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PROPERTY by XPRIMM

Year X - No. 1/2022 (10)

Market Results CEE SEE EX-USSR

Full Year2021 CEE Premium growth in a rather calm year

SEE In need of a better solution to address NatCat risks

www.xprimm.com

EX-USSR Uneven trends across the region

COMMERCIAL AND INDUSTRIAL PROPERTY INSURANCE

YOUR BUSINESS OUR CONCERN!

The risks are real, but with EUROINS your business is completely safe.

3 coverage packages: Cover your property, Cover your business + Third party liability Complete coverage + Employees Accident insurance

Premiums corelated with the level of risk, business profile and size Flexibility and tailored coverage via Special clauses www.euroins.ro

Tel: +4031 9483

+4031 9002

SUMMARY

PROPERTY

COVER Nat Cat risks – a call to action  CEE - Premium growth in a rather calm year  SEE - In need of a better solution to address NatCat risks  EX-USSR - Uneven trends across the region 

2 4 8 31

Year X - Issue 2022 (10) EDITORIAL DIRECTOR Daniela GHEŢU

CEE PROPERTY INSURANCE MARKETS Albania  Bosnia & Herzegovina  Bulgaria  Croatia  Czech Republic  Estonia  Hungary  Kosovo  Latvia 

10 11 12 13 14 15 16 17 18

EDITORS

Lithuania  Montenegro  North Macedonia  Poland  Romania  Serbia  Slovak Republic  Slovenia 

19 20 21 22 23 24 25 26

SEE PROPERTY INSURANCE MARKETS Cyprus  Greece 

27 28

Turkey 

29

ex-USSR PROPERTY INSURANCE MARKETS Armenia  Azerbaijan  Belarus  Georgia  Kazakhstan  Kyrgystan 

www.xprimm.com

33 34 35 36 37 38

Moldova  Russia  Tajikistan  Turkmenistan  Ukraine  Uzbekistan 

39 40 41 42 43 44

1

Marina MAGNAVAL, Andrei VICTOR, Andreea RADU DTP Sabin VÂNĂ, Camelia ANGELESCU

XPRIMM Insurance Publications Address: 4-6 Prof. Ion Bogdan Street Bucharest, Romania, 010539 e-mail: [email protected]

Advertising Georgiana OPREA 0040 752 111 411

Although XPRIMM has made every effort to ensure accuracy of this publication, neither it or any contributor can accept any legal responsability whatsoever for consequences that may arise from errors or ommisions or any opinions or advice given, as well as for the actions or cecitions taken based on the articles content. Reproducing of the contents of this publication in any manner is prohibited without the prior consent of the publisher.

PROPERTY

Nat Cat risks – a call to action While 2021 is generally considered – at least in comparison with the previous ones -, a quieter year in Europe in extreme weather events terms, it still has seen several high loss events that impacted the Central and Eastern Europe, as well as Turkey and some of the countries belonging to the ex-USSR space. Altogether they have resulted in billions of economic losses in the Western and Central Europe and tens of victims.

nine others died in Turkey (8) and Lebanon (1). Nearly 600 people were injured. The most significant fire burned near Manavgat in Antalya Province, Turkey. Further notable fires occurred in Mersin, Muğla, Osmaniye and Adana provinces and elsewhere. Economic losses in Antalya and Muğla were preliminarily estimated at TRY2 billion (USD232 million). Insurers faced at least 1,000 claims. The enumeration could easily continue with other events throughout the year, but for the purpose of this articles we have just selected a few of the most damaging ones as described by Aon. The total economic losses produced by the above mentioned events was of about USD 500 million, a sum that seems rather modest in comparison with the worldwide total, but one should keep in mind that the events affected countries that, on one hand, have less stronger economies and smaller resources that those of the Western world and, on the other hand, are more vulnerable to disasters’ economic impact because of the small Nat Cat coverage degree.

