CEE insurance sector grows by over 10%

The Central and Eastern Europe (CEE) insurance market reached a total of EUR 12.5bn by the end of the first quarter of 2023, a year-on-year rise of 10.2%.

All CEE markets exhibited annual growth, led by Poland, with EUR 4.3bn gross written premium (GWP), followed by Czechia (EUR 2.3bn), Hungary (EUR 1.1bn), Romania (EUR 957mn), and Slovenia (EUR 825mn), based on data compiled by Romania’s xprimm.

Albania, Lithuania, Bulgaria CEE’s biggest growing markets

These five markets accounted for around 76% of the regional insurance business, with the remainder generated by the other 12 CEE countries. The most substantial annual growth rates were observed in Albania (29%), Bulgaria (28%), and Lithuania (21%).

The regional value of paid non-life claims and life indemnities rose by 2.3% year-on-year, to EUR 6.5bn and CEE’s life insurance sector accounted for EUR 3.2bn, up 1.8%. Life insurance represents just over a quarter of CEE’s insurance market, with 25.7%, xprimm commented.

The motor insurance sector totalled EUR 4.7bn, an annual increase of over 12% from EUR 4.2bn, with third-party liability alone contributing EUR 2.8bn. Property insurance contributed approximately EUR 1.9bn in GWP, compared to EUR 1.7bn from the previous year, the Romanian insurance specialists added.