022, the insurance market of Montenegro totaled EUR 82.79 million, 11.23% more y-o-y, while the value of paid claims by insurers totaled EUR 33.11 million, up by 7.45% y-o-y, according to the quarterly market data released by Insurance Supervision Agency.
The insurance sector of Kazakhstan ended three quarters of 2022 with an increase of 12% y-o-y in local currency. Total GWP volume reached KZT 677.83 billion (EUR 1.46 billion). At the same time, insurers' paid claims increased by almost 54%, to KZT 139.75 billion (EUR 302.37 million), according to the data published by the National Bank.
The business of the 15 th Croatia-based insurers members of HUO - Croatian Insurance Bureau - totaled HRK 9.73 billion (~EUR 1.29 billion) at the end of the third quarter of the year, up by 7.9% y-o-y, according to the monthly figures published by the Insurance Bureau on its website.
Over the first 9 months of this year, Armenian insurers made a profit mainly from MTPL and health insurance - AMD 8.1-7.6 billion, followed by property insurance, Motor Hull, accidents insurance - AMD 3.6-1.3 billion, according to the data from insurers' reports provided by
ArmInfo.
Cypriot insurers posted H1 2022 aggregate GWP of EUR 528.9 million, up by EUR 52.4 million (or by 11% y-o-y), according to the half-year market figures report published by the Insurance Association of Cyprus - IAC.
According to the 2022 H1 figures published by the National Bank of Slovakia, the net profits of local insurers amounted to EUR 89.92 million, which was a 21% decrease as compared to 30 June 2021 (EUR 114.74 million).
Serbian insurance market expanded by almost 12% y-o-y during H1 2022 to RSD 67.56 billion (~EUR 575.5 million), according to the quarterly figures published on the website of National Bank of Serbia (NBS).
Slovenian insurers reported GWP up by 4.62% y-o-y in 1H2022, to EUR 1.48 billion. The absolute trend setter was the non-life segment which saw a 6.3% GWP growth rate, to EUR 1.08 billion, while the life insurance segment remained, overall, at the 1H2021 GWP level, of EUR 393.6 million. Yet, one should notice that the Unit-Linked products line was the one which, by recording a 7.6% premiums growth, has offset the negative trend seen on the traditional life insurance lines. Paid claims went up by about 11,67%, to EUR 906 million, mostly driven by the health insurance line.
According to the Polish Financial Supervision Authority (KNF) data, the local insurance market ended the first half of 2022 with GWP slightly under the 1H2021 level (-0.5% y-o-y). Thus, GWP reached EUR 7.57 billion. The stagnant status of the market was determined entirely by the life insurance segment which saw a 8.3% decrease in GWP. The results confirm the data previously released by the Polish Chamber of Insurance (PIU).
Bulgarian insurance market totaled almost BGN 1.8 billion (EUR 918 million) at the end of June 2022, up by 9.8% y-o-y, according to the official data provided by Financial Supervision Commission - FSC. The number of insurance companies active in Bulgaria decreased to 44 at the end of June from 51 a year earlier.
Romanian insurers achieved GWP worth RON 8.76 billion (EUR 1.77 billion), in 1H2022, data provided by the supervising authority show. Considering also GWP by companies operating in Romanian based on the Freedom of Service (FOS) and Freedom of Establishment (FOE) rights, the total value of the local market climbs to EUR 1,92 billion.
The CIS Regional Insurance Market* ended 1H2022 up 45% y-o-y in EUR, reaching EUR 18.67 billion, according to
xprimm statistics.
According to 1H2022 results, the insurance market of Uzbekistan grew by 63% y-o-y in local currency, to UZS 2,771.06 billion (EUR 242.78 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
According to Polish Chamber of Insurance (PIU) data, the local insurance market ended the first half of 2022 with GWP slightly under the 1H2021 level (-0.5% y-o-y). Thus, GWP reached EUR 7.57 billion. The stagnant status of the market was determined entirely by the life insurance segment which saw a 8.3% decrease in GWP.
Latvian insurers' January-June 2022 aggregate GWP (local and EU branches, summed-up) expanded by more than 20% to almost EUR 490 million, while the amount paid claims and indemnities increased by 29% y-o-y to EUR 321.5 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).
According to the latest information provided by the Czech National Bank (CNB), the insurance market ended 1H2022 with GWP worth EUR 4.094 billion, up by 17.18% y-o-y. The strong upward trend was given by the non-life insurance sector, which non only dominated the portfolio (72.7% of total GWP), but also saw an almost 23% y-o-y increase in premiums.
At the end of 1H2022, the market amounted to RUB 862.25 billion (EUR 16 billion), having decreased by 3.57% y-o-y in local currency and nominal terns. Considering the 15.9% y-o-y inflation rate, the inflation adjusted results show an almost 17% y-o-y fall in GWP.
The Ukrainian insurance market amounted to UAH 17.60 billion (EUR 571.84 million), at the end of 1H2022, which is almost 31% less y-o-y in local currency. The decline was recorded in both life and non-life insurance. At the same time, the decline was in all classes, except for MTPL and Green Card segment, as data from the National Bank of Ukraine show.
According to the results of the first quarter of 2022, the insurance market of Uzbekistan grew by 93% y-o-y in local currency, to UZS 1,294.69 billion (EUR 101.88 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
Hungarian insurers' H1 2022 GWP rose by 14.81% y-o-y to HUF 785.43 billion (EUR 1.98 billion), according to the quarterly statistics published by the National Bank of Hungary (MNB).
Half year premiums underwritten by Greek insurers members of Hellenic Association of Insurance Companies (HAIC) totaled EUR 2.14 billion, up by 0.20% y-o-y according to end-June 2022 preliminary figures.
According to the H1 2022 figures released by the Czech Insurance Association - CAP, the aggregate GWP of member companies reaches at the end of June 2022 - the value of CZK 80.1 billion (EUR 3.2 billion) up by 7.8% y-o-y.
According to the half-year figures published by SLASPO (Slovak Insurance Association), at the end of June 2022, total GWP from the members of the association totaled EUR 1.31 billion, up by 4.39% y-o-y.
The GWP of Turkish-based insurers rose 93% on the year in the first six months of 2022, reaching TRY 91 billion (EUR 5.2 billion), data of the Insurance Association of Turkey showed.
During H1 2022, the Lithuanian insurance market grew by 19.4% y-o-y (or by EUR 97 million) to EUR 598 million, while the value of payments expanded by 36% y-o-y to EUR 328 million, according to the market figures published by the Bank of Lithuania.
The CIS regional insurance market* ended the first quarter of 2022 with a decrease of 6.30% in EUR from a year ago, amounting to EUR 5.99 billion, according to
xprimm statistics.
According to the 1H2022 results, the Georgian insurance market grew by 12.49% y-o-y, total GWP reached GEL 504.67 million (EUR 163.74 million), according to the Georgian Insurance Supervision Service.
The insurance sector of Ukraine ended the first quarter of 2022 with a decrease of 19% y-o-y, total GWP amounted to UAH 9.52 billion (EUR 292.15 million). The decline was recorded by both non-life insurance (more than 21%) and life insurance (by almost 3%), as shown by data published by the National Bank of Ukraine.
At the end of June 2022, the Albanian insurance market totaled ALL 9.77 billion (~EUR 82 million), experiencing an increase by 10.25% compared to January - June 2021, official half-year data provided by the Albanian Financial Supervisory Authority (AFSA) showed.
At the end of the first half-year of 2022, the BiH insurance market totaled EUR 227.4 million (BAM 444.7 million), 9.4% more y-o-y, as statistics from the local insurance agency - AZOBIH shows.
The insurance market in Moldova in 1H2022 rose by 34.62% to MDL 1.182 billion (EUR 58.77 million), according to data published by the National Financial Market Commission. Paid claims reached MDL 391.28 million (EUR 19.45 million), which is 27.57% up compared to the same period of 2021.
The insurance market of Montenegro totaled EUR 54.9 million at the end of H1 2022, up by 11.9% y-o-y (or by EUR 5.9 million), according to the half-year figures published by the local Insurance Supervision Agency (ISA).
Gross written premiums from non-life insurance represents 81.6% of total insurance market - about EUR 44.8 million, up by 12.4% y-o-y while, life business GWP was up by 9.2% y-o-y to EUR 10.1 million.
Macedonian insurers posted January-June aggregate GWP worth MKD 6.5 billion (~EUR 105 million), 9.4% more y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.
Kosovo's active 12 insurers reported an aggregate net profit of EUR 2.5 million at the end of June 2022 vs. EUR 1.5 million a year before, according to data provided by the Central Bank (CBK). At the same time, the total insurers' assets increased to EUR 253.6 million, from EUR 230 million a year earlier.
Estonian insurers reported H1 GWP worth EUR 269.3 million, 11.5% more compared with January-June 2021, according to the market figures published by the Estonian National Statistics Board.
The GWP of Croatian insurers increased by 7.53% y-o-y in the first half of 2022, reaching HRK 6.88 billion (EUR 915 million), according to the data of the Croatian Insurance Bureau - CIB.
The insurance sector of Belarus ended the first half of the year with growth of 4.43% in local currency. GWP reached BYN 913.44 million (EUR 343.01 million), according to the data published by the Ministry of Finance of the Republic.
The insurance sector of Armenia ended 1H2022 with total GWP worth AMD 33.82 billion (EUR 79.87 million), which is 27.30% more y-o-y. Paid claims decreased by about 3% to AMD 13.18 billion (EUR 31.13 million), according to the data provided by ArmInfo.
Insurers across the 17 CEE markets under the scope of the XPRUIMM reports ended 1Q2022 with GWP amounting to EUR 11.4 billion, up by 10.20% y-o-y. Paid claims increased at a higher pace of 15.6%, to EUR 6.35 billion.
Slovenian insurers reported GWP up by 5.08% y-o-y in 1Q2022, to EUR 762.2 million. The trend setter was the non-life segment which provided for about 93% of the y-o-y additional premiums volume. Paid claims went up by about 12,6%, to EUR 453.7 million, mostly driven by the health insurance line.
In the first half of 2022, the insurance sector of Azerbaijan grew by 8.67% to AZN 491.60 million (EUR 276.63 million). At the same time, paid claims fell by more than 29%, reaching AZN 174.92 million (EUR 98.43 million), according to statistics published by the National Bank.
In the first half of 2022, the insurance sector of Kazakhstan grew by 4.03%, to KZT 445.89 billion (EUR 912.31 million). At the same time, insurers' paid claims, in contrast to premiums, jumped by more than 36%, reaching KZT 80.81 billion (EUR 165.35 million), according to data published by the National Bank.
The insurance sector of Kyrgyzstan ended the first half of 2022 with an increase of almost 28% y-o-y. Total GWP amounted to KGS 998.14 million (EUR 11.94 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
Serbian insurers ended Q1 2022 with total GWP worth RSD 31.5 billion (EUR 267.8 million), 13.4% more y-o-y, according to the end-quarter statistics published by the National Bank of Serbia (NBS).
At the end of March 2022, the insurance market of North Macedonia totaled MKD 2.98 billion (EUR 48.37 million), up by 11% y-o-y, according to preliminary data published by the local Insurance Supervision Agency.
Bulgarian insurance market totaled BGN 885.4 million (EUR 452.7 million) at the end of March 2022, up by 9.7% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
At the end of March 2022, the Slovak insurance market totaled EUR 508 million, 15.5% less y-o-y, according to the Q1 2022 figures published by the National Bank of Slovakia (NBS).
The gross premiums written by the insurance companies in Romania, in Q1 2022, reached almost RON 4.66 billion lei (EUR 941.5 million), the highest quarterly value recorded in the history of the insurance market in Romania, increasing by 46% compared to similar period last year.
The Q1 2022 figures published by the Czech National Bank (CNB) show that the local insurance industry totaled about EUR 2.1 billion - CZK 51.4 billion, up by 15% y-o-y.
The Russian insurance market in 1Q2022 decreased by 1.64% y-o-y due to deterioration in foreign trade and financial conditions. GWP amounted to RUB 452.28 billion (EUR 4.83 billion). At the same time, the fall was only in life insurance (almost 11%), while non-life insurance recorded a slight increase, as shown by data published by the Central Bank.
The insurance market of Cyprus totaled EUR 273.6 million at the end of Q1 2022, up by 12.8% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 10.9% y-o-y to EUR 115.1 million, of which EUR 58.8 million - life indemnities (+14.3% y-o-y), EUR 56.3 million - non-life (up by 7.5%).
Estonian insurers posted aggregate business worth EUR 130.61 million in Q1 2022, or 9.97% more y-o-y, according to quarterly figures, published by the Estonian National Statistics Board.
At the end of March 2022, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 252.67 million, up by 17.37% y-o-y, while the amount paid in claims and indemnities increased by 36.29% y-o-y to EUR 174.57 million, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).
During Q1 2022, the Lithuanian insurance market grew by 17.13% y-o-y to EUR 292.02 million, while the value of payments expanded by more than 38% y-o-y to EUR 164.22 million, according to the market figures published by the Bank of Lithuania.
UPDATE With the recent publishing of the official results of the Serbian insurance market for FY2021, we were able to draw the complete and correct statistical image of the CEE regional insurance market in 2021. Revisit our statistical section to get the latest corrections.
According to the quarterly figures published by the Czech Insurance Association (CAP), at the end of March 2022, the total written premiums the CAP members amounted to CZK 40.66 billion (~EUR 1.66 billion), up by 8.53% y-o-y.
According to the 1Q2022 results, the Georgian insurance market grew by 14.75% y-o-y, total GWP reached GEL 267.60 million (EUR 77.57 million), according to the Georgian Insurance Supervision Service.
According to the Q1 statistics published by the Central Bank of Hungary, at the end of March 2022 the aggregate market gross profit of Hungarian insurers decreased by 11.23% y-o-y to HUF 21.83 billion the equivalent of EUR 59 million (vs. HUF 24.59 billion).
Polish insurance market reported Q1 2022 aggregate GWP worth PLN 18.14 billion (EUR 3.9 billion), 2.89% more y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers increased by 12.82% y-o-y to PLN 11.53 billion (~EUR 2.5 billion) from PLN 10.24 billion a year before.
According to the quarterly market data published by SLASPO (Slovak Insurance Association), at the end of March 2022, total GWP from the members of the association totaled EUR 679.52 million, up by 4.18% y-o-y. Premiums written in life insurance increased by 3.46% y-o-y to EUR 259.81 million, while non-life segment was up by 4.63% y-o-y to EUR 419.71 million.
Ukraine's insurance market grew by 8.2% to UAH 48.9 billion (EUR 1.58 billion) in 2021, with life insurance accounting for UAH 5.9 billion and non-life insurance - UAH 43 billion, as data, published by the National Bank of Ukraine, show.
At the end of March 2022, Albanian insurance market totaled ALL 4.28 billion (EUR 35.19 million), or 5.97% more y-o-y. During Q1 2022, the number of concluded insurance contracts reached 247,576 up by 21.99% compared to January-March 2021, official data provided by the Albanian Financial Supervisory Authority (AFSA) showed.
In the first quarter of 2022, GWP of the Belarusian insurance sector reached BYN 476.76 million (EUR 144.11 million), up only 6.22% y-o-y in local currency, according to data released by the Belarusian Ministry of Finance.
The insurance companies operating in Bosnia and Herzegovina reported aggregate Q1 2022 GWP worth BAM 209.81 million (EUR 107.27 million), up by 9.20% compared with the same period of 2021, according to the quarterly market figures published by the local insurance agency - AZOBIH.
The GWP of Croatian insurers increased by 9.02% y-o-y in Q1 2022, to HRK 3.54 billion (~EUR 468 million), according to the quarterly figures published on the website of the Croatian Insurance Bureau.
According to the 1Q results, the insurance sector of Kyrgyzstan recorded an increase of about 44% y-o-y, reaching KGS 468.06 million (EUR 5.04 million), as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic show.
The first quarter of 2022, the insurance sector of Kazakhstan ended with an increase of 6.57%, reaching KZT 231.91 billion (EUR 454.22 million). Unlike premiums, paid claims increased by more than 34% y-o-y, as the data published by the National Bank show.
The Serbian insurance market ended 2021 with aggregate GWP worth RSD 119.40 billion (EUR 1.02 billion), up by 8.64% y-o-y, according to the NBS's (National Bank of Serbia) year-end figures.
In the first quarter of 2022, the insurance sector of Moldova grew by more than 24% y-o-y to MDL 485.23 million (EUR 23.80 million). Paid claims also recorded a fairly strong growth - by 17%, amounting to MDL 185 million (EUR 9.07 million), according to the data published by the National Financial Market Commission.
The insurance sector of Armenia ended the first quarter of 2022 with GWP worth AMD 20.31 billion (EUR 37.67 million), which is 24.21% more y-o-y. At the same time, paid claims decreased by 13.18% to AMD 6.07 billion, according to the data on the activities of insurance companies provided by ArmInfo.
Azerbaijan's insurance sector ended the first quarter of 2022 with a 3.79% growth, reaching AZN 258.42 million (EUR 136.19 million). At the same time, a more favorable exchange rate of the manat vs euro allowed the market to grow by 8.84% in European currency, according to the statistics published by the National Bank.
The insurance market of Kosovo totaled EUR 29.8 million at the end of Q1 2022, 16.1% more y-o-y, according to data provided by the Central Bank (CBK).
Total premium generated in the Turkish insurance market increased in local currency by 70.41% during January-March 2022 to TRY 43.10 billion, according to the preliminary figures released by the Insurance Association of Turkey (TSB).
According to the Q1 2022 preliminary statistics published by HAIC - the Hellenic Association of Insurance Companies, at the end of March, the Greece insurance market totaled at EUR 1.06 billion, 1.3% less y-o-y.
The gross written premiums of Montenegrin insurers increased by 12.80% y-o-y in the first quarter of 2022, reaching EUR 26.89 million, as preliminary official figures showed.
According to the results of 2021, the insurance sector of Tajikistan amounted to TJS 287 million (EUR 22.43 million), which is 21.7% more than in 2020, according to the data published in the report of the National Bank.
Gross premiums written across the 17 insurance markets in the CEE amounted to EUR 40.82 billion in 2021, by 8.9% more than in 2020. Except for Slovakia, all markets saw a positive dynamic, in some cases even at a double-digit growth rate.
The CIS regional insurance market* ended 2021 with growth of more than 28% in European currency. Total GWP volume exceeded EUR 26.62 billion.
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.
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.
SIGAL UNIQA, ILLYRIA and SCARDIAN are, in terms of FY2021 GWP, the largest insurance companies that are active on Kosovo insurance market, according to the market shares presented by Slovene re/insurer SAVA Re in its 2021 Annual Report.
The Slovenian insurance market totaled EUR 2.60 billion at the end of 2021, a 1.5% increase y-o-y, according to the Slovenian Insurance Association's year-end figures. Life insurance GWP posted a negative rate of -1.2% y-o-y to EUR 740 million, while the general insurance segment increased by 2.7% y-o-y to EUR 1.87 billion - or 71.63% of total GWP.
In 2021, total GWP of insurers amounted to BYN 1,726.57 million (EUR 598.96 million), which is 14.33% more y-o-y in local currency, according to the data published by the Ministry of Finance of the Republic. It should be noted that due to a significant change in the exchange rate of the Belarusian ruble against euro compared to December 2020, the market result in euro looks more impressive (+25.65%).
In 2021, Romanian insurers underwrote gross premiums amounting to over EUR 2.87 billion, increasing by about 21.9% y-o-y. Calculated in national currency the rate was higher, of 24%, given the about 2% depreciation of the Romanian currency against Euro. Following the bankruptcy of CITY Insurance, EUROINS Romania became the market leader.
At the end of the year 2021, the Slovak insurance market totaled EUR 1.84 billion, 16.9% less y-o-y, according to the Q4 2022 Analytical Data of the Financial Sector published by the National Bank of Slovakia (NBS). As compared with
previous YE2021 published statistics (GWP worth EUR 2.15 billion), the updated data are EUR 301.5 million less.
The Russian insurance market grew by 17.52% in 2021 supported by recovery in economic activity after 2020. GWP increased in all major segments, and more than a third of the growth came from insurance related to lending to individuals, about a third - from investment and accumulative life insurance, according to a review of key performance indicators of insurers published by the Central Bank.
Bulgarian insurance market ended 2021 with a total GWP of BGN 3.24 billion (EUR 1.66 billion), up by 12.73% y-o-y, according to the market figures from the Bulgarian Financial Supervision Commission (FSC).
The Georgian insurance market ended 2021 with an increase of almost 16% - GWP amounted to GEL 772.66 million (EUR 220.51 million), according to the Georgian Insurance Supervision Service.
At the end of December 2021, the Slovak insurance market totaled EUR 2.15 billion, 3.34% less y-o-y, according to the FY2021 statistics published by the National Bank of Slovakia (NBS).
In GWP terms, the life insurance segment was down by 2.56% y-o-y to EUR 911.73 million, these types of policies generating 42.42% of the total insurance market, while the non-life classes accounted for EUR 1.23 billion (or 57.58% of total GWP), down by 3.92% y-o-y.
Overall, the value of paid claims by local insurers decreased by 7.80% y-o-y to EUR 1.16 billion, of which EUR 627.48 million related to life indemnities, EUR 214.57 million - Motor TPL claims, EUR 188.89 million- MoD payments, EUR 84.21 million - payments on Fire and other damages to property policies.
The insurance market of Czech Republic totaled CZK 179.80 billion (EUR 7.22 billion) at the end of 2021, up by 6.92% y-o-y, according to the year-end figures published by the Czech National Bank (CNB).
Claims paid by local insurers totaled CZK 101.91 billion (EUR 4.09 billion) up by 10.78 y-o-y, of which 61% related to non-life insurance, the remaining 39% being related to life insurance subclasses.
For the life segment, the GWP value (including reinsurance) remained at the 2020 level (~CZK 51.70 billion), while the value of paid claims and indemnities - including the change in balance of technical provisions, totaled CZK 39.57 billion.
The Polish insurance market saw a 9.5% y-o-y increase in the total GWP, to EUR 15.05 billion. Paid claims increased at a lower pace, reaching EUR 8.98 billion, 4.5% more y-o-y. The non-life sector, in particular the property and motor insurance lines provided for most of the market's business growth.
The insurance sector of Moldova ended 2021 with an increase of 31.58% (in local currency) - total GWP reached MDL 1.92 billion (EUR 95.87 million). At the same time, paid claims increased by only 11% to MDL 662 million, according to the data published by the National Financial Market Commission.
At the end of 2021, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 849.4 million, up by 6.5% y-o-y, while the amount paid in claims and indemnities increased by 8% y-o-y to EUR 541.4 million, according to the year-end figures published by The Financial and Capital Market Commission of Latvia (FKTK).
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.
Life GWP increased by 13.64% y-o-y to HUF 602.7 billion / EUR 1.6 billion while non-life portfolio expanded by 7.9% to HUF 726.8 billion / EUR 1.9 billion, according to the most recent statistics published by the National Bank of Hungary (MNB). Thus, during the analyzed period, the life insurance business accounted for 45% and the non-life insurance business for 55% of total GWP.
At the end of 2021 the BiH insurance market totaled EUR 418.44 million (BAM 818.40 million), 8.19% more y-o-y, according to the YE 2021 market figures published by the local insurance agency - AZOBIH.
Kosovo insurers posted double digit increase in 2021 business, as official yea-end figures published on the website of the Central Bank showed. Overall, the aggregate value of GWP increased to EUR 119.23 million, up by 17.44% y-o-y from EUR 101.52 million at the end of December 2020.
Last year, Estonian insurance market totaled EUR 486.3 million in terms of GWP, up by 3.7% y-o-y, according to FY2021 market figures published by the Estonian National Statistics Board. The life insurance segment increased by 1.5% y-o-y to EUR 86.8 million, while in the case of non-life insurance market, the GWP amounted to EUR 399.5 million (82.1% of total), up by 4.2% y-o-y.
According to the year-end preliminary statistics published by SLASPO (Slovak Insurance Association), the FY 2021 GWP from the members of the association totaled EUR 2.48 billion, up by 2.44% y-o-y. Premiums written in life insurance decreased by 0.8% y-o-y to EUR 1.05 billion, while non-life segment was up by 4.9% y-o-y to EUR 1.43 billion.
The insurance sector of Armenia ended 2021 with an increase of almost 11% y-o-y, reaching AMD 49.38 billion (EUR 91.01 million). However, the increase in paid claims more than doubled the GWP increase (almost 23%), their total volume amounted to AMD 28.50 billion (EUR 52.54 million), according to the data on activities of insurance companies provided by ArmInfo.
According to the year-end insurance market figures published by Lithuanian Central Bank, last year the local insurance market grew by 8.9% to EUR 1.04 billion. At the same time, total paid claims exceeded EUR 547 million, up by 9.3% y-o-y. "Last year, one of the engines of growth of the insurance market was the country's growing economy", as the representatives of Lithuanian Central Bank mentioned in a
statement.
At the end of 2021, the Macedonian insurance market totaled MKD 11.62 billion (EUR 188.7 million), up by 15.5% y-o-y, according to Macedonian ISA preliminary year-end figures.
According to the year-end figures published by CAP (Czech Insurance Association), at the end of 2021, total GWP from the members of the association totaled CZK 147 billion (~EUR 5.92 billion), 4.4% more y-o-y or by CZK 6.1 billion.
The Montenegrin market reported a 5.5% y-o-y growth in FY2021 GWP, to EUR 99 million, according to the preliminary figures published on the ISA's website.
At the end of 2021, the insurance sector of Kyrgyzstan changed growth to decline (if compared to 3Q2021) and recorded a drop by 5.46% to KGS 1.26 billion (EUR 13.17 million).
At the end of 2021, the insurance sector of Kazakhstan recorded an increase of 43.42% y-o-y, to KZT 814.81 billion (EUR 1.67 billion). At the same time, insurers' paid claims fell by almost 13% to KZT 130.60 billion (EUR 267.75 million), according to data published by the National Bank.
The FY2021 gross written premiums of the eight Albanian active insurers increased by 16.02% y-o-y to ALL 19.26 billion (EUR 159.55 million), official figures published on the website of Albanian Financial Supervisory Authority (AFSA) showed.