July was one of the most “active” periods in the year. Flooding prompted catastrophic damage in Western and Central Europe, the economic toll nearing USD 25 billion. Looking just at the really major events as listed by Aon’s Global Catastrophe Recap for July 2021, there are a few that have repeatedly hit countries belonging to the CEE area: » On July 8-9, severe thunderstorms and torrential rainfall left notable damage across Central Europe. The hardest-hit countries were Italy, Switzerland, Czech Republic, Poland, and Hungary. Hailstones with a diameter of 10 centimeters (3.9 inches) were recorded in northern Italy. Further damage due to strong winds and flooding rainfall caused damage to infrastructure and vehicles. Economic losses were expected in the tens of millions (EUR).

According to data provided by the 2011 Census, the most recent official source of information, the number of dwellings in the countries under the scope of this report is of about 166 million. Yet, as the last decade saw an explosive development in the real estate, it is only natural to expect the real number to be much higher. When data of the 2022 Census will become available, we will have a clearer picture.

» Further flooding occurred on July 17-19 in Central Europe, as additional precipitation fell on already saturated regions due to frontal systems associated with low names Christoph. Impacts were reported in Austria, the Czech Republic, Poland, Slovakia, Slovenia, Hungary, and Germany (Sachsen). Total economic losses were minimally estimated at EUR125 million (USD150 million).

To estimate the dimensions of the insurance gap and its potential impact on economies in the regions, one should consider that not only there are just a few countries where the insurance coverage degree exceeds 50%-60% (Poland, Czechia, Hungary, Slovenia, Turkey for the earthquake risk), but also that not all home insurance policies include protection clauses for Nat Cat and thus a large proportion of the insured houses are, in fact, not protected for floods, windstorm etc. With the rapid growing frequency and severity of the weather related events, the issue is as fast becoming a real problem that puts at risk the regions’ countries resilience.

» On July 21, torrential rains caused severe flooding in the province of Rize and Artvin in northeastern Turkey. At least 1,500 structures were inundated, and dozens more collapsed. Preliminary economic losses were estimated at TRY200 million (USD23 million). » Following record summer heat, major and historic wildfires were ignited in several Mediterranean countries beginning on July 28 and extending into August. In addition to two fatalities in Greece,

PROPERTY

2

Year X - No.1/2022 (10)

