Gross premiums written across the 17 insurance markets in the CEE amounted to EUR 40.81 billion in 2021, by 8.84% more than in 2020. Except for Slovakia, all markets saw a positive dynamic, in some cases even at a double-digit growth rate.
While non-life insurance lines had, all together, the highest contribution to the y-o-y GWP growth, it is fair emphasizing that, in fact, life insurance and the main non-line insurance classes have comparable contributions, showing a rather uniform growth trend across all business lines. Other classes, with a lower share in the market portfolio, as health insurance, suretyship, financial risks insurance saw an increased interests.
In comparison with the 2019, the last year before the crisis caused by pandemic, life insurance reached a level nearing the pre-Covid one, while non-life insurance has already exceeded the 2019 GWP level by about EUR 2 billion.
Claims paid also increased as compared with the previous year, reaching EUR 23.12 billion, 6.27% up y-o-y. On the non-life side, extreme weather events, as the tornado that hit South Moravia in Czechia and regions of Poland, and the increased claims figures on the motor insurance lines were the main reasons behind the about 6% increase in paid claims. On the life insurance side, indemnities paid also increased by about 6.46%, mostly as a result of the increased mortality because of Covid and the summer heat waves.
Access xprimm.com and download FY2021 aggregate CEE insurance market statistics - GWP, claims, growth rates, shares per countries on the following LoBs: overall, life, non-life, property, MoD and MTPL.
You can read a comprehensive regional and country by country analysis in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & ex-USSR for FY2021.