Since the time we published the CEE FY2024 statistical data, year-end data for the Serbian market became available. You may find now the new data set, where Serbian data at 3Q were replaced. The overall results are not majorly affected by the correction.
CEE insurers wrote gross premiums worth EUR 53.17 billion in 2024, up by 7.69% y-o-y. Claims rose more significantly, by 14.93%, totaling EUR 27.91 billion, driven by insured losses after the summer extreme weather events and rising repair costs.
The Top 5 Markets by GWP were:
- Poland – EUR 20.05 billion (up by 10.51%), 37.71% market share
- Czechia – EUR 9.15 billion (up by 6.15%), 17.21% market share
- Romania – EUR 4.71 billion (up by 10.94%), 8.86% market share
- Hungary – EUR 4.13 billion (up by 4.91%), 7.78% market share
- Slovenia – EUR 2.73 billion (down by 10.88%), 5.13% market share
Strongest GWP growth was recorded in Kosovo – (14.63%), Albania – (13.27%), Montenegro – (12.34%), North Macedonia – (11.33%) and Romania – (10.94%).
On the claims side, Czechia saw the highest increase among all countries (25.35%), mostly because of the September floods. Romania also had a notable increase at 23.47%, driven mostly by the motor insurance sector which not only is prevalent in the market, but also saw raising claims costs. Only Estonia and Hungary recorded a decline in claims, with Estonia down 6.48% and Hungary down 0.69%.
In market share terms, Poland and Romania strengthened their regional market shares, while Slovenia’s share dropped notably from 6.20% to 5.13%. Most smaller markets remained stable in share, though minor increases were seen in Albania, Kosovo, and Montenegro.
Except for Slovenia, which is still feeling the effects of the dramatic changes in its health insurance sector, all CEE market saw a positive dynamic of the non-life business. Aggregated GWP reached EUR 39.42 billion, up by 8.4% y-o-y. However, non-life claims expenses rose by 22%, to EUR 19.6 billion.
The highest increase in paid claims occurred in the property insurance sector, which in average saw a 56.8% increase (data for Kosovo, Romania and Slovenia not available). While markets of the Balkan countries saw mostly decreasing claims expenses, in Central Europe several market experiences a steep increase in the compensations paid for losses caused by the extreme weather events. GWP grew by 12%, to a total of EUR 8.28 billion.
Motor insurance lines recorded a positive dynamic in GWP terms, but also a significant increase in paid claims. MoD business grew by almost 12%, to EUR 8.85 billion, while claims expenses went up by 15%, to EUR 4.36 billion. The same trend manifested itself on the MTPL insurance line, only at somewhat at a lower pace: GWP amounted to EUR 12.17 billion (9.46% up y-o-y), while paid claims reached EUR 10.46 billion, up by 22.54 y-o-y.
Visit the CEE statistical webpage to see regional statistical data for the main business lines.