FY2021

PROPERT Y INSURANCE

2021- CEE/SEE/CIS COUNTRY FEATURES Area* sq km

Population** Households*** Dwellings*** millions

millions

millions

GDP, GDP per capita, current current prices**** prices**** EUR bilion

EUR

Credit Ratings***** S&P Rate

Moody’s

Outlook

Rate

Fitch

Outlook

Rate

Outlook

CEE Albania

28,748

2.87

0.72

1.01

15.65

5,449

B+

stable

B1

stable

NR

NR

Bosnia

51,197

3.48

1.16

1.62

18.95

5,445

B

stable

B3

stable

NR

NR

Bulgaria

110,879

6.88

3.01

3.89

67.87

9,872

BBB

stable

Baa1

stable

BBB 

positive

Croatia

56,594

4.03

1.52

2.25

57.40

14,229

BBB-

stable

Baa2

stable

BBB+

stable

Czech Republic

78,867

10.70

4.38

4.10

246.47

23,030

AA-

stable

Aa3

stable

AA- 

negative

Estonia

45,228

1.33

0.60

0.66

30.66

23,052

AA-

stable

A1

stable

AA-

stable

Hungary

93,028

9.73

4.11

4.39

149.18

15,330

BBB

stable

Baa2

positive

BBB

stable

Kosovo

10,887

1.80

0.30

0.40

7.64

4,251

NR

NR

NR

NR

NR

NR

Latvia

64,589

1.89

0.86

1.02

32.92

17,390

A+

stable

A3

stable

A-

stable

Lithuania

65,300

2.79

1.27

1.39

55.33

19,833

A+

stable

A2

stable

A

stable

North Macedonia

25,713

2.07

0.56

0.70

11.74

5,673

BB-

stable

NR

NR

BB+ 

negative

Montenegro

13,812

0.62

0.19

0.32

4.91

7,900

B

stable

B1

stable

NR

NR

Poland

312,685

37.84

13.57

12.52

565.97

14,957

A-

stable

A2

stable

A-

stable

Romania

238,391

19.33

7.09

8.45

238.35

12,332

BBB-

stable

Baa3

stable

BBB- 

negative

Serbia

77,474

6.87

2.49

3.23

53.31

7,759

BB+

stable

Ba2

negative

BB+

negative

Slovak Republic

49,035

5.46

1.85

1.99

97.12

17,789

A+ 

negative

A2

stable

A

stable

Slovenia

20,273

2.11

0.81

0.84

52.02

24,666

AA-

stable

A3

stable

A

stable

SEE Cyprus

9,251

0.90

Greece

131,957

10.68

Turkey

783,562

84.68

Armenia

29,743

2.96

Azerbaijan

86,600

Belarus Georgia

0.30

0.43

23.35

26,063

BBB- 

positive

Ba1

stable

BBB-

stable

4.13

6.38

182.83

17,115

BB+

stable

19.48

19.45

473.33

5,590

B+ 

stable

Ba3

stable

BB 

positive

B2 

negative



stable

0.78

0.86

12.87

4,344

B+ 

positive

Ba3 

negative

B+

stable

10.12

1.99

1.86

48.20

4,763

BB+

stable

Ba2 

positive

BB+

stable

207,600

9.35

3.86

3.89

60.07

69,700

3.73

1.03

na

17.19

6,425

CC 

negative watch

Ca 

negative

RD

n/a

4,610

BB

stable

Ba2 

negative

BB

stable

Kazakhstan

2,724,900

19.13

4.15

na

166.61

8,711

BBB-

stable

Baa2

stable

BBB

stable

Kyrgyzstan

199,951

6.65

1.11

33,851

2.59

1.13

na

7.55

1,134

NR

NR

B3

under review

NR

NR

1.08

12.04

4,653

NR

NR

B3 

negative

NR

NR

EX-USSR

Moldova Russia

17,098,242

145.56

52.71

58.00

1,555.80

10,689

NR

NR

NR

NR

NR

NR

Tajikistan

143,100

9.66

1.20

na

7.49

776

B-

stable

B3

under review

NR

NR

Turkmenistan

488,100

6.15

na

na

56.12

9,123

NR

NR

NR

NR

B+

stable

Ukraine

603,550

41.08

16.98

19.40

175.32

4,268

CCC+ 

negative

Caa3 

negative

CCC

n/a

Uzbekistan

447,400

34.56

na

5.63

60.09

1,739

BB-

stable

B1 

positive

BB-

stable

Sources: *CIA World Factbook, **IMF - WEO Database (April 2022), ***National Statistics Officies (2011 Census), **** Xprimm Insurance Report FY2021,*****tradingeconomics.com (July 2022)

AVAILABLE ONLINE AT

www.xprimm.com

3

PROPERTY

Cover

CEE PROPERTY INSURANCE 2021

Premium growth in a rather calm year 2021 began under uncertain auspices: optimistic or less, most economic forecasts were usually emphasizing that all will depend on the further evolution of the pandemic and its impact on the economy. While the year started under the strain of the devastating second wave of the pandemic that has forced several European countries back into lockdowns in the end in 2020, thus triggering the realization that the pandemic story is far from having exhausted all chapters, thus leaving place for further difficult episodes.

Poland, Serbia, Slovenia), but even at more modest rates, the trend was positive everywhere except for Slovakia. However, one should note that Slovakia “lost” one of its major players because of the changing status of the Generali subsidiary from a company registered in Slovakia and under the local’s market authority control, to a branch of a foreign company domiciled in Czechia. In most cases, growth is attributable to the increasing awareness towards the natural hazards threat, either because of the increased frequency and severity of weather extreme events, or because of the recent earthquakes that hit Croatia, but had an impact also on the neighboring countries.

However, throughout the year the EU’s economies grew at increasing paces that resulted in an average annual growth of 5.4%, tending to retrieve their pre-COVID GDP levels. Demand increased over the summer, with retail sales, tourism and leisure services benefiting the most. The labor market revived, and the general sentiment tended to evolve toward optimisms. Yet, growth came accompanied by higher inflation and the latest analysis confirmed the high inflation expectations, especially because of the increasing prices of fuels and energy that became very visible in Q3.