The aggregate GWP of the 15 Croatian insurers rose 11.86% in 2021, to HRK 11.71 billion (EUR 1.55 billion), preliminary Q4 2021 data of the Croatian Insurance Bureau showed. Total gross claims paid increased to HRK 7.29 billion in the review period from HRK 6.53 billion a year earlier.
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 2021, Azerbaijani insurers collected AZN 843.90 millions of premiums, which is 15.82% more y-o-y (EUR 438.05 million). Total paid claims amounted to AZN 458.73 million (EUR 238.11 million), down 1.38% from a year earlier, according to the data published by the Central Bank.
Thee aggregate GWP reported by the 17 CEE insurance markets totaled EUR 30.35 billion at the end of September 2021, about EUR 2.4 billion more as compared with 3Q2020 (+8.56% y-o-y), according to the quarterly market figures centralised by xprimm.com. For the analysed period, the aggregate claims and indemnities paid by CEE insurers increased by almost EUR 1 billion to EUR 17 billion (+6% y-o-y).
Polish insurance market totaled PLN 50.9 billion (EUR 10.9 billion) at the end of September 2021, up by almost 7% y-o-y, according to the quarterly market figures published by The Polish Financial Supervision Authority (KNF). Claims and benefits paid by local insurers increased by 2.9% y-o-y to PLN 30.2 billion or ~EUR 6.5 billion.
The Slovenian insurance market totaled EUR 2.03 billion in the first nine months of 2021, a 3.29% increase y-o-y, according to the Slovenian Insurance Association's Q3 report. In terms of paid claims, the aggregate value was ~EUR 1.18 billion, of which about EUR 387 million - life indemnities and EUR 803 million - payments related to non-life insurance sub-classes.
Bulgarian insurance market totaled BGN 2.44 billion (EUR 1.24 billion) at the end of September 2021, up by 12.7% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
Macedonian insurers posted nine-months 2021 aggregate GWP worth MKD 8.8 billion (~EUR 143 million), 17.4% more y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.
The insurance market of Cyprus totaled EUR 701.4 million at the end of September 2021, increasing by almost 5% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.
The Latvian insurance market totaled EUR 618.8 million at the end of September 2021, about 3.7% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK).
The insurance market of Czech Republic ended the first 9 months of the year with GWP of CZK 134.7 billion (EUR 5.3 billion), up by 6.4% y-o-y, according to the end-September figures published by the Czech National Bank (CNB), confirming the Q3 market data from the members of CAP (Czech Insurance Association): GWP worth CZK 110.84 billion (~EUR 4.35 billion), 4.7% more y-o-y.
Claims paid by local insurers totaled CZK 75.5 billion (EUR 2.9 billion) up by 10.6 y-o-y, of which 62% related to non-life insurance, the remaining 38% being related to life insurance subclasses.
For the life segment, the GWP value (including reinsurance) increased by 1.2% to CZK 39.3 billion, while the value of paid claims and indemnities - including the change in balance of technical provisions, totaled CZK 28.5 billion. In the case of general insurance segment, the same indicators were as follows: GWP of CZK 95.3 billion (up by 8.7% y-o-y) and January-September 2021 payments worth CZK 47 billion, 14% more y-o-y.
At the end of September 2021, the Slovak insurance market totaled EUR 1.60 billion, 4.3% less y-o-y, according to the 9 months statistics published by the National Bank of Slovakia (NBS).
The regional CIS insurance market* at the end of the third quarter recorded an increase in EUR by almost 31% y-o-y with total GWP exceeding EUR 19.73 billion.
The Romanian insurance market is characterized by a medium to high degree of concentration. In 9M2021, approximately 88% of the total volume of GWP was carried out by 10 companies, according to the ASF - Financial Supervisory Authority report. See the rankings of the players as calculated by XPRIMM and what the changes were compared to the same period last year.
Serbian insurance market expanded by 9.7% y-o-y during 3Q2021 to RSD 88.5 billion (~EUR 754 million), according to the quarterly figures published on the website of National Bank of Serbia (NBS).
Non-life GWP rose 10.5% y-o-y to RSD 69.2 billion, whereas the life insurance segment earned premiums of RSD 19.3 billion, up by 6.8% y-o-y, as NBS announced.
The value of paid claims totaled RSD 37.3 billion (up by 2.2% y-o-y) of which RSD 12.1 billion - life indemnities (up by 28.6%) and RSD 25.2 billion (-7% y-o-y) related to non-life classes.
In terms of GWP volume, DUNAV was the largest insurance company in the country, accounting for 26.4% of total GWP. GENERALI osiguranje followed with 19.9%, while DDOR was third with 11.8%. A total of 16 insurance companies operated in the country at the end of September 2021.
Access xprimm.com and download the latest Serbian insurance market statistics (in EUR and RSD).
The insurance market in Ukraine at the end of the third quarter of 2021 recorded an increase of 15.48% y-o-y to UAH 38.07 billion (EUR 1.22 billion). At the same time, paid claims of insurers increased by almost 21% and reached UAH 13.42 billion, as the data published by the National Bank of Ukraine show.
Total GWP for 9 months of 2021 amounted to RUB 1.356 trillion (~EUR 15.98 billion), which is RUB 220 billion or 19.4% more y-o-y, follows from data published by the Bank of Russia. Paid claims increased from RUB 464.7 billion to RUB 587.5 billion (+26.4%).
Hungarian insurers posted aggregate Q3 2021 GWP worth HUF 1001.2 billion (~EUR 2.8 billion), rising by nearly 11.6% y-o-y.
Kosovo insurers posted double digit increase in 9 months 2021 GWP, as official monthly figures published on the website of the Central Bank showed.
At the end of the third quarter of 2021, the Georgian insurance market recorded an increase of more than 18% y-o-y (in local currency), increasing to GEL 606.74 million (EUR 166.65 million), according to the data published by the Georgian Insurance Supervision Service.
Cypriot insurers posted H1 2021 aggregate GWP of EUR 476.5 million, up by EUR 19.2 million (or by 4.2% y-o-y), according to the half-year market figures report published by the Insurance Association of Cyprus - IAC.
According to the quarterly market figures published by SLASPO (Slovak Insurance Association), at the end of September 2021, total GWP from the members of the association totaled EUR 1.86 billion, up by 1.2% y-o-y. Premiums written in life insurance decreased by 3% y-o-y to EUR 772 million, while non-life segment was up by 4.4% y-o-y to EUR 1.08 billion.
For the first 9 months of 2021, total GWP of the insurance sector of the Republic amounted to BYN 1 319.7 million (EUR 451.31 million), which is 20.30% more y-o-y in local currency, according to the data published on the website of the Ministry of Finance.
In the third quarter of 2021, the Moldovan insurance market ended with y-o-y growth of more than 35% (MDL 1.43 billion/EUR 69.83 million) in local currency. At the same time, the growth in paid claims was very moderate - at the level of 6.53% (MDL 467.10 million), according to the data published by the National Financial Market Commission.
By the end of 3Q2021, the insurance sector of Uzbekistan continued its rapid growth trend, increasing GWP by almost 66% y-o-y to UZS 2,632.51 billion (EUR 211 million), according to the data published by the Ministry of Finance of the Republic.
Bosnian insurers reported aggregate Q3 GWP of BAM 618 million (~EUR 316 million) vs. BAM 569 million (EUR 291 million) a year before, according to the most recent market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
The insurance market of Lithuania totaled EUR 760 million at end-September 2021, about EUR 50 million more (or by 7% y-o-y) vs. Q3 2020, according to the quarterly market figures published on the Central Bank's website.
The life insurance segment expanded by 8% y-o-y to EUR 228 million due the 12.6% increase generated by the index-linked and unit-linked products. At the same time, Lithuanian non-life insurers posted a 6.8% y-o-y increase in Q3 GWP, except the MTPL LoB (-3.7% y-o-y), all other main non-life subclasses reporting positive rates.
According to the quarterly market figures published by CAP (Czech Insurance Association), at the end of September 2021, total GWP from the members of the association totaled CZK 110.84 billion (~EUR 4.35 billion).
Albanian insurance market posted total Q3 2021 GWP of ALL 14.16 billion (~EUR 116.56 million), or 18.06% more compared to January-September 2020, according to the most recent figures published on the local financial supervisory authority - AFSA.
Total premium income in the Turkish insurance sector increased by 19.14% y-o-y to TRY 70.60 bn (EUR 6.85 billion) in Q3 2021, according to preliminary data released by the Insurance Association of Turkey (TSB).
Q3 2021 preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, shows that at the end of September 2021, the Greek insurance market totaled EUR 3.17 billion, up by 9.3% y-o-y)
Estonian insurers posted Q3 2021 GWP of EUR 359 million, 2.7% more y-o-y or EUR 9.3 million in absolute value, according to the market figures published by the Estonian National Statistics Board.
From January to September 2021 GWP increased by 47.09% to KZT 604.95 billion (~EUR 1.22 billion). Significant growth was observed in all insurance segments, and the most impressive one can be noted in life insurance (more than 94%), GTPL, cargo insurance and accidents insurance, based on the data published by the National Bank.
The insurance sector of Kyrgyzstan at the end of 3Q2021 grew by almost 50% and reached KGS 987.04 million (EUR 9.98 million), according to the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
The insurance market in Azerbaijan at the end of 3Q2021 grew by almost 13%, up to AZN 655.62 million (EUR 332.40 million). At the same time, paid claims of insurers in local currency increased by 21.36% reaching AZN 373.49 million, according to the data published by the Central Bank of Azerbaijan.
The Armenian insurance sector at the end of 3Q2021 increased by 12.13% y-o-y, reaching AMD 37.93 billion (EUR 68.14 million). At the same time, the increase in paid claims was even more significant - by almost 18% to AMD 20.20 billion, according to the data on the activities of insurance companies provided by ArmInfo.
The Q3 2021 gross written premiums of Croatian insurers increased by 12.15% y-o-y to HRK 9.02 billion (EUR 1.20 billion), while gross paid claims by insurers totaled HRK 5.19 billion, up by 9% y-o-y according to the quarterly figures published by the Croatian Insurance Bureau - CIB.
Montenegrin insurance market totaled EUR 74.43 million at the end of September 2021, 3.91% more y-o-y, accoring to the quarterly market data released by Insurance Supervision Agency.
GWP by insurers in the 17 CEE insurance markets wrote gross premiums worth EUR 20.75 billion, 8.3% up y-o-y, property and motor insurance lines being the main growth drivers. Paid claims decreased by almost 5% y-o-y at regional level, to EUR 11.34 billion, with property insurance lines being again the trend setter.
Serbian insurers ended the first half of 2021 with GWP worth EUR 514 million, up by 8.2% y-o-y, while paid claims went down by about 2.3%, to EUR 203.3 million, totally owed to the decreasing claims expenses for the property insurance lines which saw paid claims diminishing to about a third of the 1H2020 sum.
Romanian insurers reported GWP worth EUR 1.29 billion at the end of 1H2021, which is by 11,66% more y-o-y. As the Romanian Leu lost some weight against Euro in the last 12 months, the growth rate in local currency looks even better, reaching 13.6% y-o-y.
Bulgarian insurance market ended the first half of the year with a total GWP of BGN 1.63 billion (EUR 836 million), up by 12.9% y-o-y, according to the market figures from the Bulgarian Financial Supervision Commission (FSC).
Slovenian insurers ended 1H2021 with GWP worth EUR 1.4 billion, 2.84% up y-o-y. Paid claims increased by 3.97%, to EUR 810.4 million. As the growth rates recorded by the life and non-life segments were comparable, their contribution to the market growth, in absolute terms, was also similar.
The impact of the Turkish Lira devaluation on the insurance market's results was quite significant in 1H. While the market showed a 17.11% y-o-y GWP nominal growth, to TRY 47.1 billion in local currency, the GWP volume denominated in Euro actually decreased y-o-y.
Insurance market of Bosnia & Herzegovina ended the first half of 2021 by showing a positive dynamic, especially on the life insurance side. Yet, although recording a 12.3% y-o-y GWP growth, the life insurance segment remains very small, reaching a total GWP amount of EUR 42.8 million, still far from the market's potential. At the same time, indemnities paid for life insurance went up by 27% y-o-y, to EUR 21.7 million.
The regional CIS* insurance market in 1H grew by almost 12% (in euros), total GWP exceeded EUR 12.84 billion. Paid claims also recorded a significant increase y-o-y (+15.45%) and amounted to EUR 5.26 billion, according to
xprimm statistics.
At the end of June 2021, the Slovak insurance market totaled EUR 1.15 billion, 0.3% more y-o-y, according to the half-year statistics published by the National Bank of Slovakia (NBS). The profits of local insurers amounted to EUR 114.7 million, which was a 23.5% increase as compared to end-June 2020 (EUR 92.9 million), as official statistics show.
The regional CIS* insurance market in 1H grew by almost 12% (in euros), total GWP exceeded EUR 12.84 billion. Paid claims also recorded a significant increase y-o-y (+15.45%) and amounted to EUR 5.26 billion, according to
xprimm statistics.
Hungarian insurers' H1 2021 GWP rose 11.46% year-on-year to HUF 686.81 billion (EUR 1.94 billion), according to the quarterly statistics published by the National Bank of Hungary (MNB).
Revenue from premiums on life insurance policies increased in local currency by more than 18% y-o-y to HUF 306.31 billion (EUR 870 million), while non-life GWP rose 6.6% to HUF 377.5 billion (EUR 1.7 billion). About 45% of premium income originated from the life insurance business and 55% from the non-life insurance business.
At the end of 2021 Q2, the total contract porolio of insurance companies rose by 0.8% from its level a year earlier, reflecting over 108,800 increase in new contracts to 14,496,469. This mainly resulted from a 1.02% rise in the number of non-life insurance contracts (to 12,161,353), accompanied by a somewhat declining number of life insurance contracts (a decline of 0.6% to 2,335,116).
The first half year statistics recently published by the Czech National Bank - CNB show that at the end of June the local insurance industry totaled about CZK 89 billion (~EUR 3.5 billion), up by 4% y-o-y.
North Macedonia's insurance market ended the first half of 2021 with GWP worth EUR 95.7 million, 14.6% up y-o-y. AT the same time, paid claims increased by 22%, to almost EUR 36 million. Among the main business lines, the evolution was rather balanced, so that the market portfolio structure remained stable.
After the challenging year 2020, when Polish insurers' business decreased by about 8.3% y-o-y, the first half of 2021 showed signs of recovery that resulted in a positive dynamic, GWP growing by 8% y-o-y, to EUR 7.6 billion, data provided by the Polish Chamber of Insurance (PIU) show.
The Georgian insurance market ended 1H with an increase of 19% y-o-y, GWP reached GEL 448.64 million (EUR 119.29 million), according to the data published by the Georgian Insurance Supervision Service.
The insurance market in 2Q exceeded the result of the same period last year as well as pre-covid levels. Total GWP for the first half of 2021 amounted to RUB 894.2 billion rubles (+21% y-o-y)/EUR 10.37 billion, according to the data published by the Bank of Russia. Market paid claims increased to RUB 384.5 billion (+29.6%).
Latvian insurers' six months 2021 aggregate GWP remained at the H1 2020 level (local and EU branches, summed-up) totaling ~EUR 406.7 million, while the amount paid in claims and indemnities increased by 1.8% y-o-y to EUR 249.5 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).
At the end of June 2021, the Montenegrin insurance market totaled EUR 49 million, about EUR 2.5 million more vs. H1 2020 aggregate market GWP, according to the latest figures published by the local Insurance Supervision Agency (ISA).
Half year premiums underwritten by Greek insurers members of Hellenic Association of Insurance Companies (HAIC) totaled EUR 2.13 billion, 9.4% more y-o-y according to end-June 2021 preliminary figures.
In 1H2021 GWP of insurance organizations of the republic amounted to BYN 874.7 million (EUR 290.11 million), which is about 18.6% more y-o-y, according to the data published by the Ministry of Finance.
The insurance market in Ukraine in 1H2021 grew by 17.9% to UAH 24.8 billion (EUR 767.13 million). At the same time, net premiums increased by 25.6% to UAH 23.5 billion, according to the data published by the National Bank of Ukraine (NBU).
In 1H2021, the insurance sector of Moldova recorded a GWP increase by more than 29% y-o-y, up to MDL 878.01 million (EUR 41.03 million).
Kosovo active 13 insurers reported aggregate net profit of EUR 1.5 million at the end of June 2021, as compared with a market net profit of EUR 4.9 million at end of H1 2020, according to data provided by the Central Bank (CBK). At the same time, the total assets held by Kosovo insurance companies increased to EUR 230 million, from EUR 208.6 million a year earlier.
The insurance sector of Armenia in 1H grew by 9.45% to AMD 26.57 billion (EUR 45.06 million). At the same time, paid claims expanded by more than 20% and amounted to AMD 11.30 billion, according to the data on the activities of insurance companies provided by ArmInfo.
In the first half of 2021, the insurance sector of Uzbekistan grew by more than 67%, GWP reached UZS 1,697.91 billion (EUR 134.44 million), according to the data published by the Ministry of Finance of the Republic.
Estonian insurers reported H1 GWP of EUR 241.5 million, 2.4% more compared with January-June 2020, according to the market figures published by the Estonian National Statistics Board.
In GWP terms, the life segment was down by 2.7% to EUR 40.7 million (16.9% of total GWP), while the GWP by Estonian non-life insurers totaled EUR 200.7 million, 3.5% more y-o-y.
Among the five life insurers, the largest insurer remained SWEDBANK Life Insurance SE (46.1% market share), while If P&C Insurance AS (19.4%) lead the general insurance segment.
Lithuanian insurers posted GWP of EUR 501 million in 1H 2021, 6.5% more y-o-y, according to the half-year figures published on the Central Bank's website.
The gross written premiums (GWP) of the 15 Croatia-based insurers rose 13.13% y-o-y at the end of June 2021, reaching HRK 6.40 billion (EUR 855 million), according to the half-year figures published on the Croatian Insurance Bureau (CIB) website.
According to the H12021 market statistics published by Albanian Financial Supervisory Authority (AFSA), the gross written premiums of Albanian insurers amounted to over ALL 8.86 billion (~EUR 72.28 million), or 17.53% more compared to January-June 2020.
At the same time, the number of concluded insurance contracts reached 467,511 registering an increase of 7.48% compared to January-June 2020.
The insurance market continued to be oriented towards non-life insurance, which brought 92.34% share of the total premium volume, leaving life insurance with 7.65% share of the total premium volume., as AFSA representatives pointed out in a statement published on its website.
The insurance sector ended the first half of 2021 with an impressive 11.31% y-o-y growth (in local currency), with GWP reaching AZN 452.37 million (EUR 223.55 million), according to data released by the Central Bank of Azerbaijan.
The 17 CEE insurance markets have closed the Q1 2021 with aggregate GWP of EUR 10.34 billion, up by 4.66% y-o-y. Only four insurance markets posted negative dynamics, the others closing the quarter "in black", according to the data collected and centralized by xprimm.com from local insurance markets authorities and associations
The insurance market of Cyprus totaled EUR 243 million at the end of Q1 2021, up by 0.5% y-o-y, according to Insurance Association of Cyprus - IAC's data. GWP from non-life insurance lines totaled EUR 131.8 million (down by -3% y-o-y), while the life insurance segment generated premiums of EUR 110.9 million, or 5% more y-o-y.
The insurance market in Kyrgyzstan at the end of 1H2021 amounted to KGS 780.20 million (EUR 7.74 million), almost twice exceeding the result of the first half of 2020 in local currency (+92.44%), as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic shows.
Kazakhstani insurers ended the first half of 2021 with an increase of almost 53% y-o-y (in local currency), GWP reaching KZT 428.61 billion (EUR 841.46 million). The market driver was life insurance, annual growth of which exceeded 130% at the end of June, according to data published by the National Bank.
In Q1 2021, the Romanian insurance market totaled RON 3.19 billion (EUR 648.7 million), increasing by approximately 8.2% y-o-y, according to the quarterly report published by ASF - Financial Supervisory Authority, wrote 1asig.ro
here.
Bulgarian insurance market totaled BGN 807 million (EUR 413 million) at the end of March 2021, up by 6.1% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
Life insurers' GWP increased by an annual 16% to BGN 150 million, mostly driven by the 77% increase reported by UL life policies, while non-life insurers' GWP rose by 4% to BGN 657 million.
ALLIANZ Bulgaria Life was the biggest player on the life insurance market with GWP of BGN 42.5 million, while LEV INS was the largest insurer on the non-life insurance market with GWP of BGN 81.3 million in the review period, equal to a market share of 12.4%.
Slovenian insurance market totaled EUR 724 million at the end of Q1 2021, 1.3% more y-o-y, according to the Slovenian Insurance Association's Q1 report.
In the first three months of 2021, the Slovak insurance market totaled EUR 601 million, 4.4% less y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
The profits of local insurers amounted to EUR 51.59 million, which was a 55% increase as compared to end-March 2020 (EUR 31.3 million), as official statistics show.
Serbian insurers ended Q1 2021 with total GWP worth RSD 27.81 billion (EUR 236.6 million), 3.22% more y-o-y, according to the end-quarter statistics published by the National Bank of Serbia (NBS).
In the first quarter of 2021, overall GWP of the regional market reached approximately EUR 6.40 billion, according to
xprimm statistics. In general, compared to the same period last year, the regional market grew by 5.17%.
The largest CEE insurance market posted aggregate GWP of PLN 17.6 billion (EUR 3.8 billion) at the end of March 2021, 5.33% more y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers decreased by ~3% y-o-y to PLN 10.2 billion or EUR 2.2 billion.
At the end of 1Q2021, the Ukrainian insurance market grew by 4.26% y-o-y (in local currency) and amounted to UAH 12.04 billion (EUR 367.95 million), according to the data published by the National Bank of Ukraine.
The Q1 2021 figures recently published by the Czech National Bank - CNB show that the local insurance industry totaled about CZK 44.7 billion (~EUR 1.7 billion), up by 2.7% y-o-y, confirming the 2.4% year-on-year increase posted by Czech Insurance Association - CAP.
Q1 201 Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 215.29 million, almost EUR 10 million less than in Q1 2020, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).
Total market GWP in the first quarter of 2021 increased by about 7.9% y-o-y, to RUB 460 billion (EUR 5.17 billion). Paid claims for the period increased to RUB 185.3 billion (+16.2%), according to the statistical data, published by the Central Bank.
Hungarian insurers' GWP rose 7% year-on-year to HUF 360.30 billion (EUR 990 million) in the first quarter of 2021, according to the quarterly statistics published by by the National Bank of Hungary (MNB).
According to Q1 2021 preliminary data reported by Czech Insurance Association - CAP, the local insurance market totaled CZK 37.68 billion (~EUR 1.44 billion).
Total GWP generated by the insurance market in Turkey totaled TRY 25.3 billion (EUR 2.6 billion) at the end of March 2021, 15.8% more y-o-y, according to figures from the Insurance Association of Turkey -TSB.
At the end of March 2021, the Macedonian insurance market totaled MKD 2.68 billion (EUR 43.6 million), up by 4% y-o-y, according to preliminary data provided by the local Insurance Supervision Agency.
At the end of the first quarter of 2021, the Georgian market increased by 10.47% to GEL 233.20 million (EUR 58.24 million), according to the data published by the Georgian Insurance Supervision Service.
In 1Q2021 the Belarusian insurance market grew by 18.15% to BYN 448.86 million (EUR 145.69 million), according to data published by the Ministry of Finance of the Republic. It should be noted that the market also recorded growth in EUR - by 10.42%.
In the first quarter of 2021, the insurance market of Uzbekistan grew by more than 33% y-o-y in local currency, to UZS 669.36 billion (EUR 54.44 million), according to the data published by the Ministry of Finance of the Republic.
In the first three months of 2021, the insurance market in Moldova expanded by almost 15% y-o-y in local currency to MDL 389.65 million (EUR 18.44 million).
Last year, the insurance industry of Cyprus totaled EUR 917 million, up by almost 3% y-o-y, according to end-year preliminary market figures published on the IAC website - the local professional association.
Non-life GWP reported subunit decrease (-0.7% y-o-y) to EUR 507 million, while the life segment accelerated by 7.5%% y-o-y, totaling ~EUR 410 million.
In terms of profitability, the life insurance market reported a gross underwriting profit of EUR 27.43 million vs. EUR 42.82 million in 2019, while the net underwriting profit was EUR 21.66 million. The underwriting result in non-life insurance increased to EUR 44.65 million vs. EUR 24.42 million in 2019.
In 2020, the regional insurance market of CIS declined (in European currency) by about 21% * y-o-y to EUR 20.69 billion, according to
xprimm statistics.
Bosnian insurers reported aggregate Q1 GWP of BAM 192 million (~EUR 98.2 million), according to the most recent market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
FBiH insurers have provided for almost 70.5% of the total GWP (EUR 69.3 million) vs. EUR 28.9 million - insurers domiciled in Srpska Republic.
The 17 insurance markets of the CEE region have ended the year 2020 with aggregated GWP of EUR 37.45 billion, less by 4.27% y-o-y. Yet, it is worth noting that five markets have recorded a positive dynamic in premiums terms.
In the first quarter of the year, the Lithuanian insurance market grew by almost 4% y-o-y to EUR 249 million, while the value of payments decreased by 12% y-o-y to EUR 119 million, according to figures published by the Bank of Lithuania.
Estonian insurers reported a GWP of EUR 118 million in Q1 2021, or 0.94% less y-o-y, according to quarterly figures, published by the Estonian National Statistics Board. The total value of GWP for the life segment increased by 1.87% y-o-y to EUR 20.94 million, while the value of non-life GWP totaled EUR 97.93 million, down by 1.52% y-o-y.
The Ukrainian insurance market ended 2020 with a GWP drop by almost 15%, to UAH 45.18 billion (EUR 1.3 billion), primarily due to the exit from the market of several insurers and a decrease in risk insurance in the crisis second quarter.
The insurance market of Kosovo totaled EUR 25.7 million at the end of Q1 2021, 12.5% more y-o-y, according to data provided by the Central Bank (CBK).
