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| Country | 2012 | 2013 | 2014 | 2015 | 2016 | 2012/2016 evolution | 2016 shares |
|---|---|---|---|---|---|---|---|
| Central and Eastern Europe (CEE) | |||||||
Poland | 20 253 941 | 19 208 974 | 15 664 608 | 14 052 122 | 13 347 598 | -34.09% | 23.77% |
Czech Republic | 5 985 110 | 5 723 316 | 5 042 433 | 4 693 146 | 4 621 660 | -22.78% | 8.23% |
Hungary | 3 451 220 | 3 717 333 | 3 220 204 | 2 915 323 | 3 002 077 | -13,01% | 5.35% |
Romania | 2 429 468 | 2 486 483 | 2 139 509 | 2 097 984 | 2 202 296 | -9,35% | 3.92% |
Slovenia | 2 714 977 | 2 723 291 | 2 355 891 | 2 189 771 | 2 142 233 | -21.09% | 3.82% |
Slovakia | 2 691 185 | 2 866 477 | 2 559 570 | 2 207 035 | 2 094 025 | -22.19% | 3.73% |
Croatia | 1 583 516 | 1 635 626 | 1 357 859 | 1 248 956 | 1 221 273 | -22.87% | 2.17% |
Bulgaria | 1 083 876 | 1 217 082 | 1 102 576 | 1 097 071 | 1 104 309 | 1.88% | 1.97% |
Serbia | 713 772 | 769 626 | 697 772 | 726 645 | 760 793 | 6.59% | 1.35% |
Lituania | 684 692 | 775 133 | 730 594 | 704 791 | 748 148 | 9.26% | 1.33% |
Latvia | 590 845 | 648 468 | 628 481 | 580 224 | 560 584 | -5.12% | 1.00% |
Estonia | 392 575 | 436 442 | 414 530 | 394 465 | 408 847 | 4.14% | 0.73% |
Bosnia | 341 024 | 370 356 | 348 886 | 333 273 | 341 408 | 0.11% | 0.61% |
Macedonia | 150 685 | 161 084 | 150 738 | 146 422 | 149 630 | -0.70% | 0.27% |
Albania | 84 595 | 83 984 | 100 897 | 112 548 | 120 125 | 42% | 0.21% |
Kosovo | 108 388 | 106 013 | 97 250 | 86 323 | 85 352 | -21.25% | 0.15% |
Montenegro | 88 561 | 100 506 | 87 525 | 84 138 | 84 298 | -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 | 26 584 041 | 27 703 768 | 17 569 500 | 14 035 731 | 19 496 112 | -26.66% | 34.72% |
Ukraine | 2 697 793 | 357 414 | 1 692 157 | 1 239 122 | 1 303 464 | -51.68% | 2.32% |
Kazakhstan | 1 574 264 | 1 820 116 | 1 457 540 | 847 935 | 1 067 428 | -32.19% | 1.90% |
Belarus | 506 249 | 699 409 | 613 893 | 442 543 | 500 522 | -1.13% | 0.89% |
Azerbaijan | 436 194 | 517 673 | 548 249 | 284 102 | 275 023 | -36.95% | 0.49% |
Uzbekistan | 144 076 | 154 200 | 178 698 | 195 593 | 213 907 | 48.47% | 0.38% |
Georgia | 311 945 | 271 228 | 162 894 | 149 700 | 148 576 | -52.37% | 0.27% |
Armenia | 88 561 | 85 361 | 63 213 | 64 469 | 67 439 | -23.85% | 0.12% |
Moldavia | 89 882 | 92 245 | 76 585 | 62 284 | 67 439 | -24.97% | 0.12% |
Kyrgyzstan | 17 183 | 19 275 | 17 019 | 13 112 | 16 860 | -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 | 75 798 621 | 77 967 618 | 59 079 071 | 51 004 832 | 56 151 427 | -25.92% | 100% |