Poland, Czech Republic, Hungary, Slovenia, Romania are the Top-5 property insurance markets in the region, together accounting account for about 75% of the regional GWP. Romania is the new entry in this Top and the only market among the Top 5 ones that cannot pride itself with a higher property insurance penetration. In Poland, the largest property insurance market in the region accounting for about 34% of the regional GWP, the property insurance segment recorded double-digit growth rates in the premium production on both business lines (fire insurance and damages to property insurance). Overall, the segment went up by 17.35%, to GWP worth EUR 1.93 billion. The strongest growth was reported for the "Damages to property" line, including agricultural insurance, where premiums increased by 22.48%, to EUR 972.35 million.

Moreover, construction – one of the few economic branches that seems almost unaffected by the pandemic crisis -, continued throughout the year to deliver tens of thousands of square meters of commercial spaces, offices and living premises all around the CEE. According to a Colliers analysis, “full-year investment volumes for 2021, totaling EUR 11.07 billion, were up by 6% y-o-y but 20% lower than the same period of 2019,” while the forecasted value for 2022 is of over EUR 12.0 billion.

Claims

However, given the impact of the war in Ukraine on the economy, any kind of prediction is clouded by uncertainty. High inflation, extremely visible in what the price of construction materials is concerned, as well as rapidly increasing energy prices, as well as the feeling of distrust caused by the neighboring are challenging. The availability of EU programs for co-financing, including the Recovery and Resilience Facility, could also help certain construction segments, but the overall result is still to be seen. For the time being, one of the established trends is the increase in the housing costs, both for new homes and for eventual reconstruction or repair of the old, damaged ones. As such, the value of the assets at risk in the property insurance market is increasing.

Paid claims reached EUR 2.4 billion in 2021, 16.64% up y-o-y. Seven markets recorded decreasing claims expenses, but in most cases in more about going back to a “normal” level after years when insurers paid higher claims because of various natural events. The most significant increase was recorded by the Czech market, where total payments in property insurance - due to risks as floods, storms, hail, precipitation, snow - reached EUR 260 million in 2021 representing a 117% y-o-y increase vs. 2020. "This is the highest amount for this segment since 2013, when the last large-scale floods occurred in a large part of the Czech Republic". The large increase in 2021 NatCat claims occurred in connection with the tornado in South Moravia, which almost doubled y-o-y the volume of claims paid in the segment of claims as a result of storms, hail and atmospheric precipitation. According to the local insurers association (CAP), it set the highest peak in this group of risks since the beginning of the entire time series in 2006, affirmed the CAP representatives.

Nevertheless, for the regional insurance market 2021 was a recovery year, market by new business initiatives, technical inventiveness, and a rather strong optimism. ***

Premiums

Fortunately, other markets in the region were confronted with extreme weather events in 2021, but fires took also a significant toll on property insurers’ balance - a reality common both to last year and to the first half of 2022. Some examples are relevant:

Property insurance GWP amounted to EUR 5.74 billion at regional level, up by 11.54% y-o-y. Nine out of the 17 CEE markets saw double-digit growth rates for the property insurance premiums (Albania, Croatia, Czechia, Latvia, Lithuania, North Macedonia,

PROPERTY

» Czech insurers have handled about 1,250 fire claims files in

4

Year X - No.1/2022 (10)

FY2021

PROPERT Y INSURANCE

CESEE - FY2021/FY2020 PROPERTY INSURANCE INDICATORS (FIRE, ALLIED PERILS & OTHER DAMAGES TO PROPERTY, SUMMED) Gross written premiums

Change

2021

2020

EUR m

EUR m

Albania

16.97

Bosnia & Herzegovina

32.22

Bulgaria

173.54

Croatia

230.61

Czech Republic

Share of property premiums in non-life GWP

Paid claims (EUR m)