The figures reveal that the quarterly aggregate market result was negative, the 13 local insurers reporting a net loss of EUR -0.6 million, from a net profit of EUR 2.1 million at the end of March 2020.
Following the results of the first quarter of 2021, the insurance sector of Azerbaijan showed a fairly moderate growth (+3.42%) to AZN 248.99 million (EUR 125.13 million), according to the data published by the country's Central Bank.
From January to March 2021, the insurance market of Armenia grew by 3.37% (in local currency), to AMD 16.35 billion (EUR 26.25 million), as the data on the activities of insurance companies provided by
ArmInfo show.
The Serbian insurance market reported a 2.3% y-o-y increase in FY2020 GWP to RSD 110 billion (EUR 935 million), according to the NBS's (National Bank of Serbia) year-end figures.
HAIC - the Hellenic Association of Insurance Companies has published the Q1 20201 preliminary figures of the local insurance market. According to the data of the member insurance companies, the value of aggregate GWP - life and non-life insurance, added-up, was up by 8.1% y-o-y to EUR 1.07 billion.
Thus, during the first quarter of 2021, the Greek life insurance segment increased by more than 14% y-o-y to EUR 518.7 million, while the general insurance subclasses expanded by almost 3% y-o-y to EUR 557 million.
The Q1 2020 market results published by HAIC include the figures for 50 insurance companies of which 18 were active in life insurance (and accounted for 99.8% of the segment market's full data for 2020) and 45 were active in non-life insurance (94.6% market share).
For the first quarter of 2021, the insurance market in Kazakhstan showed an impressive growth - by 34.48% to KZT 217.62 billion (EUR 436.88 million).
The insurance market in Kyrgyzstan in the first three months of 2021 reached KGS 325.17 million (EUR 3.27 million), while insurers paid only KGS 42.27 million for insured events, thus the paid claims ratio amounted to 13%, as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic shows.
The Slovenian insurance market totaled EUR 2.57 billion at the end of 2020, a 2.07% increase y-o-y, according to the Slovenian Insurance Association's year-end figures.
The gross written premiums of Montenegrin insurers decreased by 3.85% y-o-y in the first quarter of 2021, reaching EUR 23.84 million, as preliminary official figures showed.
The gross written premiums of Croatian insurers rose by 6.29% year-on-year in Q1 2021, to HRK 3.25 billion (~EUR 430 million), according to the quarterly figures published on the website of the Croatian Insurance Bureau.
Albanian insurers' Q1 2021 GWP amounted to over ALL 4.03 billion (EUR 32.80 million), or 12.52% more compared to January-March 2020, according to the quarterly market figures published on the AFSA's website (Albanian Financial Supervisory Authority).
In 2020, total GWP of the Belarusian insurance market amounted to BYN 1,510.2 million (EUR 476.70 million), which is 7.61% more y-o-y in BYN. At the same time, total number of insurance contracts decreased by 16.5%, according to the data published by the Ministry of Finance of the Republic.
Last year, the Slovak insurance market totaled EUR 2.17 billion, 4.75% less y-o-y, according to the end-year statistics published by the National Bank of Slovakia (NBS).
SIGAL UNIQA, SIGMA VIG and ILLYRIA are, in terms of FY2020 GWP, the largest insurance companies that are active on Kosovo insurance market, according to the market shares presented by Slovene re/insurer SAVA Re in its 2020 Annual Report.
Bulgarian insurance market totaled BGN 2.88 billion (~EUR 1.47 billion) at the end of December 2020, down by 0.88% y-o-y, according to data from the Financial Supervision Commission - FSC.
The YE2020 statistics recently published by the Czech National Bank - CNB show that the local insurance industry totaled about CZK 168 billion (~EUR 6.4 billion), up by 1.23% y-o-y.
The life segment decreased by almost 3% to CZK 51.8 billion, while the value of paid claims and indemnities - including the change in balance of technical provisions, remained unchanged at CZK 37.5 billion.
In the case of general insurance segment, the same indicators were as follows: FY2020 GWP of CZK 116.2 billion (up by more than 3% y-o-y) and January-December 2020 payments of CZK 54.3 billion, down by 6.3% y-o-y.
Access xprimm.com and download the FY2020 Czech insurance market statistics:
At the end of 2020, the Georgian insurance market grew by 6.76% to GEL 667.28 million (EUR 165.85 million), with both insurance sectors increasing: non-life - by 6.48% and life - by 10.33%, according to data published by the Georgian Insurance Supervision Service.
The insurance market of Moldova ended 2020 with a total GWP drop of almost 11% y-o-y in local currency (MDL 1.45 billion/EUR 68.77 million). Paid claims decreased by 8.78% to MDL 596.39 million.
The largest CEE insurance market ended 2020 with aggregate GWP worth PLN 63.42 billion (~EUR 13.74 billion), down by 0.6% y-o-y, according to the year-end figures from the Polish Financial Supervision Authority (KNF).
GWP of Romanian insurers reached RON 11.50 billion (EUR 2.36 billion), up by 4.64% y-o-y, according to the YE2020 market figures published on the Romanian FSA website. Overall paid claims totaled RON 6.92 billion (EUR 1.42 billion), up by 1.5% y-o-y.
Thanks to the statistical data recently published by MABISZ, the insurers' association in Hungary, we are able to finally provide for the 2019 market rankings.
During last year, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 797.5 million, almost EUR 60 million less than in 2019, while the amount paid in claims and indemnities decreased by 8.8% y-o-y to EUR 501 million, according to the year-end figures published by The Financial and Capital Market Commission of Latvia (FKTK).
By the end of 2020, Russian insurance market grew by about 4% to RUB 1.53 trillion (~EUR 16.97 billion*), which, despite the pandemic, is a good result, given that there was absolutely no growth in 2019. Total amount of collected GWP reached 1.45% of GDP, according to the data published by the Bank of Russia.
At the end of 2020, the Macedonian insurance market totaled MKD 10 billion (EUR 163 million), down by 5% y-o-y, according to Macedonian ISA preliminary year-end figures.
Last year, the aggregate GWP reported by Hungarian insurers totaled HUF 1,204 billion (~EUR 3.3 billion), according to the year-end figures published by the Central Bank (MNB), 4.7% more y-o-y. The life insurance business accounted for 44% and the non-life insurance business for 56% of total premium income.
Thee aggregate GWP reported by the 17 CEE insurance markets totaled almost EUR 28 billion at the end of September 2020, about half million EUR less as compared with 3Q2019, according to the quarterly market figures centralized by xprimm.com.
The Slovenian insurance market totaled EUR 1.97 billion in the first nine months of 2020, a 3.65% increase y-o-y, according to the Slovenian Insurance Association's Q3 report. Life insurance GWP increased by EUR 7.75 million to EUR 557 million, while the Non-life segment reported a positive rate of 4.68%, reaching EUR 1.42 billion - or 71.76% of total GWP.
The Turkish insurance industry grew by 19.26% y-o-y in 2020 reporting of TRY 82.57 billion compared to 2019, announced the Turkey Insurance Association (TSB).
Last year, the Lithuaian insurance market totalled EUR 954.87 million, which is 0.95% up, compared to 2019 results, as the figures published by the local insurance market regulator - The Lithuanian Central Bank - showed.
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totaled EUR 3.92 billion at the end of 2020, down by 3.7% y-o-y.
Last year, the Estonian insurance market posted aggregate GWP worth of EUR 468.86 million, 5% down compared with the previous year, according to FY2020 market figures published by the Estonian National Statistics Board.
According to preliminary data released by CAP - the Czech Insurance Association, at the end of 2020, the GWP generated by the CAP members totaled CZK 141.21 billion (EUR 5.38 billion), up by 3.61% y-o-y.
The insurance sector of Uzbekistan ended 2020 with a 4.50% GWP drop y-o-y (in local currency). Total amount decreased to UZS 2,209.67 billion (EUR 172.82 million*), according to data published by the Ministry of Finance of the Republic.
Kosovo active 13 insurers reported aggregate net profit of EUR 4.1 millon at the end of 2020, as compared with a market net loss of EUR -2.8 million at December 31st, 2019, according to data provided by the Central Bank (CBK).
At the end of 2020 the BiH insurance market totaled EUR 386.76 million (BAM 756.45 million), 0.83% less y-o-y, according to the YE 2020 market figures published by the local insurance agency - AZOBIH.
The value of GWP of the insurers operating in the Federation of Bosnia and Herzegovina decreased by 0.55% to EUR 270.52 million, while the Republika Srpska based insurers generated EUR 116.24 million, down by 1.48% y-o-y.
In terms of GWP, the top three largest insurers in the country were FBiH based insurers ADRIATIC osiguranje (9.13% market share), SARAJEVO osiguranje (8.60%) and EUROHERC osiguranje (8.27%).
As the 2020 market results, published by the National Bank, show, total GWP last year amounted to KZT 568.1 billion (EUR 1.1 billion), which is almost 12% more y-o-y in local currency.
At the end of 2020, GWP of Armenian insurers decreased by 9.33% y-o-y to AMD 44.54 billion (~EUR 69.49 million), according to the data on the insurance companies,
provided to ArmInfo.
The aggregate GWP by Albanian insurers decreased by 5.73% y-o-y in 2020, to ALL 16.60 billion (EUR 134.26), official figures published by Albanian Financial Supervisory Authority showed.
LOVCEN osiguranje - local non-life insurer owned by Slovene TRIGLAV, and GRAWE osiguranje - the Montenegrin life unit of Austrian insurance group GRAWE - are in terms of GWP, according to the year-end 2020 market statistics published by Insurance Supervision Agency of Montenegro the largest insurers in the Adriatic country.
The insurance sector of Kyrgyzstan, after a decrease seen in the third quarter, ended 2020 without losses (in local currency) - GWP remained almost at the level of 2019 (+0.15% y-o-y), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
Despite all the challenges of 2020, the insurance sector of Azerbaijan ended the year with an increase of almost 7% (in local currency), GWP amounted to AZN 728.63 million (EUR 348.80 million) at the end of December, as follows from the data published by the Central Bank of the country.
The gross written premiums of the 18 active Croatian insurers fell by 0.66% year-on-year to HRK 10.47 billion (EUR 1.38 billion) in 2020, according to the year-end figures published by the Croatian Insurance Bureau - CIB.
At the end of 3Q2020, the insurance market in Tajikistan expanded by 4.05% to TJS 175.30 million (EUR 14.50 million*). At the same time, again, growth was provided by voluntary types of insurance, while compulsory insurance continued the downward trend, according to data published by the National Bank.
According to the quarterly MNB published statistics, at the end of September 2020 the aggregate market gross profit of Hungarian insurers was up by 27.20% y-o-y to HUF 70.45 billion the equivalent of EUR 193 million (vs. HUF 55.39 billion), while the value of net profit increased to HUF 65.96 billion (EUR 180 million).
Polish insurance market totaled PLN 46.5 billion (EUR 10.2 billion) at the end of September 2020, down by 1% y-o-y, according to the quarterly market figures published by The Polish Financial Supervision Authority (KNF). At the same time, claims and benefits paid by local insurers decreased by ~4% y-o-y to PLN 29.5 billion EUR 6.5 billion.
In the first three quarters of 2020, the Slovak Republic insurance market totaled EUR 1.68 million, 1.88% less y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
The life insurance segment was down by 6.82% y-o-y to EUR 702.89 million, these types of policies generating 41.79% of the total insurance market, while the remaining 58.21% was accounted by non-life subclasses - GWP of EUR 979.17 million or 2% more y-o-y.
The Cyprus insurance market increased by 0.74% y-o-y at the end of 3Q2020 according to the data published by The Insurance Association of Cyprus - IAC, amounting EUR 66823 million.
The insurance market of Tajikistan completed the first half of 2020 with an increase of 32.50% y-o-y. Total GWP reached TJS 129.06 million (EUR 11.16 million*), according to the data, recently published by the National Bank of the country.
The Georgian insurance sector ended 3Q2020 with growth in local currency by 6.52% y-o-y, GWP amounted to GEL 513.24 million (EUR 133.60 million*), as the data released by the Georgian Insurance Supervision Service shows.
The insurance market of Czech Republic ended the first 9 months of the year with GWP of CZK 126.5 billion (EUR 4.6 billion), up by 1.44% y-o-y, according to the figures published by the Czech National Bank (CNB).
At the end of 3Q2020, the regional insurance market GWP went down by more than 23% y-o-y to about EUR 15 billion, according to
xprimm statistics.
In the first 9 months of 2020, the insurance market in Romania posted GWP of RON 8.52 billion (~EUR 1.74 billion), increasing by approximately 4.77% y-o-y, shows in the report published at the end of December by Romanian ASF - Financial Supervisory Authority, according to the Romanian insurance portal www.1asig.ro
here.
Macedonian insurers posted nine-months 2020 aggregate GWP worth MKD 7.52 billion (~EUR 122 million), 5.22% less y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.
Non-life GWP dominated the market portfolio accounting more than 84% of the total GWP (MKD 6.33 billion, or EUR 102.7 million) - of which MTPL (40.75% of total), property (20.13%), MoD (8.18%) and GTPL (2.11%) - , the remaining share of 16% being represented by the life insurance segment: GWP of MKD 1.18 billion (EUR 19.2 million).
TRIGLAV (15.18% market share), EUROLINK (11.85%) and MAKEDONIJA (11.41%) were the largest non-life insurers, while CROATIA (38.34%), GRAWE (30.95%) and WINNER LIFE (17.87%) were the top 3 life insurers.
Access
www.xprimm.com and download the
3Q2020 Macedonian insurance market statistics.
At the end of 3Q2020, the insurance market in Azerbaijan in local currency increased by 11.30% y-o-y, to AZN 581.51 million (EUR 291.53 million*), according to the data published by the Central Bank.
For the last 9 months of 2020 the market reached RUB 1.1 trillion/EUR 12.21 billion* (+3.1% in local currency), according to the data published by the Bank of Russia. The results were significantly impacted by the drop during the second quarter due to restrictive measures related to the pandemic.
The Latvian insurance market totaled EUR 597 million at the end of September 2020, about 1.4% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK).
At the end of 3Q2020, the Ukrainian insurance market amounted to almost UAH 33 billion (EUR 0.99 billion*), which means a decrease of 18.72% y-o-y (in UAH). At the same time, paid claims increased by 13%, according to data from the National Bank of Ukraine.
Bulgarian insurance market totaled BGN 2.16 billion (~EUR 1.10 billion*) at the end of September 2020, down by 0.87% y-o-y, according to data from the Financial Supervision Commission - FSC.
Serbian insurers' 3Q2020 business increased 2.17% y-o-y to RSD 80.73 billion (~EUR 687 million*), according to the quarterly figures published on the website of National Bank of Serbia (NBS).
Total market GWP at the end of the third quarter of 2020 decreased by 11.43% y-o-y, to UZS 1,587.71 billion (~EUR 132.27 million*). It should be noted that the decline was only due to the fall in life insurance, according to the data published by the Ministry of Finance of the Republic.
For 9 months of 2020, GWP of the Belarusian insurance market amounted to BYN 1.09 billion (EUR 355.72 million), which is 6.43% more y-o-y in local currency. At the same time, paid claims increased by 12.25% to BYN 577.79 million, according to the data published by the Ministry of Finance of the Republic.
Kosovo insurers posted a net profit of EUR 4.9 million in the nine months through September, compared to a net loss of EUR -0.8 million a year earlier, Central Bank monthly figures showed.
As of the end of 3Q2020, the Kyrgyz insurance market amounted to KGS 658.58 million (~EUR 7.08 million*), having decreased by more than 10% y-o-y, according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
Estonian insurers reported 3Q 2020 GWP of EUR 350 million, 4.66% less compared with January-September 2019, according to the market figures published by the Estonian National Statistics Board.
Lithuanian insurers reported GWP of EUR 710 million at end-September 2020, 0.6% more y-o-y, according to the quarterly market figures published on the Central Bank's website.
At the end of 3Q2020, the insurance market in Moldova amounted to MDL 1.06 billion (EUR 53.57 million*), which is 12.80% less y-o-y in local currency. Paid claims also decreased by almost 12%, to MDL 438 million, as the data, published by
the National Commission of Financial Market shows.
According to the 3Q2020 results, GWP of Armenian insurers decreased by 7.37% y-o-y in local currency, to AMD 33.83 billion (EUR 59.17 million). At the same time, it should be noted that the dynamics improved during the third quarter - GWP and paid claims returned to a growing trend, as the results,
provided by ArmInfo, show.
According to the 3Q preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, at the end of September 2020, the local insurance market totaled EUR 2.87 billion, down by 4.5% y-o-y.
Cypriot insurers reported aggregate GWP of EUR 457 million in the first six months of 2020, up by 1.8% y-o-y, according to the quarterly market figures report published by the Insurance Association of Cyprus - IAC.
According to the quarter figures published by TSB - Association of Insurance and Reinsurance Companies of Turkey - at the end of September 2020 the local insurance market increased by 22.4% y-o-y reaching TRY 59.3 billion (~EUR 6.5 billion*).
During the first three quarters of 2020, the GWP volume in Kazakhstan insurance market increased by 8.5% y-o-y, to KZT 411.3 billion (~EUR 819 million*), according to data published by the
country's National Bank. At the same time, over 60% of the market GWP growth was provided by life insurers, their share in the market premiums increasing by 2.1 percentage points to 38.5%.
Bosnian insurers reported aggregate 3Q2020 GWP of BAM 569.13 million (~EUR 290.99 million*), according to the most recent market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
Albanian 3Q2020 GWP amounted to over ALL 11,999 million (EUR 96.73 million), or 6.54% less compared to January-September 2019, according to the quarterly figures published by Albanian Financial Supervisory Authority (AFSA).
Montenegrin insurance market totaled EUR 71.63 million at the end of September 2020, 0.97% less y-o-y, accoring to the quarterly market data released by Insurance Supervision Agency.
The gross written premiums of Croatian insurers decreased by 1.43% y-o-y to HRK 8.042 billion (EUR 1.07 billion) at the end of September 2020, according to the quarterly figures published by the Croatian Insurance Bureau - CIB.
GWP in the CEE insurance market amounted to EUR 19.11 billion, by 3.80% less y-o-y. Results denominated in European currency show only five markets recording a positive dynamic: Latvia (+3.31%), Serbia (+4.28%), Slovenia (+4.21%), Romania and Lithuania, markets that rather managed to maintain the 1H2019 level than really significantly increase the business volume.
In the first half of the year, GWP of the regional market (in euro) decreased by almost 9% y-o-y and amounted to EUR 11.48 billion, as
the statistics, prepared by xprimm, show.
In 1H2020 the insurance market of Slovenia totaled EUR 1.4 billion, 4.2% more y-o-y. The life sector grew by 1.8%, to EUR 381 million (including pension funds), while non-life GWP went up by 5.2%, to EUR 993 million.
The GWP value of Serbian insurers totaled RSD 55.85 billion (EUR 475 million) in the first half of 2020, a 4% increase y-o-y, according to the National Bank of Serbia's (NBS) most recent report on the sector.
Latvian insurance companies generated EUR 13.53 million in aggregate H1 net profit, 12% less than a year ago (EUR 15.37 million), the end-June figures published by FKTK (Financial and Capital Market Commission) showed.
Czech insurers ended the first half of 2020 with GWP worth EUR 3.16 billion. Which is 4.29% less y-o-y, the Central Bank's statistics show. However, in local currency, the rate growth remained slightly positive, of about 0.6% y-o-y. In fact, the overall negative trend was mainly driven by the life insurance segment which saw a 16.8% decline in GWP, thus losing about 5p.p. of its weight in the market portfolio.
In the first six months of 2020, the Slovak insurance market totaled EUR 1.14 billion (direct premiums and accepted reinsurance, summed-up), 1.57% less y-o-y, according to the preliminary quarterly financial figures provided by the National Bank of Slovakia (NBS).
In the first half of 2020, the market dropped by almost 19% in local currency (almost 31% in euro), according to the data, published by the Ministry of finance of the Republic.
Between January-June 2020, the insurance market of Romania totaled RON 5.6 billion (~EUR 1.2 billion) in gross written premiums (GWP), 3.5% more in local currency (+1.2% in EUR) when compared to the same period of prior year. The overall claims paid went up to RON 3.3 billion (down to EUR 691 million), 1.5% more in local currency (-0.8% in EUR).
Half-year market figures from the Bulgarian Financial Supervision Commission (FSC) show that local insurers ended the first semester with a 2% y-o-y decrease in GWP to BGN 1.44 billion (EUR 740 million), while aggregate value of net profit increased by 47.79% y-o-y, to BGN 150.84 million (~ EUR 77.12 million).
According to the data for 1H2020, published by the National Bank of Ukraine, the market decreased by 23% y-o-y, to UAH 21 billion (EUR 701.43 million). At the same time, the downtrend was observed only in the non-life sector, while life insurance recorded an increase of almost 10%.
Polish insurers ended the first half of 2020 with a 6.7% y-o-y decline of the GWP volume, to EUR 7.05 billion. In absolute terms, this means an about EUR 512 million drop in the market premiums turnover, almost equally divided between the life and non-life segments. Yet, given the about 5% depreciation of the Polish currency against Euro, the market results denominated in local currency look much better, showing just a 2% depreciation of the GWP volume.
According to the half-year market figures published by the Central Bank of Hungary - MNB, the insurance sector's 1H2020 premium income amounted to HUF 613 billion (~EUR 1.72 billion), rising in local currency by 3.65% y-o-y. Life insurance H1 2020 premium income increased by about 0.59% to HUF 259.4 billion, while non-life segment expanded by more than 6pp to HUF 353.69 billion. About 42.31% of premium income originated from the life insurance business and 57.69% from the non-life insurance business.
During the first six months of 2020, the insurance market of North Macedonia amounted to MKD 5.2 billion (~EUR 83 million*) in gross premiums written (GWP) and MKD 1.8 billion (~EUR 29 million*) in claims paid. The overall GWP of the market decreased by 1.7%, while consolidated claims decreased by 6.8%, in local currency.
The first half of 2020 ended for the Bosnian insurers with total GWP of EUR 191.7 million, 2% less y-o-y, a result mainly driven by the non-life segment's decrease in premiums volume, especially on the credit insurance and Motor Hull insurance lines.
The insurance market of Kosovo totaled EUR 46.36 million at the end of June 2020, 4.29% less y-o-y, data provided by the Central Bank (CBK) showed.
In the second quarter, the decline in economic activity due to the pandemic led to a decrease both in GWP and paid claims, mainly because of reduction of insured events. In general, at the end of 1H2020, total market GWP amounted to RUB 739 billion (~EUR 9.39 billion*) , and remained almost at the level of 1H2019 (-0.03%), according to the data, published by the Central Bank of Russia.
The insurance market of Belarus completed 1H2020 with an increase of 6.93%, GWP amounted to BYN 737.7 (~EUR 272.8 million*). At the same time, the growth rate of paid claims has outpaced GWP growth by more than two times (+14.86%), according to the data, published by the Ministry of Finance of the Republic.
At the end of June 2020, the Greek insurance market totaled EUR 1.93 billion, down by 4.5% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
The insurance market of Cyprus totaled EUR 255.63 million at the end of Q1 2020, up by 4.46% y-o-y, according to the most recent market figures published by the Insurance Association of Cyprus - IAC.
The Turkish insurance market generated total premium of TRY 40.2 billion (~EUR 5.2 bilion*) in the first half of this year, an increase of 21.0% compared to the corresponding period in 2019, according to data released by the Insurance Association of Turkey (TSB).
For the first half of 2020, the insurance sector of Georgia grew by 9.14%, to GEL 376.9 million (~EUR 109.4 million*). At the same time, the paid claims during the period dropped sharply - by more than 24% y-o-y, according to the data published by the insurance supervision authority.
According to the results of 1H2020, the Moldovan insurance market decreased by 18.53%, to MDL 626.88 million (~EUR 32.24 million*), mainly due to the decline of the non-life sector, while life insurance, on the contrary, recorded GWP increase by 9.8%, as the data published by
the National Commission of Financial Market show.
Lithuanian insurers reported GWP of EUR 470.48 million in 1H 2020, 0.29% more y-o-y, according to the half-year figures published on the Central Bank's website.
Estonian insurers reported H1 2020 GWP of EUR 235.79 million, 5.49% less compared with January-June 2019, according to the market figures published by the Estonian National Statistics Board.
Croatian insurers H1 2020 GWP fell by 2.30% y-o-y to HRK 5.66 billion (~EUR 749 million*), according to the statistics published by Croatian Insurance Bureau.
Despite COVID-19 pandemic, at the end of June 2020, the Montenegrin insurance market figures published by the local Insurance Supervision Agency (ISA) reveal that the local market remained at the 1H2019 level: GWP of EUR 46.50 million vs. EUR 46.59 million at the end of June 2019.
In 1H2020, the insurance market of Kazakhstan grew by 10% y-o-y (in local currency), the overall market GWP amounting to about KZT 280.48 billion (~EUR 616 million*).
In 1H2020, the insurance market of Kyrgyzstan decreased by more than 22% y-o-y, to KGS 405 million (~EUR 4.74 million*), as the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic show.
According to the six months 2020 market statistics published by Albanian Financial Supervisory Authority (AFSA), the gross written premiums of Albanian insurers amounted to over ALL 7.54 billion (~EUR 60.67 million*), or 6.66% less compared to January-June 2019.
Azerbaijani insurance sector ended the first half of 2020 with GWP worth of AZN 400.96 million (~EUR 209.87 million*), which is almost 11% more y-o-y, according to the latest data published by the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).
Armenian insurers ended 1H2020 with a 7.89% decline in GWP year-on-year. Total GWP amount was around AMD 24.28 billion (~EUR 44. 92 million*). Paid claims saw a decrease as well, going down by 4.74% y-o-y to AMD 11.3 billion, according to the results of insurance companies provided by
ArmInfo.
The CEE insurance market saw a rather stable Q1. Despite the beginning of the Coronavirus crisis, that impacted most markets starting the second half of March, GWP in the region remained at a stable level y-o-y, of EUR 9.95 billion (0.26% up y-o-y).
In the first quarter of 2020, the overall CIS regional market decreased in GWP volume by 3.8% y-o-y (after currency conversion to EUR). Total regional GWP reached approximately EUR 6.09 billion*, according to one of XPRIMM latest statistical analysis.
