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NEWS ALERT
February 24th, 2012
 
 
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NEWS ALERT
HUNGARY, FY2011: Insurance market remains on the downward track
The Hungarian insurance market is one of the latest in the CEE region still having a rough time as a result of the austerity measures undertaken by the government in its attempt to balance de country's deficit. Insurers' combined revenue from premiums edged down an inflation-adjusted 2.7% to HUF 821 billion in 2011, according to the Hungarian Insurers Association (MABISZ). In nominal terms, the market saw a 0.38% growth. Denominated in European currency, 2011 figures are showing an even more worrying picture, with a 10% drop in GWP, to EUR 2.64 billion, following the almost 12% y-o-y depreciation of the Hungarian forint exchange rate. All in all, the number of policies fell by 60,000 units, to 11 million, MABISZ said.

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BELARUS, FY2011: Insurance market shocked by BYR "hyper-devaluation"
According to results published by The Belarusian Association of Insurers, in 2011, total premiums in the insurance market rose in local currency by 76% year-on-year to BYR 2,362 billion. In European currency, due the devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of written premiums: EUR 219 million, representing a decrease of 35%.

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BiH, FY2011: Life insurance gain momentum in "Austrian" style
The Bosnian insurance market finished 2011 with a positive GWP growth rate, of 3.4%, up to EUR 249.5 million. Insurers domiciled in Srpska Republic (RS) managed to place an aggregated growth rate of 7.12%, up to EUR 67.15 million GWP, while their peers registered in Federation of Bosnia & Herzegovina reported a 2.1% positive change of the written premium volume, to EUR 182.4 million. Consequently, RS insurers' weight in the overall Bosnian insurance market grew by about 1 percentage point, to almost 27%.

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MONTENEGRO, FY2011: MTPL still dominant but growing competition on life
Gross premium written on the insurance market of Montenegro in 2011 amounted to EUR 65.3 million, which represents a growth of 5.4% comparing to 2010, when it amounted to EUR 62 million, according to preliminary data published by Insurance Supervision Agency. At the same time, gross premium per capita in 2011 amounted to almost 99 euro.

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LITHUANIA, FY2011: Insurance market grew driven by non-life
Last year was a successful one to the insurance market as its growth rate almost doubled compared with the national economy. In 2011, the amount of written premiums reached as high as LTL 1.7 billion, a year-on-year rise of 9.5%. The number of insurance contracts surged in 2011 by 3.3% to LTL 4.9 million. The premium amount paid out last year by domestic insurers saw an increase of 15.5% compared with the year before last year.

Access www.xprimm.com and download the FY2011 Lithuanian insurance market statistics.

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