CEE, FY2017: GWP and paid claims increased at the same pace: 11.5%

The CEE insurance market saw a 11.5% y-o-y growth in 2017, statistical data gathered by XPRIMM show. Overall, GWP amounted to EUR 36.12 billion. With a similar increase, paid claims reached almost EUR 22 billion. The forthcoming issue of the XPRIMM Insurance Report for FY2017, to be launched on May 14, will present in depth information in this regard.

While all CEE insurance markets have recorded positive growth rates, four of them have reported outstanding, double digit increases of the GWP volume: Poland (18%), Latvia (21.3%), Lithuania (11.7%) and Estonia (10.1%).

On the paid claims side, many of the region's markets have experienced significant increases in the suns paid by insurers, mostly driven by the extreme weather events occurred last year.

Poland maintained its unquestionable top position in regional ranking, accounting for 41.4% of the region's GWP. Czechia ranks second (16.3% market share), followed by Hungary (8.5%) and Slovenia (6%). The Slovak and Romanian markets have closely competed for the fifth position, with market shares differentiated by only 0.03%: the Slovak Republic (5.91% -based on the unaudited results), Romania (5.88%).

The forthcoming edition of the XPRIMM Insurance Report will present an in-depth analysis of the regional market performance in 2017, also providing for regional rankings on the main business lines and detailed information concerning each market of the region. The report will also contain regional and country by country information for the CIS and SEE regions.

XPRIMM Insurance Report FY2017 - CEE, SEE & CIS will be officially released on May 14, on the occasion of the International Market Trends Conference at FIAR - The International Insurance-Reinsurance Forum (Bucharest, 13 - 16 May). Participants to the conference will benefit from a complimentary copy of the report.

Click here  to order a copy of the XPRIMM Insurance Report FY2017 - CEE, SEE & CIS.

Related articles

photodune-3834701-laughing-girl-xs

Challenges and opportunities of agricultural risks transfer

Despite the rapid movement of the modern world towards digitalization, high technology and process sophistication, the longtime existing agricultural industry remains important for satisfying the primary needs of humanity in food and basic material. In parallel with all technological development people are returning to forgotten principles of sustainable nutrition. Can agricultural industry support this trend? Which challenges agricultural industry experience itself in the era of climate change? We have discussed these and other questions with Olena SOSENKO - International expert in agricultural risk management.

2018-05-23
photodune-3834701-laughing-girl-xs

SERBIA: New Law on Compulsory Traffic Insurance announced

By 2020, Serbia should adopt new regulation in the field of insurance, which would follow the requirements in the process of European integration. The biggest challenge will be the adoption of the new Law on Compulsory Traffic Insurance, to replace the current Law adopted in 2009.

2018-04-12

Europe's future may lie in its pensions

The EU is set to introduce an entirely new class of pension products, according to a proposal by the European Commission currently under debate. Here comes the... PEPPs.

2018-02-16
photodune-3834701-laughing-girl-xs

Allianz Risk Barometer 2018 - Business Interruption and cyber-related incident, top threats for companies globally; NatCat risks return on the top risk agenda

Evolving nature of risk, and rise in cyber-related incidents, means business interruption ranks as top threat for companies globally, according to 1,900+ risk experts from 80 countries, the latest Allianz Risk Barometer shows. On the other hand, while the economic state of the global economy seems to arouse less concern, the strong wave of Nat Cat events brought by the second half of 2017 has placed once again natural catastrophes and climate change up on the risk agenda.

2018-01-18
photodune-3834701-laughing-girl-xs

S&P's: Introducing compulsory cessions could support Russia's domestic reinsurance market, or undermine it

In a recently published report S&P Global Ratings said that operating conditions for Russian reinsurers have become considerably more complex over the past few years In the agency's view, the market has become more concentrated, in part because of an increase in minimal capital requirements since 2012. The Russian reinsurance market lacks internal capacity and remains heavily dependent on reinsurance protection from developed markets.

2018-01-11
photodune-3834701-laughing-girl-xs

Online insurance in Europe reached more than 100 billion EUR in 2016

Online and direct channels are the fastest growing business models in both life and non-life insurance industry in Europe. The market share of the online/direct channel business was, in 2015, 8.2% of the total business, while the total gross written premiums of this channel throughout all Europe reached 99.3 billion EUR.

2017-11-16
photodune-3834701-laughing-girl-xs

S&P Global: Polish motor insurers face a decade of uncertainty due to retrospective bereavement damages claims

Over 12 months, average prices for Poland's mandatory motor third-party liability (MTPL) insurance have shot up by about 47%. S&P Global Ratings attributes part of this spike in policy prices to the rising cost of bodily injury compensation claims in Poland over recent yearsPolish motor insurers have also seen fierce competition and inflation in spare parts claims, reads a study recently published by S&P Global. Courtesy to S&P's, XPRIMM readers are exclusively offered access to the study's findings.

2017-11-02

ON THE MOVE

TOP EVENT

FIAR 2018 - Motor Insurance Conference (I & II): with the right use of technoloogy, clients' expectations and MTPL insurer's profitability may go hand in hand

The first and second parts of the Motor Insurance Conference taking place at FIAR 2018 focused on the new MTPL Law in Romania and the way it changed the market after almost 1 year of implementation, as well as the consequences of the new legislative framework and the operational challenges this brings, but also the most suitable solutions for balancing regulation, insurers' appetites and customer expectations on the MTPL market.

16.05.2018

FIAR 2018: Brokers' Conference (II): digitization and technology are needed for efficient operations, but will not replace the human touch in consultancy

The second part of the Brokers' Conference taking place at FIAR 2018 analyzed the impact of European Union's legislative overhaul - IDD & GDPR -, also bringing into debate study cases and real-life scenarios of what the brokers face on the market, and, last but not least, trying to see whether digitization and InsurTech could truly lead to disintermediation.


15.05.2018

Brokers' Conference (I): Until 1 July, when we will see the final version of the IDD, we cannot say for certain if we are ready and how ready we actually are

The second day of debates at FIAR 2018 started with The Brokers' Conference, the event dedicated to the mediation market in Romania and in the CEE region. The first part of the conference focused on a market overview and also analyzed the challenges of the IDD implementation, as well as the potential impact of IPID for MTPL and PAD.

15.05.2018

INSURANCE IN A DIGITAL WORLD Conference: capacity, consistency and culture are the three key success factors in the digital transformation of insurers

The INSURANCE IN A DIGITAL WORLD Conference, taking place at FIAR 2018, brought into debate the impact of digitization on the insurance industry. The first part of the conference focused on risks & opportunities of digitalization for both industry and consumers, as well as case studies and best practices: BigData & IoT, BlockChain, Peer-to-Peer, and AI.

14.05.2018

Insurance Market Trends Conference (II): GDPR and IDD, European regulations affecting all business lines, as well as the compliance with the Solvency II framework, are the main challenges ahead for the Romanian market

During the second part of the Insurance Market Trends Conference, taking place at FIAR 2018, the debates focused on the current situation in Romania and the sustainable development for a growing and stable insurance market, as well as the challenges and opportunities for the local insurers.


14.05.2018

See all