Between January-March 2020, the Romanian insurance market wrote a gross amount of premiums of RON 2.95 billion (~EUR 612 million*), up 8.8% year-on-year, and paid a total volume of claims in amount of RON 1.79 billion (~EUR 370 million*), 14.2% more y-o-y, the latest figures from the Financial Supervisory Authority (ASF) show.
Insurance companies in Poland underwrote gross premiums of PLN 16.74 billion (EUR 3.68 million*) in the first three months of 2020, up 2.4% year-over-year, the country's Financial Supervisory Authority (KNF) said in a report.
In 1Q2020, the insurance sector of Ukraine decreased by 13.37% y-o-y in local currency, to about UAH 11.55 billion (~EUR 373 million*). At the same time, the market paid claims recorded similar growing dynamics, recording an increase by 13.25 y-o-y, the data published by the National Commission for Financial Service Markets shows.
Slovenian insurance market totaled EUR 714 million at the end of March 2020, 6.2% more y-o-y, according to the Slovenian Insurance Association's Q1 report.
The Czech National Bank Q1 2020 figures show that at the end of March 2020 the local insurance industry totaled about CZK 45.39 billion (~EUR 1.66 billion), up by 8.62% y-o-y.
For the first 5 months of 2020, insurance market of Kyrgyzstan generated GWP worth KGS 297.7 million (EUR 3.63 million), as the data, published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic, show.
In 1Q2020, the market of Uzbekistan reduced volumes by 3.77% in local currency, to UZS 503.12 billion (EUR 47.3 million*). The down trend was recorded in life insurance and voluntary types, while non-life and mandatory insurance increased, according to the data, published by the Ministry of finance of the Republic.
Total GWP generated by the insurance industry in Turkey reached TRY 21.83 billion (EUR 3.03 billion) in the first three months of this year, representing an increase of 24.79% compared to the corresponding period of 2019, according to data from the Insurance Association of Turkey -TSB.
The GWP of Serbian insurance companies increased 8.52% in Q1 2020, reaching RSD 26.94 billion ~EUR 229 million), NBS quarterly data showed.
Estonian insurers reported GWP of EUR 120 million in Q1 2020, or EUR 2 million less y-o-y, according to quarterly figures published by the Estonian National Statistics Board. The total value of GWP for the life segment decreased by 13.7% y-o-y to EUR 20.6 million, while the value of non-life GWP totaled EUR 99.5 million, up by 1.2% y-o-y.
Latvian insurers reported EUR -3.52 million net loss at the end of March vs. EUR 4.87 million net profit in Q12019, according to figures released by the Financial and Capital Market Commission (FKTK). Non-life insurers closed Q12020 with a net profit of EUR 7.85 million (vs. EUR 3.64 million a year ago), while the life insurers reported a negative result of EUR -11.37 million vs. a net profit of EUR 1.22 million at the end of March 2019.
In the first quarter of the year, the Lithuanian insurance market grew by 3.55% y-o-y to EUR 240 million, while the value of payments expanded by more than 8% y-o-y to EUR 135 million, according to figures published by the Bank of Lithuania.
In 1Q2020, the Russian insurance market growth was the highest over the past five quarters, after stagnation at the end of 2019, the Central Bank of Russia reports. The market GWP increased 12.6% year-on-year, its total volume reaching RUB 426.3 billion (~EUR 5.0 billion*), according to the data published by the regulator.
Bulgarian insurance market totaled about BGN 760 million (EUR 389 million*) at the end of March 2020, up by 1.58% y-o-y, according to data from the Financial Supervision Commission - FSC.
The Hungarian insurance market amounted to HUF 336.4 billion (~EUR 936 million*) in 2020 Q1, rising by 6.3% relative to the same period of the previous year, according to the quarterly statistics published by the National Bank of Hungary - MNB.
In the first three months of 2020, the Slovak insurance market totaled EUR 629 million, 3.0% more y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
In 1Q2020, the Georgian insurance sector in expanded by 17.34% y-o-y in local currency, to GEL 211.10 million (EUR 58.05 million*). At the same time, the market dynamics in euro turned to be negative (-2.54%) due to the lari depreciation against euro.
In 1Q2020, the Kazakhstani insurance market showed an impressive growth in local currency both in total GWP (+36.1%), and separately in the life sector (+55.0%) and non-life (+31.3%), according to the data, published by the National Bank. The positive trend was seen in EUR currency too, the overall market GWP increasing by 16.2%.
HAIC - the Hellenic Association of Insurance Companies has published the preliminary figures of the local insurance market. According to the data of the member insurance companies, the value of Q1 2020 aggregate GWP - life and non-life insurance, added-up, decreased by 1.6% y-o-y to EUR 988 million.
At the end of March 2020, the Macedonian insurance market totaled about MKD 2.6 billion (EUR 42 million*), up by 4.5% y-o-y, according to data provided by the local Insurance Supervision Agency. Paid claims by insurers remained at the Q1 2019 level: MKD 955 million, the equivalent of EUR 15.5 million*.
The insurance sector of Moldova ended the first quarter of 2020 with a decline in GWP volumes, both in national currency (-1.11%) and in euro (-4.47%*). GWP amounted to MDL 339.30 million (~EUR 16.87 million*), according to the data published by the National Commission of Financial Market.
In 1Q2020, the GWP of Belarusian insurance market amounted to BYN 379.9 million (~EUR 132 million*), in local currency reflecting an increase of 13% year-on-year, while in European currency the market growth rate was negative (-6.3%), as the data published by the Ministry of Finance show.
Armenian insurance market ended 1Q2020 with a decline in GWP by 4.19% y-o-y, the premiums volume amounting to AMD 15.8 billion (~EUR 28.59 million*). The market paid claims increased by 7%, to AMD 6.38 billion (~EUR 11.53 million*), according to the data of insurance companies, provided by ArmInfo.
The Croatian insurance market ended 1Q2020 with GWP worth HRK 3 billion (~EUR 402 million*), 4.12% up y-o-y. The largest contributions to the aggregate GWP, in absolute terms, came from the motor insurance classes, traditional life insurance and both property LoBs, according to the figures published by the Croatian Insurance Bureau.
According to the first-quarter 2020 figures published by the Albanian Financial Supervisory Authority (AFSA), the local insurance market amounted to over ALL 3,590 million (~EUR 27.47 million*), or 9.56% less compared to January - March 2019.
The Montenegrin insurance market increased by 12.32% y-o-y during Q1 2020 to EUR 24.80 million, as data from the Insurance Supervisions Agency shows. The non-life insurance segment accounted for EUR 20.44 million of the total GWP, up by 9.54% on the year, while the life-insurance companies expanded by 27.44% y-o-y to EUR 4.36 million.
At the end of March 2020, the Kosovo insurance market totaled EUR 21.91 million, 2.22% more y-o-y, the market statistics published by the Central Bank of Kosovo - CBK indicates. During the reported period, claims paid by insurers totaled EUR 12.69 million, up by 17.57% y-o-y.
According to the results of the 2020 first quarter, the Tajik insurance market saw a rapid growth, expanding by more than 11% y-o-y. Market GWP exceeded TJS 92 million (~EUR 8.22 million), as the data published by The National Bank of Tajikistan show.
Insurers of Azerbaijan ended the first quarter of 2020 with GWP worth of AZN 241 million (~EUR 128.5 million), which in local currency reflects an increase of 19.7% y-o-y, as the data published by the regulator show.
The regional CEE insurance market ended 2019 with a 5.85% increase in GWP, to EUR 39.1 billion. The reversed trend recorded by the Polish market, as well as improved dynamic in a few of other bigger markets have led to the overall higher y-o-y growth in 2019 as compared with the 2018/2017 change.
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.
The insurance market of CIS region in 2019 saw an increase in european currency by more than 16% at region level. Most individual markets recorded growth rates in EUR currency, ranging between 8.5% to 36.0%, while only two out of twelve markets faced, on the contrary, decreases y-o-y in terms of market premiums, as the data collected by XPRIMM during 2019 show.
In 2019, the GWP of the Belarusian market amounted to BYN 1,403.4 million (~EUR 596.6 million), which is almost 14.5% more y-o-y in local currency. It's worth noting that the market growth rate remained mainly at the same level as a year before (+14.6% in 2018), maintaining its upward trajectory, the latest data from the Ministry of Finance of the Republic show.
The Serbian insurance market reported a 7.5% y-o-y increase in FY2019 GWP to RSD 107.5 billion (EUR 914 million), according to the NBS's (National Bank of Serbia) year-end figures. Non-life insurance made up 76.7% of total GWP (RSD 82.4 billion, up by 8.2% y-o-y), while the share of life insurance premiums was 23.3.% (RSD 25.1 billion, up by 5.4% y-o-y).
Slovenian insurance industry totaled EUR 2.52 billion at the end of 2019, 7.53% more y-o-y according to the Slovenian Insurance Association's year-end report. Non-life insurance made up 70% of total GWP, while the share of life insurance premiums was 30%.
At the end of 2019 the Ukrainian insurance market saw an increase of 7.36% year-on-year, to UAH 53 billion, while in European currency its growth was almost 29% thanks to a more favorable rate compared to 2018*, to a little over EUR 2 billion threshold.
During 2019, insurance companies in Latvia grossed EUR 856.73 million in premiums, up by 13.36% against 2018, while the amount paid in indemnities grew 35.40 % y-o-y to EUR 549.42 million, according to the figures published by The Financial and Capital Market Commission of Latvia (FKTK).
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.
Romanian insurance market saw a 5.6% y-o-y growth in 2019, to EUR 2.29 billion. Life insurance sector's growth pace stayed at 4.7% y-o-y, while on the non-life side, GWP went up by 5.87% y-o-y. Yet, despite the different dynamics, the shares in the market portfolio of the two segments remained almost unchanged y-o-y.
Last year, the Slovak insurance market totaled EUR 2.28 billion, 1.65% more y-o-y, according to the end-year statistics published by the National Bank of Slovakia (NBS).
The largest CEE insurance market reported positive dynamic in terms of premiums, according to the year-end figures from the Polish Financial Supervision Authority (KNF).
Last year, the BiH insurance market totaled EUR 390 million (BAM 762.5 million), 7% more y-o-y, as data from the local insurance agency - AZOBIH shows.
Market GWP at the end of 2019 remained almost unchanged y-o-y in local currency, amounting to RUB 1.48 trillion (~EUR 21.3 billion). At the same time, market paid claims increased by almost 17% (in local currency), to RUB 610 billion (~EUR 8.8 billion), as the data published by the Central Bank show.
At the end of 2019, the Georgian insurance market recorded an increase of 15.27% y-o-y in local currency. The market GWP amounted to GEL 625 million (~EUR 195 million). At the same time, the paid claims jumped by more than 76% y-o-y (in GEL), as the data of the market supervisory authorities show.
The Czech National Bank - CNB most recent figures show that at the end of 2019 the local insurance industry totaled about CZK 165.92 billion (~EUR 6.53 billion), up by 6.63% y-o-y.
At the end of 2019, the Moldovan insurance market recorded an increase of 7.02% y-o-y in local currency. Market GWP went up to MDL 1.6 billion (~EUR 84.4 million), while the growth rate of paid claims was more prominent (+19.09%), according to the latest data published by the National Commission of Financial Market (CNPF).
The Tajik insurance market GWP in local currency remained almost unchanged at the end of 2019 (+0.03%), reaching TJS 234.3 million (~EUR 21.6 million), the conversion in euro showing a slight decrease compared to 2018.
Bulgarian insurers reported FY2019 GWP of BGN 2.9 billion (~EUR 1.5 billion), about 15% more y-o-y, according to year-end market statistics published by FSC. During the period, Bulgarian insurers paid claims worth of EUR 620.2 million, 8.4% more y-o-y, of which about EUR 530 million being related to non-life LoBs.
According to the year-end market figures published by the Central Bank of Hungary - MNB, the insurance sector's FY2019 premium income amounted to HUF 1,150.48 billion (~EUR 3.48 billion), rising by 12.33% y-o-y.
The Lithuanian insurance market totaled EUR 945.2 million at the end of 2019, 7.6% more y-o-y. At the same time, insurance companies paid EUR 499.3 million in claims, or 10.3% more y-o-y, according to the market data published by the Central Bank.
At the end of 2019, Azerbaijani market GWP decreased by 6.43% y-o-y in local currency, to AZN 681.18 million (EUR 357.85 million), while paid claims, on the contrary, saw a rapid growth (+25.47%), according to the regulator's data.
In 2019, the Uzbek insurance market grew by more than 41% in local currency, to UZS 2,313.09 billion (EUR 217.79 million). However, growth of paid claims at the same time reached 76.54%, according to the data, published by the Ministry of Finance of the Republic.
In 2019, Kyrgyz market grew to KGS 1.33 billion (EUR 17.09 million), which is 21.29% more y-o-y in local currency, as the data, published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic, show.
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.
According to FY2019 preliminary data reported by Czech Insurance Association - CAP, the local insurance market increased by 5.68% y-o-y to CZK 136.72 billion (~EUR 5.38 billion). The 27 insurers members of CAP represent roughly 98% of total GWP generated by local market.
The preliminary market figures submitted by Macedonian ISA to XPRIMM.com, indicate that at the end of 2019 the local insurance industry totaled MKD 10.58 billion (EUR 172 million), up by 6.61% y-o-y.
The insurance market of Kosovo totaled EUR 101.5 million at the end of 2019, 8.5% more y-o-y, according to data provided by the Central Bank (CBK).
Albanian insurance market reached over ALL 17.6 billion (EUR 145 million) during year 2019, or 4.11% more y-o-y, according to the market figures published on the AFSA's website.
In 2019, the Armenian insurance market grew by 19.79% in local currency, its GWP amounting to AMD 49.13 billion (~EUR 91.45 million), according to the data of insurance companies, provided by ArmInfo.
The Montenegrin market reported a 9% y-o-y growth in FY2019 GWP, to EUR 94.76 million, according to the preliminary figures published on the ISA's web-site.
The gross written premiums of Croatian insurers increased by 7% y-o-y to HRK 10.54 billion (EUR 1.42 billion) in 2019, according to the preliminary figures published by the Croatian Insurance Bureau.
GWP of the Kazakh insurance market increased by about 32% y-o-y in 2019, to KZT 508.5 billion (EUR 1.19 billion), while the net premiums went up even by 43%, as the data, published by the National Bank show.
Last year, the Estonian insurance market posted aggregate GWP worth of EUR 493.83 million, 10.56% down compared with the previous year, according to FY2019 preliminary market figures published by the Estonian National Statistics Board.
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.
The CEE insurance market saw a 3.6% y-o-y increase in GWP at regional level, to EUR 28.68 billion. A similar increase (3.8%) was witnessed on the paid claims side, insurers paying compensations and indemnities in a total amount of EUR 17.25 billion.
By the end of 3Q2019, the GWP in euro of the CIS regional insurance market recorded a total growth of 12.73% year-on-year, though the dynamics of the individual markets were quite heterogeneous, as the data collected and analyzed by XPRIMM show.
At the end of 3Q2019, the
SEE insurance market (inclusing Cyprus, Greece and Turkey) totaled about EUR 11.5 billion in GWP, 26.44% more y-o-y, according to preliminary figures centralized by XPRIMM.
The GWP value of Slovenian insurers totaled EUR 1.90 billion in the first nine months of 2019, a 6.91% increase y-o-y, according to the Slovenian Insurance Association's Q3 report.
The Latvian insurance market totaled EUR 588.70 million at the end of September 2019, or 3.69% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 384.20 million in claims (28.81% more y-o-y).
According to the most recent figures available on the Czech National Bank (CNB) website, the local insurance industry totaled about CZK 124.45 billion (~EUR 4.82 billion) at the end of September 2019, up by 5.86% y-o-y.
In 3Q2019, Russian insurance market GWP reached RUB 1100.0 billion (EUR 15.66 billion), thus remaining almost at the level of 3Q2018. The market in euro grew by 9.15% thanks to a more favorable rate, than a year ago. Paid claims reached RUB 433.5 billion (EUR 6.16 billion), as the data of the Central Bank, show.
Polish insurers have achieved GWP of PLN 47 billion (EUR 10.74 billion) in 3Q and paid PLN 30.7 billion to injured parties and clients - meaning, in average, about EUR 1 million per hour. Overall, GWP went up by 1.47% in local currency, while claims expenses decreased by 0.9%.
In the first three quarters of 2019, the Slovak insurance market totaled EUR 1.71 billion, 2.50% more y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS). Life and non-life paid claims and indemnities increased by 6% to EUR 1.05 billion, of which about 46% were related to non-life sub-classes.
Insurers of North Macedonia achieved a 7.2% y-o-y consolidated market growth after the first three quarters of 2019, to a total GWP volume of EUR 129 million. Three business lines have provided for about 80% of the GWP increase: MTPL, fire insurance and life insurance.
Romanian insurance market has achieved a 6.7% y-o-y growth in GWP terms, reaching a total volume of EUR 1.7 billion at the end of Q3. At the same time, claims paid by the insurers went up by 13%, to EUR 1.04 billion, mostly because of the increasing claims expenses on the MTPL line.
The GWP of Serbian insurers increased 5.9% year-on-year to RSD 79 billion (EUR 672 million*) in the first nine months of 2019, according to the most recent figures published on the website of National Bank of Serbia (NBS).
GWP of the Ukrainian insurance market at the end of 3Q2019 increased to UAH 40.56 billion (EUR 1.54 billion*), which in local currency is 16.3% more y-o-y. Net premiums increased by 18.8% (to almost UAH 30.15 billion), as the data of the regulator show.
Market GWP for 9 months of 2019 amounted to BYN 1.03 billion (EUR 455.06 million*), in local currency translating in an almost 13.70% increase y-o-y, as the data published by the Ministry of Finance of the Republic show.
Hungarian insurance market totaled HUF 862.20 billion (EUR 2.66 billion) at the end of Q3 2019, 10.97% more y-o-y, official statistics showed. In terms of damages, the value of incurred claims (paid claims and reserves, summed-up) amounted to HUF 312.95 billion for life insurance contracts (+10.72% y-o-y) and HUF 198.45 billion for non-life policies, +13.96 more y-o-y.
The Czech Republic insurance maket reported a nine months growth rate in premiums of 5.64% y-o-y to CZK 102.86 billion (or EUR 3.98 billion), according to the end-September 2019 market statistics published on the local professional association website.
The Cypriote insurance market increased by 4.66% y-o-y at the end of 3Q2019 according to the data published by The Insurance Association of Cyprus - IAC, amounting to a figure over EUR 678.55 million in GWP.
From January to September 2019, the Georgian insurance market generated GWP in amount of GEL 481.85 million (~EUR 149.24 million), which in local currency represents a 15.50% increase y-o-y.
The Greek insurers reported aggregate GWP of EUR 3 billion at the end of September 2019, up by 7.8% y-o-y, according to the nine-months market report published by the Hellenic Association of Insurance Companies (HAIC).
During January-June 2019, the Cypriot insurance industry increased by 2.5% y-o-y to EUR 468 million, according to half-year market figures published on the IAC website - the local professional association.
Bulgarian insurers reported nine months aggregate GWP of BGN 2.18 billion (EUR 1.11 billion), 17.17% more y-o-y, according to quarterly market statistics published by FSC.
At the end of September 2019, GWP of the Kyrgyz insurance market saw an increase by almost 15% y-o-y (in local currency), to KGS 734.38 million/EUR 9.65 million, as the data, published by the National Statistical Committee of the Republic, show.
By the end of 3Q2019, the Tajik insurance market grew by almost 19% in local currency, while in euro the growth was 22.18%. GWP amounted to KGS 168.47 million (EUR 15.90 million), according to the data, published by the National Bank of the country.
The Turkish insurance market ended 3Q2019 with GWP worth TRY 48.4 billion, 22.5% up y-o-y. At the same time, the appreciation of the Turkish Lira against Euro has influenced the market rates calculated in European currency, translating them in a 38% positive change to EUR 7.8 billion.
The Moldovan insurance sector ended the 3rd quarter of 2019 with GWP in the amount of MDL 1218.15 million (EUR 62.80 million), which in local currency is 11.53% more y-o-y, as the data, published by the National Commission of Financial Market show.
At the end of 3Q2019, Armenian insurance market generated GWP worth of AMD 36.5 billion (EUR 70.3 million), 19.7% more y-o-y. In European currency the market growth looked much more impressive (+28.8%) thanks to a more favorable exchange rate of dram against euro.
From January to September 2019, total market GWP decreased by 8.11% y-o-y, to AZN 522.45 million (EUR 281.01 million). Paid claims, on the contrary, went up by almost 8% and reached AZN 201.70 million (EUR 108.49 million), as the data, published by the Azerbaijan's Financial Market Supervisory Authority (FIMSA) show.
The Lithuanian insurance market totaled EUR 706.35 million at the end of September 2019 with an 7.87% increase y-o-y. At the same time, insurance companies paid EUR 369.35 million in claims, or 11.41% more y-o-y, according to the market data published by the Central Bank.
The insurance market reached over ALL 12.83 billion (EUR 105 million) during period January - September 2019, or 3.04% more y-o-y, informed Albanian FSA. During the analyzed period, the number of issued insurance contracts reached 992,212 showing an increase of 3.83% compared to 3Q 2018.
In 3Q 2019, the Montenegrin insurance market totaled EUR 72.33 million, 11.52% up y-o-y, according to data published by the Insurance Supervision Agency. Compared with 3Q2018, non-life insurance premium was up by 11.31% (to EUR 60.59 million), while the life insurance GWP grew by 12.62% y-o-y (to EUR 11.73 million).
The insurance market of Kosovo increased by 7.66% y-o-y during 3Q, to EUR 73.3 million, according to data published by the Central Bank - CBK. The aggregate value of paid claims was up by 8.52% y-o-y, to EUR 33.93 million, of which EUR 21.12 million related to Domestic MTPL policies.
From January to September 2019, GWP of the Uzbek insurance sector increased by 51.23% in local currency, to UZS 1 792.56 billion (EUR 172.64 million). Market growth in euro looks less impressive due to depreciation of SOM compared to 3Q2018 currency quote.
Kazakhstan's market GWP reached KZT 378.9 billion (+32.1% in local currency; ~ EUR 894.87 million) at the end of third quarter of 2019, National Bank's data show.
GWP of the 18 active Croatian insurers increased by 7.54% y-o-y, to HRK 8.15 billion (EUR 1.10 billion) in 3Q 2019, the Croatian Insurance Bureau quarterly figures showed. The value of paid claims totaled HRK 4.25 billion, up by 6.02% compared to the prior year's level.
Estonian insurers posted aggregate GWP of EUR 366.6 million at the end of September 2019, up by EUR 10 million as compared with 3Q2018, according to quarterly market figures published by the Estonian National Statistics Board.
According to the overall CIS data, total GWP increased slightly - by 4.60% only, while paid claims, on the contrary, keep high growing pace (+22.76%). At individual level, markets' dynamics looks very uneven, although with a rather weak change in their shares in the regional portfolio.
The three markets under consideration in the SEE area - Cyprus, Greece and Turkey - have gathered together, according to the XPRIMM estimations based on the Q1 market trend for Cyprus, GWP worth EUR 7.52 billion, 1.4% down y-o-y.
Top 10 CEE insurers accounted together for about 37% of the regional GWP, both on the life and non-life sector in 1H2019. In comparison with the previous year, Top 10's contribution to the total GWP decreased by about 0.5 pp on the life side and 1 pp for non-life.
CEE insurance markets maintained a positive trend in 1H2019. Overall, GWP went up by 6.11%, to EUR 19.86 billion. Paid claims grew at a similar pace, reaching EUR 11.75 billion (6.48% up y-o-y). Although at individual level the growth rates across the CEE countries were uneven, their weight in the regional GWP portfolio didn't change significantly.
The Slovak market finished the first semester of 2019 with a GWP volume of EUR 1,166 million (+2.6%), paid claims and benefits amounting to EUR 697 million (+7.1%) and a net profit at market level of EUR 68 million (-21.5%). Life sector held a share of 43.2% in total GWP, while the rest of 56.2% of GWP was brought by non-life business lines.
Insurers of Bosnia & Herzegovina have reported GWP worth EUR 195.7 million at the end of 1H, 6.65% more y-o-y. Life insurance recorded an above average growth rate, of 10%, which rounded its share in the market portfolio to 20%.
Bulgarian insurers have achieved GWP worth EUR 755.6 million in 1H2019, 20.4% up y-o-y. Paid claims increased, at the same time by 10.8%, to EUR 295.76 million. The MTPL insurance line was the main growth driver, providing for almost 60% of the extra premiums volume.
For the first six months of 2019, Slovenian insurance market wrote a total amount of EUR 1,317 million gross premiums, 6.6% more than the volume of the same period of prior year. The total paid claims and benefits volume was EUR 784 million, decreasing by 0.6%.
The flagship market of the CEE region, Poland, ended the first half of 2019 with only a modest increase in GWP, of 2.65%, to EUR 7.56 billion. The positive trend was entirely due to the GWP growth on the non-life side (5.36% up, EUR 5.07 billion).
The H1 results provided by the Czech National Bank show a positive market dynamic, with overall GWP increasing by 9.14%, to EUR 3.3 billion.
Latvian insurance companies generated EUR 15.37 million in aggregate H1 net profit, more than double than a year ago (EUR 7.22 million), the end-June figures published by FKTK (Financial and Capital Market Commission) showed.
At the end of June 2019, the Greek insurance market totaled EUR 2 billion, up by 3.9% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
Estonian insurers reported end-June GWP of EUR 250 million, almost 3% more compared with H1 2018, according to the market figures published by the Estonian National Statistics Board.
The Lithuanian insurance market totaled EUR 469 million at the end of June 2019 with an 6.7% increase y-o-y. At the same time, insurance companies paid EUR 245 million in claims (8.7% more y-o-y).
Market GWP in 1H2019 increased by 16.5% y-o-y and amounted to UAH 27.3 billion (~EUR 918 million), according to the statistical data, published by the regulator.
For the first six months GWP of the Georgian insurance market reached GEL 345.32 million (EUR 105.74 million), which in local currency is almost 17% more y-o-y, as the data, published by the regulator, shows.
