Central and East Europe markets : premiums per country (2012-2016)

In constant evolution for several years, the insurance markets in Central and Eastern European countries have since 2012 undergone substantial slowdown in US dollars.

Within a period of five years, the overall premium volume in dollars had dwindled down from 75 million USD to 56 million USD in 2016, down by 26%.

A substantial deterioration of local currencies versus US dollar has been reported. Consequently, some countries like Russia may exhibit a premium growth in original currency and a decrease of these premiums converted into dollars.

Long regarded as a new Eldorado, particularly for large European insurance groups, this zone does not attract foreign investors anymore as they are disappointed by the monetary policies conducted by some regional countries. For many investors, the economic environment is not favorable to the long-term development of insurance operations.

Some signs of recovery were nonetheless noted in 2016. The premium amounts have grown by 10% thanks to rising rates of motor risks, the improvement of domestic consumption and the consolidation of economic indicators in several countries of the zone.

Evolution of insurance premiums Central and Eastern Europe countries

in thousands USD
Country201220132014201520162012/2016 evolution2016 shares
Central and Eastern Europe (CEE)
Poland
20 253 94119 208 97415 664 60814 052 12213 347 598-34.09%23.77%
Czech Republic
5 985 1105 723 3165 042 4334 693 1464 621 660-22.78%8.23%
Hungary
3 451 2203 717 3333 220 2042 915 3233 002 077-13,01%5.35%
Romania
2 429 4682 486 4832 139 5092 097 9842 202 296-9,35%3.92%
Slovenia
2 714 9772 723 2912 355 8912 189 7712 142 233-21.09%3.82%
Slovakia
2 691 1852 866 4772 559 5702 207 0352 094 025-22.19%3.73%
Croatia
1 583 5161 635 6261 357 8591 248 9561 221 273-22.87%2.17%
Bulgaria
1 083 8761 217 0821 102 5761 097 0711 104 3091.88%1.97%
Serbia
713 772769 626697 772726 645760 7936.59%1.35%
Lituania
684 692775 133730 594704 791748 1489.26%1.33%
Latvia
590 845648 468628 481580 224560 584-5.12%1.00%
Estonia
392 575436 442414 530394 465408 8474.14%0.73%
Bosnia
341 024370 356348 886333 273341 4080.11%0.61%
Macedonia
150 685161 084150 738146 422149 630-0.70%0.27%
Albania
84 59583 984100 897112 548120 12542%0.21%
Kosovo
108 388106 01397 25086 32385 352-21.25%0.15%
Montenegro
88 561100 50687 52584 13884 298-4.81%0.15%
Total CEE
43 348 431 43 030 195 36 699 323 33 670 239 32 994 657 -23.89% 58.76%
Commonwealth of Independent States (CIS)
Russia
26 584 04127 703 76817 569 50014 035 73119 496 112-26.66%34.72%
Ukraine
2 697 793357 4141 692 1571 239 1221 303 464-51.68%2.32%
Kazakhstan
1 574 2641 820 1161 457 540847 9351 067 428-32.19%1.90%
Belarus
506 249699 409613 893442 543500 522-1.13%0.89%
Azerbaijan
436 194517 673548 249284 102275 023-36.95%0.49%
Uzbekistan
144 076154 200178 698195 593213 90748.47%0.38%
Georgia
311 945271 228162 894149 700148 576-52.37%0.27%
Armenia
88 56185 36163 21364 46967 439-23.85%0.12%
Moldavia
89 88292 24576 58562 28467 439-24.97%0.12%
Kyrgyzstan
17 18319 27517 01913 11216 860-1.88%0.03%
Total CIS
32 450 190 34 937 423 22 379 748 17 334 593 23 156 770 -28.64% 41.24%
Grand total
75 798 62177 967 61859 079 07151 004 83256 151 427-25.92%100%
* unavailable data for Tajikistan and Turkmenistan
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