For the 1H2019, GWP of Russian insurers reached about RUB 739.3 billion (~EUR 10.3 billion), thus exceeding the 1H2018 level by only 1%.
The Turkish insurance market recorded again a double-digit nominal growth rate in 1H2019, with GWP increasing by 19.23% in local currency, to TRY 33.23 billion.
Total GWP by Serbian insurers in the first half of 2019 amounted to EUR 455.6 million, 3.08% up y-o-y, mostly driven by the non-life segment.
After the first six months of 2019, the Romanian insurers aggregate premiums production increased y-o-y by 6.13%, to EUR 1,148.6 million. Paid claims increased by 17.55%, to EUR 708.35 million. Motor insurance lines had the largest contribution to both GWP and paid claims increase.
Total market GWP in 1H2019 reached KGS 523.09 million (EUR 6.61 million), according to data published by the State Service of Financial Market Regulation and Supervision for the Kyrgyz Republic.
Hungarian H1 insurers' GWP rose 11.3% year-on-year to HUF 591.5 billion (~EUR 1.8 billion) according to the quarterly market figures published by the National Bank of Hungary (MNB).
The gross written premiums of Albanian insurers increased by 5% year-on-year in the first half of 2019, reaching ALL 8 billion (EUR 66 million), official market statistics show.
In the first six months of 2019, the Tajik insurance market increased by about 4% in local currency, to TJS 97.40 million (EUR 9.07 million), according to the data, published by the National Bank of Tajikistan.
Macedonian insurers ended 1H2019 with an aggregate GWP volume of EUR 85.37 million, 6.7% up y-o-y. In relative terms, the life insurance sector showed a double-digit growth rate, but in absolute value, it was still the non-life insurance segment providing for the largest contribution to the market growth.
By the end of the first half of 2019, Kosovan insurance companies have written EUR 48.4 million in GWP, 7.8% more than the level recorded in the first half of the prior year (1H2018: EUR 45 million).
In the first half of 2019, Moldovan insurers generated GWP in the amount of MDL 769.48 million (EUR 37.27 million), about 9% more y-o-y. At the same time, growth of paid claims was much more impressive - by 18.81%, up to MDL 347.02 million, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
In the first half of 2019, GWP of the Belarusian market amounted to BYN 689.9 million (EUR 296.72 million), which in local currency is 13.63% more y-o-y. At that, paid claims increased by only 9.16%, to BYN 333.56 million (EUR 143.46 million), data published by the Ministry of Finance show.
The first half of 2019 ended for the Croatian insurance market with aggregated GWP of EUR 784 million, 7.5% up y-o-y, a growth almost entirely provided by the non-life insurance segment.
Montenegrin insurers ended the first half of 2019 with total GWP worth EUR 46.6 million, up by almost 14% y-o-y. Both the life and non-life segments have recorded double digit growth rates.
In the first half of 2019, the market grew by 20.20% y-o-y in local currency, GWP reached almost KZT 255 billion (~EUR 588 million), as data published by the National Bank of Kazakhstan show.
From January to June this year, the market showed impressive growth of 53.29% y-o-y. GWP amounted to UZS 1,253.304 billion (EUR 128.78 million), according to data published by the Ministry of Finance of the Republic.
In the first half of 2019 Armenian insurers have recorded a consolidated net profit by 71% higher as compared with the similar period of 2018, amounting to AMD 757.8 million (~USD 1.6 million), ArmInfo reports.
For the first half of 2019, market GWP decreased by 8.84% y-o-y and amounted to AZN 361.34 million (EUR 187.05 million), according to the data published by the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).
The CEE insurance market totaled EUR 10.1 billion at the end of March 2019, according to regional markets figures collected and centralized by XPrimm Publications, 2% more y-o-y on average.
According to 1Q2019 results, the volume of the regional market remained almost unchanged y-o-y. Total GWP growth reached only 0.08% (in European currency). Regional GWP amounted to EUR 6.33 billion.
According to the Hellenic Association of Insurance Companies (HAIC), the local insurance market grew by 2.2% y-o-y from January-April 2019. Total GWP reached EUR 1.3 billion by the end of April.
At the end of March 2019, the Macedonian insurance market totaled about a quarter billion MKD (EUR 40 million), up by 4.6% y-o-y, according to data provided by the local Insurance Supervision Agency.
In the first three months of 2019, the Slovak insurance market totaled EUR 610.7 million, 3.6% more y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
Latvian insurers generated EUR 4.8 million in first quarter net profit, EUR 2.2 more compared with Q12018, according to figures released by the Financial and Capital Market Commission (FKTK). About 64% of total GWP were written by local insurers (EUR 132.5 million, or 1% less y-o-y), the rest by EU insurers (EUR 75 million, up by 7.9% y-o-y).
Estonian insurers reported GWP of EUR 122 million in Q1 2019, representing an 3% y-o-y decrease, according to quarterly figures published by the Estonian National Statistics Board.
Polish insurers' aggregate GWP was up by 0.6% y-o-y to PLN 16.35 billion (~EUR 3.80 billion) in the first quarter of 2019, financial indicators from the Polish Financial Supervision Authority (KNF) showed. Official figures also revealed that the amount of paid claims/indemnities during the period was PLN 10.2 billion, representing a decrease of 2.7% y-o-y.
In the first quarter of this year, the Lithuanian insurance market grew by 6% y-o-y to almost EUR 232 million, while the value of payments expanded by more than 8% to EUR 125 million, according to figures published by the Bank of Lithuania.
According to the most recent figures available on the CNB website (Czech National Bank), the local insurance industry totaled about CZK 41.8 billion (~EUR 1.6 billion) at the end of March 2019, down by 4.2% y-o-y.
25 Hungarian insurers reported 1Q2019 aggregate GWP up by 14.8% y-o-y to HUF 316.4 billion (EUR 986 million), according to the quarterly market data published by the National Bank of Hungary (MNB). Life insurance GWP increased by 11.2% to HUF 132 billion (EUR 411 million), while non-life GWP increased by 17.5% to HUF 185 billion (EUR 575 million), as the MNB figures reveal.
The GWP value of Slovenian insurers totaled EUR 672.7 million in the first quarter of 2019, a 4.6% increase y-o-y, according to the Slovenian Insurance Association's most recent report. Non-life insurance made up 72.2% of total GWP, while the share of life insurance premiums was 27.8%.
Insurer GWP amounted to RUB 378.6 billion (EUR 5.2 billion) in 1Q2019, almost the same level as a year ago. Meanwhile, total paid claims increased rapidly, by 27.6% to RUB 139.2 billion (EUR 1.9 billion), statistical data of the Bank of Russia show.
In 1Q2019, total market GWP amounted to UAH 13.3 billion (EUR 436 million), which is 14.74% more y-o-y. Growth was recorded both in the non-life (+14%) and life (+23.6%) sectors, however, market shares remained almost unchanged, as data from the National Financial Services Commission show.
At the end of 31 March 2019, Romanian insurance market grew by EUR 27 million (+5.0%) y-o-y in terms of gross written premiums (GWP). In local currency, the premium growth was slightly higher (+7.4%), as Financial Supervisory Authority (ASF) figures show.
Serbian insurers ended 1Q2019 with total GWP worth RSD 24.83 billion (EUR 210.5 million), 0.5% up y-o-y, according to the most recent market statistics pubished by the National Bank of Serbia.
Bulgarian insurers ended Q1 2019 with a 23% y-o-y growth-rate in GWP, to BGN 748 million (EUR 382 million), while the aggregate value of net profit expanded by 41% y-o-y to BGN 52 million (~ EUR 26.5 million), according to the Bulgarian FSA preliminary figures.
Cypriot insurers reported aggregate GWP of EUR 250.6 million in the first three months of 2019, down by 1.2% y-o-y, according to the quarterly market figures published by the Insurance Association of Cyprus - IAC.
In 1Q2019, GWP of the Tajik insurance market increased by about 4% y-o-y in local currency. At the same time, compulsory insurance showed impressive growth amid falling GWP of the voluntary types, as the data, published by the National Bank of Tajikistan, show.
The insurance sector of Georgia in 1Q2019 grew by 9.44% y-o-y. Total GWP reached GEL 179.91 million (EUR 59.57 million), according to the data of the Insurance supervisory authority.
Turkish insurance market's GWP was of TRY 17.5 billion (about EUR 2.7 billion) in Q1 2019, ~20% up y-o-y in nominal terms, according to the preliminary data published by the local association - TSB. In European currency, the rate was negative (-7.7% y-o-y) due the depreciation registered by the local currency against euro (6.3188 TRY/EUR, March 31st, 2019 vs. 4.8673 TRY/EUR, March 31st, 2018).
In 1Q2019, the Moldovan insurance market grew 3.31% y-o-y, to MDL 343.10 million (EUR 17.66 million). Market paid claims increased significantly, by 68.59% to MDL 120.92 million (EUR 10.49 million), according to data published by the National Commission for Financial Markets (CNPF).
According to data published by the Kyrgyz Republic's State Service for Regulation and Supervision of Financial Markets, in the first three months of 2019, GWP amounted to KGS 268.10 million (EUR 3.42 million).
According to preliminary data for the first quarter of 2019, the total GWP according to the Czech Insurance Association - CAP methodology is CZK 34.82 billion (EUR 1.35 billion), compared to the first quarter of 2018 with a premium premium of approximately CZK 33.49 billion.
In 1Q2019, GWP of the Belarusian market amounted to BYN 336.41 million (EUR 140.82 million), 12.30% more y-o-y, data published by the Ministry of Finance, show.
The gross written premiums of Croatian insurers totaled HRK 2.93 billion (EUR 396 million) in the first three months of 2019, up by 5.97% on the year, the Croatian Insurance Bureau informed.
The gross written premiums of Albanian insurers increased 10.8% y-o-y during January-March 2019, reaching ALL 3.93 billion or EUR 31.3 million, as the official figures provided by the Albanian FSA showed.
In 1Q2019, Azeri insurers generated GWP in the amount of AZN 201.17 million (EUR 105.38 million), 4.17% more y-o-y, according to the statistical data, published by The Financial Market Supervisory Authority of Azerbaijan (FIMSA).
Total GWP of Armenian insurers in the 1st quarter amounted to AMD 16.5 billion (EUR 30.28 million), 17.4% more y-o-y in local currency (vs 47.6% a year ago according to the insurer's portfolio data), market results from ArmInfo show.
The net profit of Kosovo insurers decreased to EUR 100,000 at the end of March 2019, from EUR 400,000 a year earlier, as the figures published by CBK showed.
The GWP by the Montenegrin insurers totalled EUR 22.1 million in the first three months of 2019, up 20.2% on the year, the Insurance Supervision Agency of Montenegro informed.
From January to March 2019, Uzbek insurers collected GWP in the amount of UZS 522.8 billion (EUR 55 million), 37.22% more y-o-y in local currency. Paid claims saw a rapid increase of 117.83%, to UZS 180.16 billion (EUR 18.98 million), as data published by the Ministry of Finance of the Republic show.
For the first quarter of 2019, total market GWP rose by 10.5% y-o-y reaching KZT 118.9 billion (EUR 279 million). Life GWP increased by 50.9%, to KZT 24 billion (EUR 56.4 million). Paid claims amounted to KZT 27 billion (EUR 63.5 million), 29.6% more y-o-y, according to data from the National Bank.
In the Commonwealth of the Independent States - CIS, the Russian insurance market has an absolute dominating position, accounting for almost 83% of the regional GWP. Ukraine ranks second in GWP terms, at a huge distance to Russia, with an almost 7% share of the GWP, followed by Kazakhstan, with 3.9%.
In the Southeast European (SEE) region, Turkey accounts for more 65% of
the regional GWP. Thus, the over 12% market fall recorded by the local
insurance market, in European currency -, triggered a negative change in
the regional GWP also, despite the positive trend recorded by the
insurance markets of Greece and Cyprus.
In 2018, the insurance market of Kyrgyzstan saw growth of 8.79% y-o-y in local currency. GWP, generated by insurers, reached KGS 1.09 billion (EUR 13.65 million), as data published by the National Statistical Committee of the Republic show.
The CEE insurance market grew by 2.2% y-o-y in 2018, reaching a total GWP volume of EUR 36.9 billion. At the same time, CEE insurers paid benefits and indemnities worth EUR 22.44 billion, 2.37% up y-o-y. Poland, the region's flagship market, was also the only one recording a negative change in GWP, which made it diminish its share in the region's GWP to 39.2%, from 41.4% in 2017.
Slovenian insurers ended 2018 with GWP worth EUR 2.34 billion, 7.4% up y-o-y. Unlike in other CEE markets, the Unit-Linked life insurance line had a strong positive contribution to the market growth, which in absolute terms exceeded the motor insurance lines' aggregated input. Health insurance also recorded a significant increase in the GWP volume.
In 2018, Georgian insurers collected GWP in the amount of GEL 542.20 million (EUR 176.61 million), 22.84% more y-o-y, as data published by the State Insurance Supervision Service of Georgia show.
GWP of Ukrainian insurers in 2018 increased by 13.67% y-o-y, to UAH 49.36 billion (EUR 1.56 billion), as data published by the regulator show. The market growth in Euro was over 20% due to a more favorable exchange rate of the national currency at the end of 2018.
At the end of 2018 the Slovak insurance market totaled EUR 2.20 billion vs. EUR 2.16 billion a year before, according to the preliminary figures provided by the National Bank of Slovakia (NBS).
In 2018, total market GWP reached BYN 1,226.04 million (EUR 495.69 million), which is 14.57% more y-o-y, according to figures published by the Ministry of Finance of the Republic. Market growth in Euro looks much more moderate (9.10%).
Serbian insurance market ended 2018 with GWP worth EUR 845 million, up 7.6% y-o-y, a result supported mainly by the non-life insurance side, which saw an 8.5% increase to EUR 644 million.
The preliminary FY2018 statistics provided by Macedonian ISA indicate for the local insurance market a total gross written premiums (GWP) volume of EUR 161.4 million (MKD 9.9 billion), up by 10.4% y-o-y.
Last year, the BiH insurance market totaled EUR 365 million (BAM 713 million), 4.4% more y-o-y, as data from the local insurance agency - AZOBIH shows.
Between 2008-2017, Kosovo non-life insurance market increased by EUR 28.5 million (+50.6%) in terms of GWP. Paid claims volume rose as well, with Kosovo recording an increase in claims by EUR 24.5 million (+138.4%).
The insurance market of Cyprus totaled about EUR 871.5 million at the end of 2018, up by 7% y-o-y, according to year-end market figures published by the Insurance Association of Cyprus, IAC.
Last year, insurance companies in Latvia generated EUR 12.4 million in aggregate profit, down 22.6% from 2017, according to the data released by the Financial and Capital Market Commission, FKTK.
Romanian insurance market recorded in 2018 GWP worth EUR 2,174 million and EUR 1,278 million in paid claims. Total GWP volume rose by EUR 92 million compared to 2017 results (+4.44%) while claims level increased by EUR 185 million (+16.97%), mainly due to motor claims increases.
According to the most recent figures available on the CNB website (Czech National Bank) - the local insurance industry totaled about CZK 155.05 billion (~EUR 6.03 billion) at the end of 2018, up by 2.05% y-o-y.
In 2018, Polish insurers paid almost PLN 42 billion (EUR 9.7 billion) to injured parties and clients. That's 4.7% more than a year earlier. On the other hand, GWP decreased vs. 2017, totaling some PLN 62.17 billion (~EUR 14.5 billion), representing a -3.29% reduction.
Between 2008-2017, in the Romanian insurance market, MTPL was the only insurance class that maintained a positive dynamic. MTPL, together with the Life insurance segment, had the biggest influence over general market evolution. The Romanian market is still recovering after the post-crisis effects.
Preliminary FY2018 market figures from the Bulgarian Financial Supervision Commission (FSC) show that local insurers ended the year with a 16% y-o-y GWP growth-rate, to BGN 2.52 billion (EUR 1.29 billion), while aggregate value of net profit increased by 29.42% y-o-y, to BGN 118.12 million (~ EUR 60.40 million).
Moldovian insurers ended 2018 with GWP growth of 5.29% in local currency and by 10.08% in euro, by generating EUR 77.77 million in GWP.
Between 2008-2017, the Slovak insurance market maintained a stable evolution, reflected in an almost horizontal graphical trendline, with no major spikes or drops in GWP. Overall market GWP fluctuated between EUR 1,967-2,135 million, almost equally divided between Life and Non-Life premiums.
In 10 years, between 2008 and 2017, the insurance market in Montenegro grew by EUR 21.2 million (+35.0%) in terms of gross written premiums (GWP). More than half of the market was represented by motor insurance classes. Life insurance maintained a positive trend the whole decade.
Hungarian insurersʼ revenues from premiums rose 7.1% y-o-y in 2018 to
HUF 1,024 billion (EUR 3.2 billion), as the figures recently published
by the National Bank of Hungary (MNB) show.
The market total GWP in 2018 exceeded RUB 1,479 trillion for the first time in the last 6 years, the growth rate showed its maximum and reached 15.7% (vs 8.3% a year ago), according to the data, published by the Bank of Russia.
The insurance industry in Turkey posted a growth of 17.4% y-o-y in GWP to TRY 54.6 billion (EUR 9 billion) in 2018, according to preliminary data released by the Insurance Association of Turkey (TSB).
Bosnian insurance market grew solidly y-o-y, in terms of gross written premiums (GWP), from EUR 232 million in 2008 to EUR 349 million in 2017. Around half of premiums were brought by MTPL only. Paid claims (PC) fluctuated between EUR 95 - 136 million.
Between 2008-2017, the Czech insurance industry grew in terms of gross written premiums (GWP) by EUR 836 million (+ 16.5%). Overall, the market increased on all main business lines, with the exception of MTPL, which dropped EUR 6 million (- 0.7%) by the end year.
In 2018, the Uzbek insurance market went up by 76.31% y-o-y in local currency, and by 79.01% in euro, due to a more favorable exchange rate at the end of 2018, according to the market data, provided by the Ministry of Finance of the Republic.
The entire Lithuanian insurance market totaled about EUR 878 million at the end of 2018, 11% more y-o-y, according to the year-end figures recently published on the Central Bank website.
In 2018, Tajik insurers generated TJS 234.2 in GWP (EUR 21.68 million), the market decreased both in local currency (-0.7%) and in euro (-2.76%), according to market data published by the National Bank of Tajikistan.
Serbia was one of few CEE insurance markets where the 2008 economic crisis was tackled with little sacrifice to market growth. The industry grew to EUR 195 million (+33%) from 2008 to 2017.
Czech insurers ended 2018 with a 4.1% y-o-y increase in GWP, to EUR 5.03 billion. Most of the market growth was owed to the higher growth rates seen on the motor insurance lines, data provided by CAP - the Czech Insurance Association show.
Armenian insurers' GWP reached AMD 41 billion (EUR 74 million) in 2018, according to data provided by ArmInfo. Denominated in local currency, the market's growth seems lower than in euro due to the Armenian dram appreciation (17.36% vs 22.97% in euro).
The Baltic countries - Estonia, Latvia and Lithuania -, have recorded between 2008-2017 a trend similar to the other CEE markets. The same main pattern can be distinguished, splitting the evolution of the market in three periods: decline (2008-2010), recovery (2010-2013) and growth (2013-2017).
The insurance market of Kosovo totaled EUR 93.5 million at the end of 2018, 7% more y-o-y, according to data provided by the Central Bank (CBK).
Insurers operating on the Estonian market reported total GWP of EUR 552 million for the financial year 2018, up by 29.2% y-o-y, according to the market data published by the Estonian National Statistics Board.
During 2008-2017 the main segments of the Hungarian insurance market - life and non-life insurance -, recorded a U-shape trend, both in written premiums and paid claims terms. Life insurance claims made the only exception from this path, recording a growth trend in the toughest years of the financial crisis.
The gross written premiums of Montenegrin insurers increased to EUR 86.83 million in 2018, up by 6.19% y-o-y, official figures show.
The insurance market of Greece totaled EUR 3.19 billion at the end of December 2018, up by 1.8% y-o-y, according to the preliminary figures published by the Hellenic Association of Insurance Companies (HAIC).
In 2018 Azeri insurers generated GWP in the amount of almost AZN 728 million (+30.7% y-o-y), data published by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) show. In European currency, thanks to the Azeri Manat appreciation against Euro, the market results look much more impressive, increasing to EUR 373 million (+36.36% y-o-y growth).
The gross written premiums of Croatian insurers totaled HRK 9.9 billion (EUR 1.3 billion) last year, up by 8.8% y-o-y, official figures show. The highest contribution to this positive evolution came from the life insurance segment and from the motor insurance lines.
For 2018 Kazakh market increased by about 4%, total GWP amounted to KZT 384.8 billion (EUR 875.9 million). However, data denominated in European currency saw an opposite trend, showing a market decline by 5.77%, as statistical figures of the National Bank of Kazakhstan show.
The Albanian insurance industry totaled over ALL 16.19 billion (~EUR 136.7 million) at the end of 2018, or 4.7% more y-o-y. The number of issued insurance contracts reached 1,309,143 showing a y-o-y increase of 5.89%, according to data published by the Albanian Financial Supervisory Authority (AFSA).
In the first three quarters of 2018, the Slovak insurance market totaled EUR 1.67 billion, thus increasing by 3.82% y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
Between 2008 and 2017, the Croatian insurance market saw an 8% decrease in business, in GWP terms. From an absolute value of EUR 1.32 billion recorded in 2008, GWP at the overall market level gradually decreased year by year, until 2015, when the market started to grow again. The positive trend seen in 2016 and 2017 was not strong enough to bring the market at the pre-crisis level.
Macedonian insurers nine-months 2018 aggregate GWP amounted MKD 7.4 billion (~EUR 120 million), 8.9% more y-o-y, according to the market figures provided by the Insurance Supervision Agency of Macedonia.
The Slovenian insurance market maintained steady between 2008-2017, the difference from the first year to the last one being summed up in a small growth, in both written premiums and paid indemnities. In this period, the Slovenian insurance sector kept a smooth transition year over year, with no sudden changes in any of the main business lines, reflecting a good stability and steadiness.
For 9 months in 2018 Ukrainian insurers generated GWP in the amount of UAH 34.87 billion (~EUR 1 billion). At that annual growth rate in local currency amounted to 11.1%, according to the data, published by the National Financial Services Commission.
Latvian insurance companies generated EUR 9.33 million in aggregate 3Q2018 profit, down by 28.5% y-o-y from EUR 13.05 million a year ago, the quarterly figures published by FKTK (Financial and Capital Market Commission) showed.
The Albanian insurance market grew between 2008-2017 on all segments, both in GWP and in paid claims terms. There is only one exception to this generalized upward trend, that is, the indemnities paid chapter on the property class " fire and allied perils insurance", which dropped 18.04%.
Polish insurers have collected premiums worth EUR 10.84 billion, which is about 1.2% more y-o-y, and paid claims totaling EUR 6.87 billion, most damages and liquidated damages being related to motor insurance.
The Bulgarian insurance market saw a 13.5% GWP growth in 3Q2018, to EUR 953.36 million, while paid claims went up overall by only 3.75%, to EUR 407 million. Non-life insurance line, especially the MTPL class, were the market's growth drivers.
The nine months report on insurers' performance published by the Insurance Association of Cyprus (IAC), shows that at the end of September 2018 the local insurance market totaled EUR 651 million in premiums, up by 7.2% y-o-y.
For 9 months of 2018 Tajik insurers generated GWP in the amount of TJS 141.97 million (EUR 13.32 million), TJS 34.01 million from which were ceded in reinsurance (in voluntary classes only), as the data of the National Bank of Tajikistan show.
For 9 months this year Russian insurers generated GWP in the amount of RUB 1.093 trillion (+13.65% y-o-y). In European currency, due to significant depreciation of the local currency against euro, the market growth looks much more moderate - only 2.05%, according the Bank of Russia data.
Romanian insurers ended the first three quarters of 2018 with GWP worth EUR 1.6 billion, 0.7% up y-o-y, while paid claims have increased by 13.1%, to EUR 918 million. Given the national currency's depreciation against Euro, the results denominated in RON show a better dynamics.
The Macedonian insurance market recorded a constant ascendant trend during the last decade, with GWP increasing between 2008 and 2017 by about 40%. Yet, as the life insurance sector gained more relevance in the recent years, its contribution to the market growth became more visible.
As the XPRIMM 10 years GWP timeline for Poland shows, the local insurance market needed about 10 years to regain and exceed its pre-crisis level: GWP of EUR 14.95 billion in 2017 vs. EUR 14.2 billion in 2008.
For 9 months this year Georgian insurers generated GEL 417.19 million of GWP (EUR 137.66 million), which in local currency is 20.67% more y-o-y. Paid claims for the same period increased by 26.71%, as the data published by the Insurance Supervisory Office of Georgia show.
Hungarian insurers reported 3Q 2018 aggregate GWP up by 9.2% y-o-y to HUF 777 billion (EUR 2.4 billion), according to the market data published by the National Bank of Hungary (MNB).
The Bulgarian insurance market saw a 21.5% increase in GWP volume throughout between 2008 and 2017, the 10 years for which xprimm.com statistical database in presenting market results. The MTPL insurance class had the largest contribution, in absolute terms, to the market growth.
In 3Q2018, the Serbian insurance market totaled RSD 74.6 billion (EUR 630 million), representing an increase of 5.2% on a year earlier, according to the statistics published by the National Bank of Serbia (NBS).
Estonian insurance market totaled EUR 357 million at the end of September 2018, up by 13.7% y-o-y, according to quarterly market figures published by the Estonian National Statistics Board.
Lithuania's insurance market increased by almost 13% y-o-y totaling EUR 655 million at the end of September 2018, according to the Lietuvos bankas's 3Q figures.
Insurance market of Moldova as of the end of September went up by 2.27% y-o-y. At that, thanks to the favorable exchange rate evolution against euro, the market growth in European currency amounted to 7.36% (GWP of EUR 55.27 million).
Insurers of Belarus for 3 quarters in 2018 generated GWP in the amount of BYN 906.62 million (EUR 369.49 million). The market growth in local currency reached 16.1% and in euro the growth was less impressive - by 9.49% only.
Slovenian insurers reported for 3Q2018 GWP worth EUR 1.78 billion, by 6.6% up y-o-y. Paid claims have increased by 4.8%, to EUR 1.15 billion. Life insurance, in particular the UL products line, have seen the highest growth rates.
The Turkish insurance market ended 3Q2018 with GWP worth TRY 39.5 billion, 18.16% up y-o-y. Yet, the dramatic depreciation of the Turkish Lira against Euro has affected once again the market results denominated in European currency, translating them in a double digit negative change.
For 9 months in 2018 GWP of Kyrgyz insurers amounted to KGS 638.96 million, according to the report of the State Service for Regulation and Supervision of the Financial Market under the Government of the Kyrgyz Republic.
The Greek insurers reported aggregate GWP of EUR 2.87 billion at the end of September 2018, up by 2.1% y-o-y, according to the nine-months market report published by the Hellenic Association of Insurance Companies (HAIC).
According to the market results published by CAP - the professional association of the Czech insurers -, the local market saw a 5.55% y-o-y increase in GWP, to EUR 3.78 billion, most of which came from the non-life insurance segment.
For 3 quarters Uzbek insurers generated GWP in the amount of almost UZS 1.2 trillion. At that voluntary classes collected UZS 984.4 billion from the total GWP, according to the data of the Ministry of Finance of Uzbekistan.
During 3Q2018, the Montenegrin insurance market totaled almost EUR 65 million, a 6% increase y-o-y, as the Insurance Supervision Agency has reported.
The insurance market of Kosovo totaled EUR 2.1 million at the end of September 2018, 34% less y-o-y (vs. EUR 3.2 million), data provided by the Central Bank (CBK) showed.
Albanian insurers have reported GWP worth EUR 98.7 million (ALL 12.46 billion) in 3Q2018, up by 9.73% y-o-y. For the same period, paid claims have decreased by 3.12% y-o-y, to EUR 26.86 million. The local subsidiaries of the Austrian group UNIQA lead both the life and non-life insurance segments.
For 9 months this year the Azeri market generated GWP up by 37.21% y-o-y, thus overcoming the figure of the last full year of AZN 500 million (AZN 568.54 million), as the data, published by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) show.
Based on 3Q2018 results, GWP of the market exceeded AMD 30.5 billion, according to insurers' reports compiled by the information portal ArmInfo. The market y-o-y growth rate was of 24.27%.
The Croatian insurance market totaled after the first three quarters of 2018 GWP worth EUR 1.02 billion, 10.8% up y-o-y. Paid claims have increased y-o-y by 13%, to EUR 539.7 million. Top 3 insurers account together for over 52% of the market GWP.
Based on the result after 3 quarters the insurance sector demonstrated a decrease of GWP by 0.8%. At that operating income, as of the beginning of October, went up by 1% and investment income - by 30%, informed abctv.kz.
Top 5 Hungarian insurers accounted together for 58.6% of the market GWP in 2017, according to the market data published by MABISZ, the local insurers' association. On the non-life side, the Top 5 market weight is even bigger, of 69.7%.
Overall, the CEE insurance market saw a 2% growth in GWP, to EUR 18.67 billion, the largest contributions to the upswing trend being provided by Slovenia, the Czech Republic, Croatia, Latvia and Lithuania.
During the first half of the current year, the local insurance industry increased in almost all business classes, with total GWP being up by almost 8% to EUR 458 million, according to half-year market figures published on the IAC website - the local professional association.
Total GWP by the Russian insurers in 1H2018 amounted to RUB 731.78 billion (~EUR 10 billion; +13.28% y-o-y in local currency vs. 9.5% a year ago), according to the Central Bank of Russia.
The Latvian insurance market totaled EUR 386 million at the end of June 2018, with an 18% increase y-o-y. At the same time, insurance companies paid EUR 200 million in claims (12% more y-o-y).
Romanian insurers ended 1H2018 with GWP worth RON 5.04 billion (EUR 1.08 billion), a business volume which in fact demonstrates a quasi-stagnant phase. Gross paid claims amounted to RON 2.08 billion (EUR 602.6 million). Out of the 30 active players, Top 10 insurers accounted for about 88% of the market GWP.
The largest insurance market in the CEE, Poland, ended1H2018 with GWP worth EUR 7.36 billion (PLN 32.12 billion). In local currency, the y-o-y comparison shows a positive rate growth of 1.7%. Yet, given the roughly 3% depreciation of the Polish zloty against Euro, the market results denominated in European currency show a market decrease of 1.4%.
Macedonian insurers ended 1H2018 with an aggregated GWP volume of EUR 80 million, up 6.7% y-o-y. Most of the market growth came from the non-life insurance segment, namely from MTPL and fire and allied perils insurance lines.
The Bosnian market saw a consolidated GWP growth rate of 4% y-o-y in 1H2018, to EUR 183.5 million. Of this total, the non-life insurance segment accounts for by far the largest part with over 80%. Moreover, the MTPL insurance class provides for a clear half of the total GWP volume.
In the first half of 2018, the Bulgarian insurance market maintained a growth rhythm close to that established during the previous year, reporting a 7.9% y-o-y increase in GWP, to EUR 627.5 million.
According to the National Financial Services Commission, as of July 1, 2018, the total number of Ukrainian insurers amounted to 291, including 31 life insurers and 260 risk insurers. For the first half year total number of insurers decreased by 9.
Slovak insurers have reported GWP worth EUR 1.13 billion in 1H2018, 4.46% up y-o-y. At the same time, claims paid have increased by almost 13% y-o-y, to EUR 649.2 million.
The Georgian insurance market generated GWP in the amount of GEL 295.28 million (EUR 103.83 million) in the first half year, a 19.36% increase y-o-y, while the life sector increased by 69.36%, according to data from the Insurance Supervisory Office of Georgia.
The market statistical data provided by the Czech National Bank for 1H2018 confirm the positive trend reported by the results published by the local insurers' association (CAP) one month ago. Yet, as the group of market players considered by each of the two reports is different, also the overall picture is somewhat different.
In the first half year, Uzbek insurers generated UZS 817.6 billion (EUR 89.12 million) of GWP, which in local currency means a y-o-y growth of 87.53%, while in euro the market GWP dropped by 10.19% due to significant depreciation of UZS against EUR, according to the data of the Ministry of Finance of Uzbekistan.
The Ukrainian insurance market generated GWP in the amount of UAH 23.42 billion (EUR 766.33 million) in the first half year, 10.38% more than a year ago. Likewise, GWP of life insurers increased by 39.2% from UAH 1.24 billion (EUR 41.8 million) to UAH 1.73 billion (EUR 56.69 million), according to the National Financial Services Commission.
Hungarian insurers have reported consolidated GWP worth HUF 520.15 billion in 1H2018, by 7.1% up y-o-y. Yet, given the over 6% depreciation of the Forint against the European currency, the market results denominated in Euro show a total GWP volume of EUR 1.58 billion, only 0.6% up y-o-y.
The Serbian insurance marked ended the first half year with GWP worth RSD 52.18 billion (EUR 442 million), 6,8% up y-o-y. Due to the modest appreciation of the Serbian Dinar against Euro, the market results denominated in European currency show a higher growth rate, of 9.35%.
The Slovenian insurance market saw a 6% y-o-y growth in GWP in 1H2018, to EUR 1.24 billion. The non-life insurance segment had the largest contribution to the market growth, but also to the 6.7% growth recorded on the paid claims side.
In the first half year GWP of Belarusian insurers amounted to BYN 607.18 million (EUR 262.37 million), 15.68% more than a year ago. At that non-life segment, accounting for over 90% of the market, grew by 15.89%, according to the Ministry of Finance.
The preliminary half-year market figures published by the local insurance association (TSB) shows the insurance sector in Turkey generated total premiums of TRY 27.87 billion (EUR 5.24 billion), an increase of 20.5% y-o-y. After considering inflation, real growth in the sector was 4.4%.
Lithuanian insurers reported GWP of EUR 440 million in 1H 2018, 13.4% more y-o-y, according to the half-year figures published on the Central Bank's website.
Estonian insurers reported H1 2018 GWP of EUR 243 million, almost 17% more compared with January-June 2017, according to the market figures published by the Estonian National Statistics Board.
In the first half year Tajik market generated TJS 93.63 million of GWP (EUR 8.79 million), TJS 20.65 million from that amount were ceded in reinsurance, based on the data, published by the National Bank of Tajikistan.
According to data provided by the Czech Insurance Association (CAP), its members ended 1H2018 with GWP worth EUR 2.53 billion, 5.16% up y-o-y, an increase almost fully driven by the non-life segment, in particular by the motor insurance lines.
Kosovo insurers posted an aggregate net profit of EUR 0.8 million in1H 2018, down from EUR 2.1 million a year earlier, according to the Financial System Monthly Report published by the local Central Bank.
Montenegro insurers reported GWP of EUR 41.27 million in 1H2018, up by 3.2% y-o-y. Paid claims increased at a higher pace, of 10.9%, reaching a total of EUR 17.6 million. The MTPL insurance line was the main driver in both cases.
In 1H the Moldovan market generated MDL 705.71 million of GWP (EUR 36.14 million), 6.39% more y-o-y, at that the market's growth in euro was twice as higher (12.82%), according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
The about 5% appreciation of the Albanian Lek against EURO has favored the market results denominated in European currency, showing a higher growth rate than in local currency. Thus, in EUR, GWP increased overall by 9.43%, to EUR 61.2 million.
Croatian insurers reported for 1H2018 GWP worth EUR 729.43 million, 9.6% up y-o-y. Paid claims amounted to EUR 375.18 million, 12% up y-o-y. Most of the market growth was provided by the non-life segment, especially the motor insurance lines.
Armenian market increased in local currency by 29.64% to AMD 22 billion (~EUR 39 million) in 1H2018, based on the data of ArmInfo portal. At that, growth rate of paid claims exceeded premiums and amounted to 34.91%.
In the first half year Azeri insurers generated GWP almost 44% more if compared to the same period last year, while paid claims of the market dropped by 4.10%, based on the data, published by the Financial Market Supervisory Authority of Azerbaijan.
Based on the insurance data for the first half year, published by the National Bank of Kazakhstan, the biggest growth rate compared to the same period last year was recorded by life segment (+9.92%), while non-life segment grew by only 2.56%.
The total GWP by Bulgarian insurers in 1Q 2018 was BGN 608.07 million (EUR 310.90 million), up by 6.28% y-o-y, according to the quarterly statistics published on the FSC's website.
Macedonian insurers reported GWP worth EUR 38.4 million, 5.5% up y-o-y in 1Q2018, half of the market growth being owed to the MTPL insurance class and to the life insurance segment, which provided for about 40% of the premiums volume increase.
Bosnian insurers reported aggregate 1Q2018 GWP of BAM 167.07 million (~EUR 85.4 million), up by 2.45% y-o-y, according to the most recent market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
Slovak insurance market saw a slightly positive trend in Q1, with GWP increasing overall by 1.42%, to EUR 577.6 million, an increase fully driven by the non-life insurance segment. The total volume of paid claims didn't change much y-o-y, increasing by less than 1%.
Romanian insurers ended Q1 with GWP worth RON 2.53 billion (EUR 543.2 million), 1.45% less y-o-y. Gross paid claims amounted to RON 1.23 billion (EUR 264 million). Out of the 30 active players, Top 10 insurers accounted for about 89% of the market GWP.
For the 1st quarter Ukrainian insurers generated UAH 11.6 billion of GWP (+6.63%) and paid UAH 3.17 billion of claims (+35.15%), according to the data, published by the National Commission for financial service market regulation.
The quarterly figures from the Turkey Insurance Association revealed that the local insurance market reached TRY 14.6 billion (EUR 3 billion) at the end of March 2018, up by 17.6% y-o-y.
In the 1st quarter Georgian insurers generated GEL 164.39 million (EUR 55.23 million) of GWP, up y-o-y 14.32%, according to the regulator's official data. Paid claims, compared to the 1st quarter last year, increased by 20.8%.
The insurance market of Cyprus totaled EUR 251 million in the first three months of 2018 in terms of GWP, up by 7.2% y-o-y, according to the quarterly preliminary market figures published by the Insurance Association of Cyprus - IAC.
The market growth rates during the Q1 increased fourfold. GWP in the amount of RUB 377.4 billion exceeded by 19.3% the result of Q1 2017, when the growth rate amounted to 5.3%, according to the statistics published by the Central Bank of Russia.
At the end of March 2018, the Greek insurance market totaled EUR 999.5 million, up by 3.5% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
Polish insurers ended 1Q2018 with GWP worth PLN 16.25 billion (EUR 3.86 billion), approx. 2% up y-o-y, depending on the currency of choice. Paid claims amounted to PLN 10.5 billion (EUR 2.5 billion), a sum by about 0.7% larger y-o-y.
In the first quarter of this year, the Lithuanian insurance market grew by 18.3%, the premiums amounted to almost EUR 220 million, and claims paid - EUR 115 million, according to the figures published by the Bank of Lithuania.
Estonian insurers reported in Q1 2018 GWP of EUR 125.7 million, representing an 26.1% y-o-y increase, according to the quarterly figures published by the Estonian National Statistics Board.
Latvian insurers generated EUR 2.69 million in first quarter net profit, which is more than double compared with the Q1 2017 net profit of EUR 1.13 million, according to the figures released by the Financial and Capital Market Commission (FKTK).
The Czech insurance market ended 1Q2018 with GWP worth EUR 1.32 billion, 10.8% up y-o-y. Non-life insurance lines had the largest contribution, reporting GWP of EUR 889.4 million, which is 12.7% more y-o-y.
Hungarian 25 insurers reported 1Q 2018 aggregate GWP up by 8.2% y-o-y to HUF 275.6 billion (EUR 881.9 million), according to the market data published by the National Bank of Hungary (MNB).
The Serbian insurance market experienced a 2.4% y-o-y increase in Q1 GWP to RSD 24.7 billion (EUR 208 million), according to the NBS's (National Bank of Serbia) quarterly figures.
In Q1 2018 Armenian insurers generated about 14 billion AMD of premiums, while in European currency this volume amounted to almost EUR 24 million, according to the information provided by ArmInfo news agency.
In Q1 2018 Uzbek insurance market saw a significant growth in local currency by 83.2%, while in European currency total premiums dropped by 29.13% due to big depreciation against euro compared to Q1 2017 (almost 3 times), according to the official report of the Uzbek insurance supervisory authority.
The Croatian insurance market ended 1Q2018 with GWP worth EUR 373.26 million, 7.38% up y-o-y. The highest contributions to the market growth, in absolute terms, came from the traditional life insurance line and both motor insurance classes.
The insurance market of Kosovo totaled EUR 21.4 million at the end of March 2018, 10.5% more y-o-y, data provided by the Central Bank (CBK) showed.
Azeri insurers generated during Q1 2018 GWP by 28.16% more than a year before while paid claims remained just at the same level, - said the official report of the Financial Market Supervisory Authority of Azerbaijan.
During Q1 2018 Kazakh insurers' GWP grew only by 2.78% y-o-y, while claims dropped by 13.44%. Life insurance saw the best growth rate (+13%), while non-life had a rather moderate increase (+1.19%), according to National Bank of Kazakhstan's data.
Slovenian insurers ended 1Q2018 with total GWP worth EUR 643 million, 5.85% up y-o-y. On the paid claims side, the total market expenses wet up by 10.2%, to EUR 411.7 million, driven by the higher compensations paid for Motor Hull and property insurance.
The Montenegrin insurance market increased by 5.1% y-o-y during Q1 2018 to EUR 18.4 million, while the aggregate value of paid claims and indemnities was up by 16.2% y-o-y to EUR 9 million, as data from the Insurance Supervisions Agency shows.
The Albanian insurance market reached over ALL 3.55 billion (EUR 27.2 million) during Q1 2018, or 2.53% more y-o-y, according to the quarterly statistics published by the local Financial Supervisory Authority.
During Q1 2018 GWP of Belarusian insurers from direct insurance and co-insurance amounted to BYN 299.6 million. GWP growth rate for the first 3 months compared to the same period a year ago was 18%.
In 1Q2018 the Moldovan market generated MDL 332.1 million, which is 7.01% more y-o-y in local currency, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
The CIS insurance business in general had a good year and finished 2017 with an average claims' decrease by 6.83% to EUR 8.45 billion. Aggregate GWP almost had no change, only a very slight decline by 0.22%.
The CEE insurance business has benefitted from the economic momentum and closed 2017 with an average GWP growth of 11.5%, to EUR 36.2 billion. Non-life insurance segment provided for 76% of the GWP growth, almost half of it due to the MTPL insurance line.
Slovenian insurers ended 2017 with GWP of EUR 2.18 billion, 5.5% up y-o-y, mostly capitalizing from the life insurance segment's revitalization. Thus, after a weak 2016, when the life insurance business followed a descending path, in 2017 the almost 10% growth of the Unit-Linked insurance products line gave the segment the needed stimulus to re-enter on a positive trend.
Serbian insurance market ended 2017 with FWP worth EUR 785.8 million, 8.8% up y-o-y, a result supported in part also by the Serbian Dinar appreciation against the European currency. In local currency, the GWP growth was of only 4.4%. Most of the market growth came from the non-life insurance side, which saw a 11% increase in premiums, thus raising its weight in the market portfolio by about 1.5 percentage points.
Last year, the growth rate of the local insurance market (+8.56%) was almost double that of the advance of the economy (+4.69%), thus the calculated indicators as the insurance penetration degree (2.51%) and the insurance density (EUR 393 per capita) significantly evolved as compared to FY2016.
Hungarian 25 insurers reported FY2017 aggregate GWP up by 7% y-o-y to HUF 948.1 billion (EUR 3 billion), according to the market data published by the National Bank of Hungary (MNB).
Total insurance premiums in Turkey reached TRY 46.5 billion (EUR 10.3 billion) in 2017, 15% up y-o-y, according to data from the Turkey Insurance Association (TSB). Due the depreciation of Turkish lira against Euro by about 20%, the nominal change in European currency was negative (-5.5%).
Ukrainian insurance market in 2017 grew overall by 23.49%, while the non-life sector saw an above average performance, with GWP increasing by 25% in local currency, data published by the National Financial Services Commission of Ukraine show.
Total FY2017 GWP amounted to EUR 816.6 million, compared to EUR 765.3 million in 2016, representing a healthy 6.5% growth, according to the market figures published by the Insurance Association of Cyprus - IAC.
According to statistical data published by the Czech National Bank (CNB), the local insurance market totaled CZK 150.83 billion (EUR 5.9 billion) in GWP terms, 2.5% up y-o-y (nominal, in local currency).
According to the year-end market figures published by the National Bank of Georgia, the Georgian insurance market totaled GEL 441.4 million (EUR 142.19 million) at the end of December 2017, up by 12.3% y-o-y in local currency and up by 1.08% in EUR.
Polish insurers ended 2017 with aggregated net profit of PLN 5.7 billion (EUR 1.37 billion), of which PLN 2.3 billion came from the life insurance segment and PLN 3.4 billion was the result of the non-life business.
The Romanian insurance market in Romania continued its growth trend in 2017, the local industry totaling RON 9.7 billion (EUR 2.1 billion), 3.5% more than in the previous year.
In 2017 Moldovan insurance market produced GWP in the amount of EUR 70.6 million (MDL 1.5 billion), 6.9% up y-o-y, according to the final data of the Supervisory Authority (CNPF), centralized by the specialized portal
www.xprimm.md.
Claims paid by the companies decreased by 2.15% y-o-y and reached EUR 24.9 million (MDL 507.97 million).
According to the year-end market figures, published by the National Bank of Tajikistan, Tajik insurers totally produced TJS 235.84 million (EUR 22.30 million) of GWP by the end of December 2017.
According to the year-end market figures published by FKTK (the Financial and Capital Market Commission), the Latvian insurance market totaled EUR 646 million at the end of December 2017, up by 21.4% y-o-y.
Last year, the aggregate GWP of the 27 Bosnian insurers increased by 7.77% y-o-y to BAM 683.23 million (EUR 349.33 million), as data from the local insurance agency - AZOBIH show.
The Macedonian insurance market totalled MKD 8.99 billion (EUR 146.24 million) at the end of 2017, up by 3.10% y-o-y, according to data published by the local Insurance Supervision Agency.
The insurance market of Montenegro totalled EUR 81.77 million at the end of 2017, representing an annual increase of 2.00%, according to the preliminary figures published on the ISA's web-site.
According to the official data, published by the Central Bank of Russia, in 2017 all the market produced GWP worth RUB 1.28 trillion (~ EUR 18.58 billion), which is 8.3% more than in 2016.
Bulgarian insurers ended 2017 with a 7.50% y-o-y growth-rate in GWP, to BGN 2.20 billion (EUR 1.12 billion), while the aggregate value of net profit decreased by 4.80% y-o-y to BGN 102.83 million (~ EUR 52.58 million), according to the Bulgarian FSA preliminary figures.
The aggregate GWP of Croatian insurers increased to HRK 9.05 billion (EUR 1.20 billion) in 2017, up by 3.38% y-o-y, as official data show.
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totalled EUR.3.78 billion at the end of 2017, up by 0.05% y-o-y.
Lithuania's insurance market totaled EUR 792.60 million at the end of 2017, 11.66% more y-o-y according to the year-end market statistics provided by Lietuvos bankas.
As reported by the Ministry of Finance of the Republic of Uzbekistan in 2017 Uzbek insurers paid UZS 270 billion (EUR 28.05 million) which is 2.1 times more than in 2016.
Claims expenses growth exceeded by far the GWP increasing pace in 2017, in the Armenian market. Thus, while paid claims went up by 24.9% - against 4.9% growth in 2016 -, GWP saw a y-o-y growth rate of only 6.2%, slightly improved as compared with the previous year (5%).
Kosovo insruance market totaled about EUR 87.4 million at the end of December 2017, 4.3% more y-o-y, data provided by the Central Bank (CBK) showed. Total gross claims paid increased by 19.7% y-o-y to EUR 46 million.
At the end of 2017, the Kyrgyz Republic insurance market totalled about KGS 1.06 billion (about EUR 13 million), according to the end-year market figures published on the market authority website.
The Albanian insurance industry amounted over ALL 16.19 billion (~EUR 122 million) at the end of 2017, or 5.38% y-o-y. During the analysed period, the number of issued insurance contracts reached 1,261,238 showing an increase of 11.99 % compared to year 2016.
In 2017 GWP of Belarusian insurance companies amounted to BYN 1.05 billion (EUR 446 million), 6.4% more y-o-y. GWP ceded in reinsurance reached BYN 1.03 billion (EUR 437million) against BYN 0.98 billion in 2016, thus 6% increase in 2017.
Estonian insurers reported aggregate FY2017 GWP of EUR 427.3 million, up
by 10.1% y-o-y, according to the market figures revealed on the website
of the Estonian National Statistics Board.
Azeri insurers ended 2017 with GWP worth AZN 556.8 million (EUR 274.2 million), 14.5% up y-o-y in local currency. Given the continuous devaluation of the Azeri Manat, the market's premium production maintained a positive trend also denominated in European currency, but at a significantly lower pace (5.2% y-o-y).
The Kazakh insurance market totaled KZT 370.17 billion (about EUR 930 million) in 2017 up by 3.72% than a year before, as showed by the year-end figures published by NBK.
The CEE insurance market totaled EUR 25.78 billion at the end of
September 2017, up by 9,8% y-o-y, according to the market figures
collected and cetralised by XPRIMM.
During 3Q 2017, Turkish insurers reported aggregate GWP worth TRY 33.43 billion (EUR 7.96 billion), a nominal growth rate of 14.76%, according to the quarterly statistics published by the Association of Insurance and Reinsurance Companies of Turkey.
The Latvian insurance market totaled EUR 482.63 million at
the end of September 2017, or 15.21% more y-o-y, according to data
released by the Financial and Capital Market Commission (FKTK). At the
same time, the insurance companies paid EUR 262.12 million in claims
(1.77% more y-o-y).
In the first three quarters of 2017, the Slovak insurance market totaled EUR 1.61 billion, representing an increase of 7.62% y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
At the end of 3Q2017 the Polish insurance market totaled PLN 46.15 billion (EUR 10.70 billion), up by 13.37% y-o-y, as the financial indicators published by the Polish Financial Supervision Authority (KNF) show.
The Romanian insurance market continued its growth trend in 3Q 2017, according to the most recent statistics published by ASF. Local insurers reported 3Q GWP of RON 7.32 billion (EUR 1.61 billion), 6% more than in the same period of the previous year.
The aggregate GWP of Bulgarian insurers increased by 7.56% y-o-y to BGN 1.64 billion (EUR 839.72 million) during the first nine months of 2017, quarterly statistics from the Financial Supervisory Commission (FSC) show.
At the end of September, the Czech insurance market amounted CZK 92.9 billion (about EUR 3.6 billion), representing a 3.8% y-o-y growth rate, according to the nine months market figures published by the Czech Insurance Association (CAP).
Serbian insurers' 3Q results show a 6.3% y-o-y increase in GWP (in local currency), to RSD 70.9 billion (EUR 594.1 million), almost half of the additional GWP volume being provided by the motor insurance lines.
According to data provided by the Insurance Supervision Agency of Montenegro, local insurers have ended 3Q2017 with GWP of EUR 61.2 million, 3.2% up y-o-y.
The quarterly report on insurers' performance published by the Insurance Association of Cyprus (IAC), shows that at the end of September 2017 the local insurance market totaled EUR 605.6 million in premiums, up by 6.6% y-o-y.
Hungarian insurers nine-months GWP was up by 6.6% y-o-y to HUF 711.2 billion (EUR 2.3 billion), according to the most recent market figures published by the National Bank of Hungary (MNB).
Macedonian insurers reported 3Q2017 aggregate GWP of MKD 6.8 billion (EUR 110.6 million), 2.7% more y-o-y, according to the market figures provided by the Insurance Supervision Agency of Macedonia.
The Greek insurers reported gross written premiums of EUR 2.80 billion at the end of September 2017, up by 0.26% y-o-y, according to the nine-months market report published by the Hellenic Association of Insurance Companies (HAIC).
The Slovenian insurance market reported a 6.6% y-o-y nine months growth rate to about EUR 1.67 billion, statistics of the country's Insurance Association indicated.
The 27 Bosnian insurers reported aggregate 3Q2017 GWP of BAM 518.2 million (~EUR 265 million), up by 8.1% y-o-y, according to the most recent market figures published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
In 3Q 2017, gros premiums written by the local insurers have grown slightly, by 3.78%, to AMD 24,562.59 million (EUR 43.5 million), according to ArmInfo Agency data.
GWP collected by Moldavian insurers totaled MDL 1,067.96 million and went up by 5.26% compared to the similar period of 2016, according to the official data published by the National Commission of the Financial Market in Moldova (NCFM).
In 3Q2017, the Belarusian insurance market recorded a GWP growth of 5.25%, to BYN 780.94 million, mostly driven by the life insurance segment. Claims paid by insurers went down by 0.19% to BYN 393.22 million.
In 3Q 2017, the Georgian insurance market went up by 9.30%, to GEL 345.72 million, according to data published by the Insurance Supervisory Office - ISO. Claims paid by insurers increased by 7.40% to GEL 174.09 million.
In 3Q 2017, the GWP of local insurance market have grown slightly by 4.41%, to KZT 289.23 billion. On the non-life insurance side, Motor Hull, CARGO and financial losses classes saw decreasing GWP volumes.
In the first nine months of 2017, the domestic insurance market has shown a significant evolution, up by 24% to UZS 622 billion, according to data published by the Ministry of Finance of Uzbekistan.
In the first nine months of 2017, GWP written by the Azeri insurance companies totaled AZN 414.35 million, increasing by 6.15% y-o-y, while the claims paid increased by 12.94% and totaled AZN 188.58 million.
Lithuania's insurance market increased in absolute value by EUR 82 million totalling EUR 580 million at the end of September 2017, according to the Lietuvos bankas's 3Q figures.
Estonian insurance market totaled EUR 315 million at the end of September 2017, up by 10.6% y-o-y, according to quarterly market figures published by the Estonian National Statistics Board.
Croatian insurers reported aggregate GWP of HRK 6.9 billion (about EUR 922 million) in the first nine months of 2017, up by 2.6% y-o-y, according to the quarterly market figures published by Croatian Insurance Bureau - CIB website.
Albanian insurance market totaled EUR 90 million (ALL 12 billion) at the end of September 2017, a nominal growth rate in European currency of about 14.5%.
The insurance market of Kosovo increased by 2.5% y-o-y during the first nine months of the year to EUR 64.5 million, as the Central Bank - CBK market figures showed.
Overall, the CEE insurance market saw a y-o-y GWP growth of 12.84%, to
EUR 18.28 billion, capitalizing at least in part on the general economic
revival seen in the region. Paid claims also increased, reaching EUR
10.64 billion, which is by 10.75% more than in 1H2016.
The Polish insurance market's recovery announced by the Q1 results, after four years of decline, seems to become confirmed reality, judging by the 1H results: the market ended the first half of 2017 with GWP of EUR 7.4 billion, 21% up y-o-y.
Slovenian insurers half year results show a 6.8% increase in GWP, to EUR 1.16 billion, fueled by the life and non-life insurance segments.
Serbian insurers ended 1H2017 with GWP up by 10.3% y-o-y, to EUR 404.2 million, a growth rate slightly helped by the local currency's appreciation. Denominated in Serbian Dinars, the market results show an 8.12% increase in premiums.
According to the centralized CEE figures, in terms of gross written premiums, at the end of June 2017, the insurance market of Montenegro was the smallest among all 17 CEE countries: GWP of EUR 40 million, up by 3.5% y-o-y.
Bulgarian insurers managed to achieve a 10.14% increase in GWP in the first half of 2017, to EUR 581.6 million. The market growth was almost entirely provided by the non-life segment, especially the motor insurance lines.
The South Eastern European insurance market (SEE) formed by Cyprus, Greece and Turkey totaled EUR 8.09 billion at the end of June 2017, down by 7.2% y-o-y, according to the preliminary figures centralized by XPRIMM.
The insurance market of Bosnia and Herzegovina continued its ascending path during the first half of 2017, recording a 8.9% increase in GWP, to EUR 176.4 million.
In 1H2017, GWP collected by local insurers' went up by 30%, to UAH 21,222.80 million, of which UAH 19,977.70 million for the non-life insurance segment (up by 33.08%); life insurance saw a GWP decrease of 5.29%.
In the first half 2017, the Georgian insurance market went up by 7.57%, to GEL 247.38 million, according to data published by the Insurance Supervisory Office - ISO. Claims paid by insurers increased by 9.76% to GEL 116.30 million.
In the first half of 2017, the local insurance market has shown a significant evolution, up by 25.39% to UZS 435,970 million, according to the preliminary data published by the Information-Rating Agency SAIPRO.
The first half of 2017 represented for the Turkish insurance market a nominal growth in GWP of almost 12% to TRY 23.1 billion (EUR 5.8 billion), according to the data published by TSB - the local professional association.
Romanian insurers reported a total GPW of RON 5.04 billion (about EUR 1.10 billion), up 8.02% y-o-y, in 1H2017, according to data published by ASF, the market maintaining its growth momentum.
Macedonian insurers' GWP increased by 3.13% y-o-y, to MKD 4.62 billion (EUR 74.95 million) in 1H2017, according to the market data provided by the country's insurance supervisory agency.
The CIS insurance market totaled about EUR 11.5 billion at the end of June 2017, up by 14.3% y-o-y, according to the preliminary figures centralized by XPRIMM. Claims paid increased by about 17%, to EUR 4.6 billion.
In 1H2017, the Slovak insurance market totaled EUR 1.06 billion (11.8% more y-o-y), while the value of paid claims was of EUR 575 million, according to the preliminary financial figures provided by the National Bank of Slovakia.
The Latvian insurance market totaled EUR 327.4 million at the end of June 2017, 15.4% more y-o-y. At the same time, the insurance companies paid EUR 178.7 million in claims (3.9% more y-o-y).
At the end of March 2017, the Macedonian insurance market totaled about MKD 2.24 billion (EUR 36.37 million), up by 4.68% y-o-y, according to data provided by the local Insurance Supervision Agency.
In the first half of the year, the total volume of GWP by the Cypriot insurers member of IAC - the local professional association - was EUR 427 million, up by 6% y-o-y.
The 26 Czech insurers, members of CAP - the Czech Insurance Association, reported in 1H2017 aggregate GWP of CZK 62.9 billion (~EUR 2.4 billion), up by 3.6% y-o-y.
In 1H2017, Armenian insurance market increased by 5.27%, mainly due to
the implementation of several large economic projects which triggered
the significant increase in accident insurance (54.59%) and CARGO
insurance (+51.29).
Hungarian insurers first half GWP was up by 6.16% y-o-y to HUF 485.81 billion (EUR 1.57 billion), according to the most recent market figures published by the National Bank of Hungary (MNB).
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.
The Greek insurers members of HAIC - Hellenic Association of Insurance Companies, reported a GWP of EUR 1.9 billion in 1H2017, or 1.2% more y-o-y, according to the half year report published on HAIC's website.
Total GWP collected by Moldavian insurance companies in 1H2017 have reached to MDL 663.35 million, up by 5.62%, according to data published by the National Commission of the Financial Market in Moldova (NCFM).
The Russian insurance market grew, in GWP terms, by 9.5% compared to the similar period of 2016 and totaled RUB 645.97 billion in 1H2017, according to the data published by the Central Bank of Russia.
In the first half of 2017, GWP written by the Azeri insurance companies totaled AZN 276.16 million, down by 3.22%, while the claims paid increased by 22.67%.
The Kazakh insurance market has seen a y-o-y GWP growth of 3.28% in 1H2017, reaching a total of KZT 204.43 billion. On the non-life insurance side, property, motor insurance, carriers' liability and financial losses classes saw decreasing GWP volumes.
Estonian insurers reported H1 2017 GWP of EUR 207.8 million, 9.5% more compared with January-June 2016, according to the market figures published by the Estonian National Statistics Board.
Lithuanian insurers reported GWP of EUR 387.7 million in 1H 2017, the growth rate within the entire insurance market being 17.4%, according to the half-year figures published on the Central Bank's website.
In 1Q2017 the Slovak insurance market totaled EUR 569.5 million, 4.6% up y-o-y, the statistics published by the National Bank of Slovakia (NBS) indicated.
Romanian insurance market totaled RON 2.56 billion (EUR 567 million) at the end of March 2017, up by 8.2% y-o-y, according to the quarterly market data published by the ASF.
The Kosovo insurers' GWP increased by 2.74% y-o-y, to EUR 41.05 million in the first half of 2017, as shown by the Central Bank's data.
The Albanian insurance market reached over ALL 7,415 million (EUR 56 million) during the period January - June 2017, or 12.03% more compared with 1H2016, the Financial Supervisory Authority informed.
In 1H2017, the Belarusian insurance market recorded a market growth by 7.10%, to BYN 524.87 million, mostly driven by the life insurance segment.
The aggregate GWP of Croatian insurers totalled HRK 4.93 billion (EUR 665 million) at the end of June, up by 2.42% on the year, according to the market statistics published on the website of the Croatian Insurance Bureau - CIB.
Slovenian insurers posted Q1 GWP of EUR 607.4 million, 6.6% up y-o-y. Life segment totaled EUR 167.7 million, up by 13.7% y-o-y, while non-life insurers reported GWP of EUR 439.7 million, about 4.2% up y-o-y.
Turkish insurance market's GWP was of TRY 12.4 billion (about EUR 3.2 billion) in 1Q2017, 15.7% up y-o-y in nominal terms (and 4% more y-o-y in real terms), according to the preliminary data published by the local association - TSB.
In 1Q2017, GWP collected by local insurers' went up by 31.69% y-o-y, to UAH 10,895.90 million, of which UAH 10,263.30 million for the non-life insurance segment (up by 34.82%), while life insurance saw a decrease by 4.31%.
In the first quarter of 2017 the 25 Czech insurers, members of local professional association (CAP), reported aggregate GWP of CZK 32.1 billion (~EUR 1.2 billion), up by 3.3% y-o-y.
The Hungarian insurance market totaled HUF 254.7 billion (EUR 825 million) at the end of March 2017, 8.5% more y-o-y, according to the statistics published by the Central Bank.
In January-March 2017, the Kazakh insurance market has seen a GWP growth of 10.02% as compared to the similar period in 2016, reaching a total of KZT 104,924.52 million.
In 1Q2017 the aggregate GWP of the 27 insurers operating in Bosnia and Herzegovina was up by 11.41% y-o-y, to EUR 83.38 million (BAM 163.07 million), as the figures published by AZOBIH - Insurance Agency of Bosnia and Herzegovina show.
During the first quarter of 2017, Latvian insurers generated EUR 1.13 million in aggregate profit, which is 58% less y-o-y, according to the figures released by the Financial and Capital Market Commission (FKTK).
In 1Q2017, the Belarusian market reported GWP of BYR 253.95 million, up by 8.07%. The main growth drivers were health, pension and life insurance with investment component, as well as property insurance.
Polish insurers ended 1Q2017 with GWP of EUR 3.78 billion, 20.5% up y-o-y, mostly supported by the MTPL line which saw total GWP going up by almost 50%.
The GWP value of Serbian insurers totaled RSD 24.1 billion (EUR 195 million) in the first quarter of 2017, a 10% increase y-o-y, according to the National Bank of Serbia's (NBS) most recent report on the sector.
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.
Gross premiums written by the local insurance companies totaled AZN 150.68 million, decreasing by 1.12% as compared with 1Q2016. Claims paid totaled AZN 60.29 million (EUR 32.76 million), up by 14.67% y-o-y.
In 1Q2017, the total GWP collected by Moldavian insurance companies have reached to MDL 310.33 million, up by 9.12% y-o-y, according to the official data published by the market watchdog.
In 1Q2017, the Georgian insurance market went up by 10.05%, to GEL 143.80 million (EUR 54.75 million), according to the data published by the Insurance Supervisory Office - ISO.
The aggregate GWP by the 23 Croatian insurers members of the Croatian Insurance Bureau was of HRK 2.58 billion (EUR 345 million) in 1Q, up 2.26% on the year, as CIB quarterly figures show.
Estonian insurers reported in Q1 2017 GWP of EUR 99.7 million, up 8.6% y-o-y, according to the quarterly figures published by the Estonian National Statistics Board.
The Slovak insurance market was down by 1.78% y-o-y in 2016 in terms of GWP - to EUR 1.98 billion, according to data published by the Central Bank.
According to "ARAD time series database" available on the CNB website (Czech National Bank) - the local insurance industry totaled at the end of 2016 about CZK 147.22 billion (~EUR 5.45 billion).
The Albanian insurance market reached over ALL 3.45 billion (EUR 25.4 million) during Q1 2017, or 17.62% more y-o-y, according to the quarterly statistics published by the local Financial Supervisory Authority.
At the end of March 2017, the Greek insurance market totaled EUR 962 million, up by 1.4% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
Lithuanian insurers reported GWP of EUR 184.7 million in Q1 2017, while growth within the entire insurance market was 16%, according to the figures published on the Central Bank's website.
The aggregate GWP of the 11 insurance companies operating in Montenegro has increased by 3.8% y-o-y to EUR 17.4 million in Q1 2017, data from the Insurance Supervisions Agency shows.
By the end of March 2017, the Kosovo insurance market totaled EUR 18.8 million - 1.5% more y-o-y, as the market figures published by the Central Bank of Kosovo - CBK indicate.
The average growth rate achieved by the CEE insurance industry in 2016
was of 1.62% y-o-y, lower than the overall economic growth. Overall, GWP
in the region amounted to EUR 31.3 billion, while claims paid neared
EUR 15 billion.
Insurance market of Republic of Macedonia grew by about 5% in 2016 to MKD 8.7 billion (~ EUR 142 million) with a concurrent increase of 7.74% in the number of insurance contracts, according to data provided by the local Insurance Supervision Agency.
According to the Slovak Insurance Association data, the Slovak insurers ended 2016 with GWP of EUR 1,987 million, a result which is more or less in line with the previous year's premium production.
The 5% GWP growth recorded by the Armenian insurers in 2016 was mainly due to the national cars fleet's expansion and to the implementation of several large economic projects.
In 2016, GWP collected by local insurers' have grown up by 18.28% compared with 2015 (note: in 2015/2014 the growth rate reached 21.2% y-o-y).
In 2016, the domestic insurance market has shown a significant evolution, up by 25.58%, according to preliminary data published by the Information-Rating Agency SAIPRO.
Bulgarian insurers ended 2016 with a 4.4% y-o-y growth in GWP, to BGN 2.05 billion (EUR 1.05 billion), while the aggregate value of net profit more than doubled, reaching EUR 61.68 million.
Cypriot insurers posted aggregate GWP of EUR 764 million last year, up by 2.6% y-o-y, according to the FY2016 market statistics published by the Insurance Association of Cyprus - IAC.
At the end of December 2016, the Slovenian insurers, members of the local association, reported aggregate GWP of EUR 2.03 billion, up by 1.5% y-o-y, the latest data published by SIA show.
The aggregate GWP of the 27 insurers operating in Bosnia & Herzegovina increased by 6.4% y-o-y to BAM 634.1 million (EUR 324.2 million), as data from the local insurance agency - AZOBIH show.
The National Bank of Serbia announced that the aggregate GWP by insurers active in the market increased by 10.15% last year, reaching RSD 89.14 billion (about EUR 722 million).
The Georgian insurance market went up by only 9.24% in FY2016, while in FY2015 GWP increased by 19%.
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.
The Latvian insurance market totaled EUR 532.4 million at the end of 2016, 0.2% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK.
According to data published by the Ministry of Finance of Belarus, the local insurance market reported aggregated GWP of BYN 971 million, 18% more y-o-y, supported by the life & health insurance (inclusing pensions).
The total GWP by Moldova's insurance companies increased by 9.67%, to MLD 1,347.04 million (EUR 64.48 million) in 2016, according to the official data published by the supervisory authority - NCFM.
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%.
Hungarian insurance market ended 2016 with GWP of HUF 886 billion (EUR 2.85 billion), about 6% up y-o-y, benefitting especially from the positive effect exerted by the MTPL premium increase on the underwriting volume.
Polish insurers' business remained stable in 2016, with total GWP of PLN 56.04 billion (EUR 12.7 billion), 2.25% up y-o-y in local currency, but slightly decreasing (-1.5%) when denominated in European currency. Life insurance continued to witness a falling trend, especially on the UL products line, which saw a 23% reduction in premiums.
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.
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.
At the end of December 2016, Azerbaijan's 25 insurance companies reported aggregate gross written premiums of AZN 486 million (EUR 260 million), which is 9.7% more than in 2015. Claims paid by the local insurers totaled AZN 237 million (EUR 127 million), up by 32% y-o-y.
Lithuanian insurers reported GWP of EUR 709.8 million in 2016, while growth within the entire insurance market was 10%. The amount of insurance premiums within the non-life insurance sector stood at EUR 463.1 million last year, an increase of 13.2% y-o-y, mostly driven by the motor insurance classes.
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%.
At the end of 2016, the aggregate GWP value of the Czech insurance market amounted, according to the Czech Insurance Association (CAP), to CZK 118.5 billion (about EUR 4.4 billion), meaning a 2.1% y-o-y growth rate.
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.
Last year, the Kosovo insurance market totaled EUR 81.2 million, or 3.1% more y-o-y, according to the figures published by the Central Bank of the Republic of Kosovo (CBK). At the same time, the volume of paid claims by local insurers remained about at the 2015 level: EUR 39 million.
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.
At the end of 2016, the Albanian insurance market totaled about ALL 15,466 million (about EUR 114 million), or 9.64% y-o-y, according to the figures published by the local market authority. The total value of paid claims was about ALL 4,276 million (EUR 31.6 million) or 17.54% more y-o-y, of which more than half (about 52%) were related to Compulsory MTPL insurance.
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.
The Romanian insurance market ended the first three quarters of 2016 with GWP amounting to EUR 1.53 billion, 10.6% up y-o-y, supported by the significant increase in the MTPL prices recorded in the first part of the year.
At the end the third quarter of 2016, the Czech Rep. insurance market totaled CZK 111.6 billion (EUR 4.1 billion), 3.7% less y-o-y, according to the market statistics published on the Czech National Bank website. If the life insurance segment reported an 8% y-o-y decrease (to EUR 1.6 billion), the non-life insurance maintained at about the 3Q2015 level: GWP of EUR 2.5 billion.
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).
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.
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.
Hungarian insurers' GWP for 3Q2016 amounted to EUR 2.16 billion, 4.6% up y-o-y, the non-life segment being the growth driver, especially due to the double digit increase witnessed on the MTPL insurance line. In fact, the market evolution in 3Q maintained the same trend as in the previous quarters.
For the January-September 2016 period, the aggregate GWP value of Serbian insurers was up by 10% on the year to RSD 66.7 billion (EUR 541 million), the data, published by the National Bank of Serbia (NBS) indicated.
The Slovenian insurance market totaled EUR 1.52 billion at the end of September 2016, 0.2% more y-o-y, statistics of the country's Insurance Association indicated. In terms of claims paid, the aggregate value was down by 0.7% to EUR 979 million.
The Latvian insurance market totaled EUR 419 million at the end of September 2016, 5.8% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 258 million in claims (14.4% more y-o-y).
Lithuania's insurance market totalled EUR 498 million after 3Q, up by 7.4% y-o-y. Non-life segment grew by 12.6% to EUR 345 million (69.2 of total GWP), while life insurance market was down by 2.6 % to EUR 153 million, according to the Lietuvos bankas's 3Q figures.
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.
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.
The Greek insurers reported gross written premiums of EUR 2.79 billion in 3Q2016, up by 1.3% y-o-y, according to a quarterly report published by the Hellenic Association of Insurance Companies (HAIC).
First three quarters of 2016 represented for the Turkish insurance market a nominal growth in written premiums of 32.1%, up to TRY 29.1 billion (EUR 8.7 billion), according to the data published by the Association of Insurance and Reinsurance Companies of Turkey.
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).
In 3Q2016, the total GWP collected by Moldavian insurance companies have exceeded one billion MDL, up by 11.58% compared 3Q2015, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
The Georgian insurance market posted a 8.2% y-o-y GWP growth-rate, to GEL 316.3 million (about EUR 121 million), according to the 3Q2016 figures published by the Insurance Supervisory Office - ISO.
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).
In 3Q2016 the GWP increased by 34.75%, up to a total of UZS 500.12 billion (EUR 148 million), while total claims paid amounted to UZS 94.4 billion (EUR 28 million), 30.55% more than in January-September 2015.
At the end of September 2016, the Top 3 Azerbaijan insurers in GWP terms were PASHA Sigorta (about 21% market share), followed by PASHA Life Insurance (15.8%) and AzerSigorta (9.4%), according to the latest quarterly market figures.
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.
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).
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.
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.
Apart from the general effort of adapting to the Solvency II requirements, the CEE markets have experienced a rather "peaceful" first half of 2016, apparently with no major events Yet, the economic climate is still volatile and markets remain highly competitive, challenging insurers' profitability.
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.
The three insurance markets considered under the SEE cathegory - Greece, Cyprus and Turkey, have seen an overall positive trend in the first half of 2016, with the aggregated GWP going up by 18% y-o-y, to EUR 8.7 billion.
Slovak insurers have ended 1H2016 with an overall GWP volume inferior to the previous year's results for the same period. According to the market representatives, given the Slovak market's stability during the recent years, the end year market results should be more or less in line with the 2015 results.
Hungarian insurers' GWP for 1H2016 amounted to EUR 1.45 billion, 2.8% up y-o-y, the non-life segment being the growth driver, especially due to the double digit increase witnessed on the MTPL insurance line.
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.
According to the figures published by the Insurance Association of Cyprus - IAC, in the first half-year, the total volume of gross written premiums by the member companies totaled EUR 400 million, up by 4.8% y-o-y. According IAC's web-site, there are 29 insurance company members which account for about 95% of the annual GWP.
According to data published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) reported aggregated GWP of EUR 283.6 million in 1H2016, which is 3.7% more compared with the same period last year.
After a quasi stable 2015, the Polish insurance market ended the first half of 2016 with an 8% y-o-y decrease in GWP, entirely driven by the decreasing life insurance business.
The first half of 2016 ended for the Slovene insurance market with GWP worth EUR 1.06 billion, a figure which is fairly equal to the one recorded in 1H2015. In comparison with the previous semesters, it seems that timid signs of recovery showed by the local market throughout 2015, after several years of sluggish decline, are still far from becoming a robust trend.
The Macedonian insurance market saw a 4% y-o-y increase in the GWP volume, to EUR 72.7 million. In absolute terms, the life and non-life insurance segments' contribution to the GWP growth was fairly equal. Still, in relation to the size of the two business lines, the growth in life insurance was the most impressive.
The Romanian insurance market saw a 9.75% increase in GWP (10.93% in national currency), one of highest dynamics recorded in the last years. Yet, it is worth noting that the positive result is not as much as a result of the Romanian economic growth, but of the complex changes undergone by the MTPL segment.
"A positive trend of nominal insurance premium growth, which has lasted for more than a decade, continued into this year," it is how Dusko JOVANOVIC, Secretary General, Association of Serbian Insurers - UOS has characterized the Serbian insurance market's evolution in the first half of 2016.
In the first half of 2016, GWP collected by local insurers totaled UAH 16.4 billion, up by 21.2% y-o-y, of which UAH 15.1 billion were collected on the non-life insurance segment (up by 20%), while life insurance GWP marked a significant increase, by almost 40%, indirectly supported by the halving number of surrendered 5 years contracts.
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).
In the first six months of 2016, the six active insurance companies of the Armenian market totaled AMD 16.1 billion in premium (note: based on the Central Banks financial standards), while based onIFRS standards local market totaled only AMD 15.8 billion. At the same time the indemnities paid by local insurers reached AMD 6.2 billion, according to ArmInfo News Agency.
During the first six months of 2016, the Azerbaijani insurance industry grew, in local currency, by 17.72%. Due to strong devaluation of the local currency (AZN) against USD/EUR, by almost 45%, in the European currency the insurance market decreased by 19.18%.
According to data provided by the Ministry of Finance of Republic of Belarus, the local insurance market saw a 22.7% positive evolution in GWP terms at the end of the first half of 2016.
In the first half of 2016 the Uzbek insurance market reached a total GWP volume of UZS 347,700 million, up by 36.94% in local currency and by 18.02% in European currency. Total claims paid were amounted to UZS 68,700 million, 21.16% more than in January-June 2015.
In January-June 2016, the Georgian insurance market increased by 10.7% y-o-y in local currency to GEL 230 million (EUR 88.5 million), according to the data published by the Insurance Supervisory Office - ISO. The value of claims paid by insurers was up by 4% y-o-y to GEL 106 million.
The Greek insurers member of HAIC - Hellenic Association of Insurance Companies, reported a GWP of EUR 1.88 billion in the first half of 2016, or 5% less y-o-y, according to the half year report published on HAIC's website.
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%.
At the end of June 2016, the Turkish insurance sector totaled TRY 20.66 billion (about EUR 6.4 billion), up by 35.6% y-o-y, according to the preliminary data from the Insurance Association of Turkey (TSB). Non-life insurance GWP was up by 37.83% to TRY 18.14 billion while the life insurance segment reported a 19.52% y-o-y growth-rate.
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.
In the first half of 2016, GWP reached KZT 202.01 billion (up by 33.41%), while claims went up by 18.37%, to KZT 46.02 billion.
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).
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.
At the end of June 2016, the Albanian insurance market totalled ALL 6.62 billion (~EUR 48 million), 3% up y-o-y, while the total amount of paid claims was of ALL 1.89 billion (~EUR 14 million) - or 30% more y-o-y, according to the figures published by the local market authority.
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.
Montenegro insurers' GWP increased by 4.50% y-o-y to EUR 38.65 million in the first half of the year, according to the figures published by the Insurance Supervision Agency. The aggregate value of gross claims paid was EUR 14.73 million, 1.60% more y-o-y.
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.
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.
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.
At the end of March 2016, the insurance market of Cyprus totalled about EUR 218 million or 13.5% more than in the first quarter of 2015, according to a report of the Insurance Association of Cyprus.
Macedonian insurers' gross written premiums decreased by 0.17% on the year to MKD 2.14 billion (EUR 34.75 million) in the first three months of the year, according to the country's insurance supervisory agency.
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).
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.
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.
In the first quarter of 2016, the local insurance industry grew by 31.54%, totaling KZT 95,367.46 million, according to official data provided by the National Bank of Kazakhstan.
According to data published by the Ministry of Finance of Belarus, in the first quarter of 2016 the local insurance market reached to BYR 2,349,922.06 million, up by 24.94%. To main driver of the positive market evolution was the life insurance segment, which increased by 63.94%, while non-life insurance went up by 22.18%.
In January-March 2016, the Georgian insurance market increased by 12.71% y-o-y in local currency to GEL 130.66 million (EUR 48.76 million), according to the data published by the Insurance Supervisory Office - ISO.
According to data published by the Slovenian Insurance Association, in Q1 2016 the local market totaled EUR 554 million, 1.3% more y-o-y. Non-life insurance saw a growth rate of 2.7%, while the life segment reported a negative dynamic: -2.8%.
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.
In the first quarter of 2016, total gross written premiums in the Turkish insurance market reached TRY 10.73 billion (EUR 3.3 billion), a 35.6% increase over the same quarter last year, according to data from the Insurance Association of Turkey (TSB).
The downsize trend of the Polish insurance market continued in Q1, driven by the strongly negative change recorded on the life insurance segment. Thus, total GWP amounted to EUR 3.14 billion, 10.76% less y-o-y, while the GWP decrease in life insurance GWP was of 23.37% y-o-y, to EUR 1.34 billion. The Polish zloti depreciation against euro had also a say in the significant market decrease.
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.
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.
According to the data published by the Croatian Insurance Bureau, in the first three months of the current year, the insurance market totaled HRK 2.52 billion (about EUR 336 million), 0.5% lower than in the 1Q2015.
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).
Since early 2016, insurance undertakings in Lithuania, as those across the European Union (EU), working in a new legal environment, have managed to maintain strong, albeit weaker, market growth rate.
In the first three months of 2016, the total premiums of Moldova's insurance companies increased by 12.12%, up to MLD 284.41 million, compared to the same period of 2015, according to the official data published by the supervisory authority - NCFM.
Montenegro's insurers have reported a decreasing consolidated GWP amount, by 1.84% lower y-o-y, mostly pushed down by the significantly decrasing property insurance business.
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.
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.
At the end of March 2016, the Kosovo insurance market totaled EUR 18.50 million - 2.56% more y-o-y, according to the market statistics published by the Central Bank of Kosovo - CBK. During the reported period, claims paid by insurers totaled EUR 8.20 million, down by 8.71%.
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.
Nine of twelve CIS insurance market ended the year 2015 "in red", according to the preliminary figures centralized by xprimm.com, the group three "performers" being formed by Armenian (+13.92% y-o-y), Georgian (+2.93%) and Uzbek insurers (+21.60%).
During the last five years, the Ukrainian insurance market saw a steady growth in local currency, except for the year 2014. In 2015 the volume of GWP earned by insurers has shown a double digit growth, up by 11.1%. However, denominated in European currency, the market GWP went down by 19%, making experts to appreciate that "in 2015 were not impressive dynamics".
Benfitiing from the positive results recorded on the voluntary types of insurance, the Armenian insurance market saw a y-o-y GWP increase of 4.3% in 2015. Moreover, it recorded a record net profit in past five years, reaching to AMD 2.5 billion, up by 71% y-o-y, according to ArmInfo News Agency.
The Georgian insurers market ended the financial year 2015 in black, as gross written premiums increased by 19% y-o-y to GEL 360 million (EUR 137.5 million), according to the State Insurance Supervision Service of Georgia reports.
At the end of December 2015, the Moldavian insurance market totaled MDL 1.2 billion (about EUR 58.8 million), up by 2.1% y-o-y, according to the preliminary statistics recently published by the market's supervisory authority. Claims paid by the 15 insurers that have reported operations totaled MDL 386.6 million (or EUR 18.5 million) - equivalent to 31% of the total GWP.
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.
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.
According to data published by the Insurance Association of Cyprus - IAC, last year, the total volume of GWP by the member companies remained approximately at the FY2014 level: EUR 732 million, up by 0.68% y-o-y.
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.
The Turkish insurance sector ended 2015 with GWP of EUR 9.7 billion, 6% up y-o-y. In local currency, given the Turkish Lira depreciation throughout the year, the market dynamic seems even better, with a GWP y-o-y increase of over 19%, to TR 31.02 billion.
Total value of GWP by the Polish insurers in 2015 amounted to PLN 54.8 billion (EUR 12.86 billion), a volume fairly equal as compared with 2014 (decrease y-o-y by 0.23%), while the total value of claims paid went down by 2%, to PLN 34.8 billion. Insurers' net profit amounted to PLN 5.7 billion and was 14.3% lower than in 2014.
According to data published by the Slovenian Insurance Association, the local market ended 2015 with GWP of EUR 1.9 billion, 1.95% higher y-o-y. Life insurance a saw a higher than average growth rate, of 5.7%, thus increasing its share in the market portfolio by 1pp, to 28.65%.
Insurance market data for 2015 published by the Czech National Bank (CNB) confirm the GWP growth on the non-life insurance segment, at a pace of 4.9%, to CZK 90.98 billion (EUR 3.37 billion). Life insurance GWP went down by 12.3%, according to CNB data, while the entire market recorded an almost 3% decrease, to CZK 153.4 billion (EUR 5.67 billion).
In 2015, the GWP of Russian insurers increased by 3.65% y-o-y, showing the slowest market growth pace since 2009. At the same time, the share of insurance in GDP decreased from 1.38% to 1.37%. The GWP growth was only possible due to MTPL tariffs increase.
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.
The insurance market of Montenegro saw a 6.24% y-o-y growth in GWP, to EUR 76.9 million. The non-life insurance segment had the largest contribution to the market growth, reporting GWP of EUR 64 million, 6.93% up y-o-y. Non-life insurance lines account for 83.2% of the total GWP.
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.
Hungarian insurers ended 2015, according to the preliminary data published by the National Bank of Hungary (NBH), with an aggregated GWP volume of EUR 2.72 billion, 2.67% up y-o-y. In local currency, total GWP amounted to HUF 851.43 billion, 2.1% up y-o-y. The market's contract portfolio increased by 5.8% relative to the end of the previous year
Latvian insurers ended 2015 with an overall GWP volume reaching EUR 531.12 million, 2.65% up y-o-y. Paid claims also increased to EUR 310.61 million, 9.85% more y-o-y recording a higher than average growth rate, the life insurance segment increased its share in the market portfolio by 1 pp, to 21.6%.
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.
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.
Total GWP by the Belarussian insurance market last year have risen by 12% y-o-y, to BYR 8,139 billion. In European currency, due to the local currency devaluation, the market figures show a quite different trend in GWP terms: EUR 400 million, or 20.66% less y-o-y.
In 2015, Lithuania's insurance market grew by 7.4% in terms of GWP, amounting to EUR 645.1 million. The result was in line with the Bank of Lithuania projections, according to which "the development of the insurance market should amount to 6-7% this year."
At the end of December 2015, the Greek insurance market totaled EUR 3.57 billion, down by 5.8% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
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.
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%.
Year 2015 ended for the Albanian insurance market with GWP of EUR 102.6 million, 23.7% up y-o-y and a total amount of paid claims of EUR 26.5 million, almost 31% up y-o-y.
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%.
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.
According to the first data published by the Central Bank of the Republic of Kosovo, the local insurance market ended 2015 with GWP of EUR 78.77 million, 1.64% down y-o-y. Paid claims amounted to EUR 36.97 million, 18.6 more than in 2014.
In 2015, the GWP collected by the local companies reached to AZN 442.91 million, up by 3.2% y-o-y. In the reporting period, GWP for the Non-Life segment grew by 0.69%, while life insurance line increased by 10.94% y-o-y, according to data presented by the Ministry of Finance of the Republic of Azerbaijan.
The Top 50 rankings of the life and non-life insurance companies in the CEE are probably the most evident proof of difference in size among the Polish market and the rest of the CEE markets. Thus, the Polish companies are obviously dominating the top part of the rankings: Top 5 on the life insurance segment and Top 3 on the non-life side are entirely Polish.
While the overall regional life insurance GWP went down by 3.4%, driven by the negative trend recorded in Poland and the Czech Republic, the Unit-Linked segment saw an almost 2% increase in GWP, to EUR 4.7 billion. However, across the region there are huge differences in the trends recorded in various countries.
GTPL insurance accounted for 4.4% of the CEE overall portfolio, a share fairly unchanged as compared with the line's weight 12 months before. In 3Q2015, GWP for this class went up by 5.3%, to EUR 1.06 billion, with most of the additional premium volume coming, in absolute terms, from the Czech market.
The CEE insurance market ended the first 3Q of 2015 with an aggregate GWP volume amounting to EUR 24.2 billion, by 0.48% higher y-o-y. Although most markets in the region saw a positive trend, the high growth rates recorded in the small markets hardly managed to offset the negative change in GWP recorded by Poland, the Czech Republic and Slovakia.
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 property insurance classes (including class 8 "fire & allied perils" and class 9 "other damages to property") saw in 3Q2015 a mostly stagnant evolution in the CEE region, with insignificant positive ir negative y-o-y changes in the premium volume in all countries, except for Poland and the Czech Republic.
At the end of 3Q2015 the Polish insurance market totaled PLN 40.88 billion (EUR 9.65 billion) or 0.22% more y-o-y, as the financial indicators published by the Polish Financial Supervision Authority (KNF) show. Official figures also reveal that the amount of paid claims/indemnities during the period was PLN 25.85 billion, representing an increase of 2.39% y-o-y.
According to data provided by the Romanian FSA, the local insurance market saw a 7.6% positive change in GWP at the end of the 3rd quarter of 2015, to EUR 1.43 billion. Life insurance GWP went up by 9.46%, while on the non-life side the growth in premium production was of 7%, boosted by the MTPL line growth.
The Slovak insurance decreased 3.6% y-o-y during January-September 2015 to EUR 1.53 billion, according to the financial figures published by the National Bank (NBS). In the analyzed period, life insurance decreased by 8.4%, to EUR 798 million, while the non-life insurance segment was up by 2.3%, to EUR 740 million.
The Czech insurance market totaled at the end of the first three quarters of 2015 about CZK 116 billion (EUR 4.3 billion), 3.6% less y-o-y, according to data provided by the Czech National Bank (CNB). Non-life segment reported a positive dynamic in GWP (+4.8% y-o-y to CZK 69.2 billion), while the life insurance segment contracted by 13.7% to CZK 46.8 billion.
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.
All 15 insurance companies active on the Moldavian insurance market have concluded the first nine months of the year with a positive balance, according to data published by the National Commission of Financial Market (NCFM).
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.
According to the quarterly report on insurers' performance published by the Insurance Association of Cyprus (IAC), between January and September 2015 the local insurance industry remained approximately at the 3Q2014 level, the volume of gross premiums written by the member companies totaling EUR 550 million (up by 0.2% y-o-y).
In January-September 2015, the Serbian insurance market totaled RSD 60.6 billion (EUR 506 million), up by 18%, according to the data published by the National Bank of Serbia. At the same time, the value of paid claims increased by 10.6% y-o-y to RSD 22 billion (EUR 185 million).
The Latvian insurance market totaled EUR 396 million at the end of September 2015, increasing by 4.6% compared with the same period last year, according to figures published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 225.2 million in claims (9.5% more y-o-y).
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.
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.
Lithuania's insurance market, in terms of premiums written over the three quarters of 2015, grew 6.9%, to amount to EUR 463.5 million. Life assurance premiums continue growing fast, although the development of this insurance branch is slower than last year. The non-life insurance branch recorded sustainable growth.
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.
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).
At the end of September 2015, the Georgian insurance industry totaled GEL 292 million (EUR 109 million), as the figures published by the Insurance Supervisory Office showed. Compared with 3Q2014, the local insurance market increased by 29.4% y-o-y, due to the 94% growth rate reported on the health insurance 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).
Based on the figures released by the insurance agencies in the Federation of Bosnia and Herzegovina (FBiH) and the Srpska Republic (RS), in 3Q2015 the aggregate value of GWP by the 24 insurers active in the two administrative entities that formed the country was EUR 227.2 million, or 4.4% more y-o-y. Overall, the value of claims paid increased by almost 5% y-o-y to EUR 96 million.
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.
In the first nine months, the Belarusian insurance market increased by 10.5% in the local currency. The devaluation of the Belarusian Ruble (BYR) against USD by 67% and 50% against EUR directly affected the volume of business and welfare of the citizens. As a result, insurance market decreased by 25.52% in European currency
The Czech insurance market ended the first three quarters of 2015 with GWP of EUR 3.23 billion (CZK 87.96 billion), 1.87% up y-o-y, according to data provided by the Czech Insurance Association (CAP). Non-life recorded a positive change in GWP, acting thus as the market driver, while the life insurance segment saw a further decrease in premiums.
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.
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%).
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.
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.
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.
In 3Q2015, the GWP collected by the local companies reached to AZN 339.26 million, up by 8% y-o-y. In the reporting period, GWP for the Non-Life segment grew by 5.43%, while life insurance line increased by 15.95% y-o-y, according to data presented by the Ministry of Finance of the Republic of Azerbaijan.
The CEE insurance industry saw a 0.65% average growth rate in 1H2015, to a total GWP volume of EUR 16,655.8 million. The Czech Republic and Slovakia were the only countries ending the first half of the year with a negative change in GWP, of 4.99% and 2.8% respectively. In both cases the life insurance segment is entirely responsible for the negative trend.
The Albanian insurance market closed the first half of 2015 with GWP amounting to EUR 45.8 million (or ALL 6.42 billion) 20.9% up y-o-y. According to the Albanian FSA data, the number of issued insurance contracts reached 488,172 showing an increase of 9.15% y-o-y.
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).
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).
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.
In the first half of 2015 the GWP collected by the Azerbaijani insurance companies up by 14.34% compared with 1H2014. Premiums for the Non-Life insurance segment totaled AZN 176.52 million, which was with 13.19% higher than in the previous semester.
In the first half of 2015, GWP by the Armenian insurance companies increased by almost 2%, to AMD 16,004 million. At the same time there was recorded a significant decrease of the paid indemnities, by 55%.
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.
The first half of 2015 appears to have brought the Romanian insurance market on an uptrend, with GWP increasing by 8.7% y-o-y, to RON 4.3 billion (EUR 971 million). The MTPL insurance line reported the best performance in terms of GWP growth, but still remained the theatre of the highest concerns and turmoils.
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.
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.
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.
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.
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.
GWP by Russian insurers in 1H2015 increased by 2% y-o-y, showing the slowest market growth pace since 2009. As a result, the share of insurance in GDP decreased from 1.41% to 1.39%.
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.
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.
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.
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.
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).
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).
In the first half of 2015 gross written premiums reached KZT 151.4 billion or EUR 731.58 billion. Figures denominated in local currency show a growth rate of 4.69%, while in the European currency insurance business increased by 26.41% due to revaluation of KZT against foreign currency.
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.
In 1Q2015 the Slovak insurance market totaled EUR 614.20 million, 4.43% up y-o-y, the statistics published by the National Bank of Slovakia (NBS) indicated. The value of paid claims increased by 4.67% y-o-y to EUR 313.88 million.
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.
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.
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.
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%.
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).
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.
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.
In the first half of 2015 the Uzbek insurance market reached a total GWP volume of UZS 270.9 billion, up by 21.8% in local currency. Total claims paid were amounted to UZS 56.7 billion, 69.6% more than in January-June 2014.
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.
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).
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.
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.
The value of aggregate gross written premiums of insurer members of Slovak Insurance Association - SLASPO has risen by an annual of 3.62% to EUR 632.29 million in the first three months of 2015, as the preliminary SLASPO statistics indicated.
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.
At the end of March 2015, the Turkish insurance sector totaled TRY 7.9 billion (EUR 2.8 billion), this representing a nominal increase of 13.1% y-o-y, according to the market statistics recently published on the Insurance Association of Turkey - TSB's website.
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.
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).
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%.
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.
The results of the Czech Insurance Association (CAP) member companies for the first quarter of 2015 show an increase of 0.5% in total annual premiums. Market stagnation mainly results from an ongoing decline in life insurance reaching almost 3%. Non-life insurance is still experiencing a mild recovery, namely from 2.3% at the end of 2014 to 2.6%.
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.
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.
In the first quarter of 2015, the Lithuanian insurance market grew by 6.9% in terms of premiums written year on year, and amounted to EUR 150.7 million. This is the highest performance of premiums written over the first quarter in the history of the domestic insurance market.
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.
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).
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).
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).
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.
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.
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.
Estonian insurers reported gross written premiums totaling EUR 87.24 million at the end of March 2015, 4% more 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 increased by EUR 1.29 million in absolute value, up to EUR 51.06 million.
The GWP underwritten by Croatian insurers totaled HRK 2.54 billion (EUR 332.34 million) in the first quarter of 2015, up by 3.76% y-o-y, the Croatian Insurance Bureau announced. The value of paid claims by insurers totaled HRK 1.06 billion, 1.22% less y-o-y.
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.
The consolidated net profit of the Slovak insurance market amounted, in 2014, to EUR 181.09 million, 13.4% up y-o-y, according to data provided by the National Bank of Slovakia (NBS). "The amount is the second highest in history, while the maximum, EUR 188 million, was reached in 2011," Julia CILLIKOVA, Director of the NBS Regulation and Financial Analysis Department, told XPRIMM.
Both external and internal factors determined an imbalance on the Ukrainian insurance market, which in turn led to a 6.61% y-o-y decline of the local market. In the analyzed period,the non-life insurance line decreased by 12.80%, while the life insurance segment went down by 6.03%.
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.
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."
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).
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.
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).
Slovenian insurers saw again a negative change in the overall market results in 2014, with GWP decreasing by 2%, to EUR 1.94 billion. The negative trend affected both life and non-life insurance segments. Paid claims also decreased by 2.5%, to EUR 1.33 billion.
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.
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).
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.
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.
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.
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).
The Uzbek insurance market ended 2014 with a total gross written premiums volume of UZS 439 billion, equivalent to EUR 146.98 million, up by 29.74% in national currency as compared with 2013, according to the market data provided by the Ministry of Finance of the Republic of Uzbekistan.
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).
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).
In 2014 Belarusian insurers received insurance premiums for direct insurance and coinsurance in the amount of BYR 7.3 trillion, 10.14% more as compared with January-December 2013 (BYR 6.6 trillion).
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.
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.
Hopes for a strong recovery of the insurance market were not confirmed as the full year figures of the CAP - the Czech Insurers Association show only a very small growth in terms of GWP (1.05%), to CZK 115.19 billion. In European currency, given the significant depreciation of the Czech koruna, the total GWP amounted to EUR 4.15 billion, a value close to the one from 2013.
Driven by a recovery in the economy and an almost 7% increase over 2014, the insurance market this year is likely to maintain a similar growth rate, forecasts the Bank of Lithuania.
According to data presented by the Ministry of Finance of the Republic of Azerbaijan, in 2014, the insurance market of Azerbaijan totaled AZN 429.18 million, reporting an increase rate of 5.79% in local currency, while the claims paid amounted to AZN 157.13 million, up by 27.95%.
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.
Last year, the Kosovo insurance market totaled EUR 80.08 million, or 3.48% more y-o-y, according to the preliminary statistics published by the Central Bank of the Republic of Kosovo (CBK). At the same time, the volume of paid claims by local insurers decreased significantly by 18.90%, to EUR 31.18 million.
The consolidated results of the CIS insurance markets for 3Q2014,
denominated in EUR, show an about 10% y-o-y decline in GWP terms, mostly driven by
the economical and political difficult situation. In some cases the
significant depreciation of the local national currencies towards
EUR/USD also contributed greatly to the negative trend.
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).
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.
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).
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.
According to third-quarter figures of the Czech National Bank, the sector's supervising authority, the Czech insurance market development shows no unexpected major changes. Annual premiums totalled CZK 120.23 billion, 2.6% up y-o-y. Both life and non-life insurance segments saw a positive evolution in terms of GWP.
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.
Over the three quarters of 2014, the Lithuanian insurance market, in terms of premiums written, increased by 6.3% and amounted to almost LTL 1.5 billion (EUR 433 million). Such growth was driven by rapid expansion of the life assurance sector. The non-life insurance sector was distinguished by high competition and more modest growth, the Bank of Lithuania reported.
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.
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.
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.
The Slovenian insurance market saw a 2.8% y-o-y decrease in GWP at the end of the first three quarters of 2014, to about EUR 1.5 billion. Although the strongest relative decrease rate was recorded on the life insurance side (-4.99%), in fact both life and non-life insurance sectors have lost about EUR 20 million of their total GWP amounts, as compared with 3Q2013.
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.
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).
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.
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).
At the end of the third quarter of 2014, Hungarian insurers reported an after-tax profit of HUF 20.65 billion (~EUR 66.53 million) on a GWP volume of HUF 630.75 billion (EUR 2.03 billion), data published by the National Bank of Hungary (MNB) and the insurers' association MABISZ show.
In January-September 2014, the Georgian insurance market decreased by 44% y-o-y in local currency to GEL 225.95 million (EUR 101.6 million), according to data published by the Insurance Supervisory Office - ISO.
In the first nine months of 2014, the total value of claims paid by the Belarusian insurance companies increased by 17.17% compared with 3Q2013, while premiums increased by only 11.87%. The level of insurance payments in the total amount of insurance premiums increased from 41.4% in the first nine months of 2013 to 43.3% in 3Q2014.
In the first nine months of 2014, the volume of gross written premiums collected by the Uzbek insurance companies totaled UZS 317 billion or EUR 103.10 million, up by 29.23% in national currency compared with 3Q2013, according to market data provided by the Ministry of Finance of the Republic of Uzbekistan.
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%.
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.
In the first nine months of the current year, gross premiums written by the 16 insurance companies active on the Moldavian market totaled MDL 899.88 million, up by 3.31% compared to the same period of 2013, according to the data of the National Commission for Financial Markets.
At the end of September, the Turkish insurance sector totaled TRY 19 billion (EUR 6.6 billion), this representing a nominal increase of 6.3% y-o-y, according to the statistics recently published by the Insurance Association of Turkey - TSB.
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.
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.
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%.
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.
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).
The Slovak market recorded once again a growth rate of about 2% in GWP, to EUR 1.13 billion. The positive trend was visible both on the life and non-life segments.
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).
The total volume of gross premiums written by the Insurance Association of Cyprus (IAC) members amounted to EUR 382 million in 1H2014, representing a decrease of 2.2% y-o-y. According to the IAC website, there are 30 insurance company members accounting for about 95% of the annual GWP in the local market.
The slightly positive trend of the Czech insurance market continued in the first half of 2014, with an overall increase in GWP of 3.6%, to CZK 82.95 billion. However, the almost 6% depreciation of the Czeck currency against the euro made the market results to show a negative change of 2% when denominated in euro, to EUR 3.02 billion.
The Romanian insurance market decreased 6.8% y-o-y in the first half of 2014 to RON 3.97 billion (EUR 890 million), as the Financial Supervisory Authority (FSA) announced in the half-year Report.
Slovenian insurers ended 1H2014 with an aggregate GWP of EUR 1.05 billion, 3.2 lower y-o-y. "As expected, the decline in gross written premium is still noticeable and we can expect this trend till the end of this year," Mateja LAMOVSEK, Insurance Analyst with Slovenian Insurance Association told XPRIMM.
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).
In January -June 2014, gross written premiums recorded by the Armenian insurance market totaled AMD 15.6 billion; going down by 38% compared with the results of the 1st half of 2013 when insurance companies had collected AMD 21.6 billion in premiums.
According to a report published by the Central Bank of Russia, in the first half of this year the local insurance market grew by 8.49% in national currency compared with the same period of last year. Therefore, in 1H2014 gross written premiums reached RUB 507.2 billion (EUR 11 billion) fromRUB 467.5 billion (EUR10.9 billion) in 1H2013.
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.
According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled, at the end of June, EUR 257.5 million, 7.7% more y-o-y. At the same time, the value of paid claims and indemnities increased by 1.3% y-o-y to EUR 135.3 million.
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.
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.
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.
The Bulgarian insurance market closed the first half of 2014 with a 7.5% y-o-y growth in GWP, to EUR 456.7 million. Paid claims for the same period amounted to EUR 203.5 million, growing by only almost 1pp despite the floods affecting the north-eastern part of the country, including the seaside resorts on the Black Sea shore.
In the first half of this year, the total value of claims paid by the Belarusian insurance companies increased by 16.46% compared with the first half of 2013, while premiums increased by only 7.6%. The level of insurance payments in the total amount of insurance premiums increased from 38.5% in the first half of 2013 to 43.6%.
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.
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.
Croatian insurers reported for 1H2014 a GWP volume of EUR 618 million, down by 6.3% y-o-y. Almost 70% of the negative difference in volume was generated by the falling business volume of the market leader, CROATIA Osiguranje which ended 1H2014 with 13% y-o-y decease in GWP, to EUR 188 million.
With a total GWP volume of EUR 64.5 million, the Macedonian insurance market recorded, in 1H2014, a 9.7% y-o-y growth rate. Life insurance showed the highest y-o-y growth rate, of almost 20%, but still holds a modest share in the market portfolio (9.7%, up ~1pp y-o-y).
The Bosnian insurance market remained on track during the first half of 2014 and reported GWP of EUR 144.8 million, 9.2% up y-o-y. On the other hand, insurers' balance was significantly affected by the damage caused by catastrophic flooding during this spring as the paid claims volume rose by about 27%, up to EUR 61 million.
After the impressive growth rates recorded during the previous years, in 2014 it seems the Turkish market is slowing down, with only a 5.75% increase in GWP y-o-y after the first half of the year, following the 6.1% y-o-y increase reported in 1Q2014. Life insurance and motor insurance are responsible for the current appeasement.
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.