Change

Share of property claims in non-life claims

2021

2020

2021

2020

2021

2020

%

%

%

EUR m

EUR m

%

%

%

13.45

26.20

11.49

10.77

11.61

24.54

-52.71

22.15

41.93

31.30

2.94

9.79

10.20

10.50

10.91

-3.78

8.02

8.98

158.92

9.20

12.86

12.75

34.87

38.52

-9.48

6.44

7.44

206.01

11.94

19.65

19.84

146.83

129.58

13.31

25.65

26.05

1,201.81

1,055.91

13.82

23.36

23.86

770.59

434.95

77.17

30.73

20.95

Estonia

114.60

111.43

2.85

28.69

29.07

59.75

50.65

17.97

24.53

23.71

Hungary

659.32

601.86

9.55

33.47

32.62

222.34

188.09

18.21

29.67

26.28

na

na

-

-

-

na

na

-

-

-

Kosovo Latvia

117.31

95.20

23.23

19.84

17.10

70.10

62.06

12.96

18.74

17.75

Lithuania

151.55

130.19

16.41

21.03

19.60

80.78

68.10

18.62

19.81

18.20

Macedonia

35.16

30.16

16.60

22.51

22.35

11.52

10.21

12.76

17.44

17.66

Montenegro

13.25

13.43

-1.29

16.82

18.16

3.29

2.06

59.94

9.93

7.15

Poland

1,932.18

1,646.52

17.35

18.87

17.80

736.70

738.23

-0.21

14.83

15.32

Romania

311.11

292.85

6.24

13.24

15.37

63.81

71.17

-10.34

4.93

5.91

Serbia

201.87

176.60

14.31

25.72

24.79

67.41

100.30

-32.79

21.81

32.78

Slovak Republic

232.13

301.86

-23.10

22.00

23.44

72.48

120.13

-39.66

15.87

19.25

Slovenia

319.05

286.19

11.48

17.07

15.72

119.68

121.12

-1.19

10.68

11.14

Total CEE

5,742.67

5,151.87

11.47

20.17

19.91

2,482.25

2,170.62

14.36

17.88

16.57

Cyprus

115.17

110.18

4.53

22.48

21.74

20.47

22.62

-9.49

9.32

9.31

Greece

459.47

435.21

5.57

20.30

20.33

na

na

-

-

-

Turkey

1,659.72

2,030.93

-18.28

28.64

27.22

464.56

556.55

-16.53

16.46

17.62

Total SEE

2,234.36

2,576.32

-13.27

26.07

25.49

na

na

-

-

-

For detailed property GWP/claims porfolios see the country profile pages.

2021. While in the beginning of the year the frequency was rather modest, the second half of the year saw an important increase in this type of events resulting both in a higher volume of payments and a bigger value of the average claim on this segment, which increased in the second half of 2021 – according to in data provided by the Czech Insurers Association-, from a long-term stable value of CZK 367 (~EUR 14,700) to CZK 860 thousand (~EUR 34,400). The trend continued also in the first half of 2022, when insurers have solved 2,799 fire claims, with an average damage value of CZK 500,000 (~EUR 20,000).

» Fire remains the danger most often also mentioned by Romanians when referring to the risks that can affect their homes (56%), according to a new opinion poll conducted by the Romanian insurers’ association – UNSAR together with IRES. Fire is an important risk also for corporate customers, as proven by the 2021 data. The 50 largest compensations paid last year by the UNSAR members to corporate customers amounted to approximately RON 108 million (EUR 22 million), the association said. Fire claims totaled approx. EUR 15.2 million, accounting for 69% of the payments made for property claims to corporate customers.

» Property damage caused by natural elements and human activity is dominated by fires with an average damage of over 500,000. CZK. These are not the most numerous, in the first half of the year there were approximately 2.7 thousand, but the total compensations have already exceeded the amount of CZK 1.4 billion.

Finally, although it seems rather trivial, pipe leaks are one of the main causes for property claims. For example, 50% of homerelated insurance events last year in Estonia were caused by pipe leaks. According to the Association of Estonian Insurance Companies (EKsL) last year local insurers paid out EUR 33 million for restoration of homes. There were a total of 18 thousand homerelated insurance events and half of them caused by pipe leaks with a total loss of EUR 15 million. In 2021, the damage from pipe leaks in 30 homes was over EUR 20 thousand euros. The average damage caused by the pipe leak was EUR 1740.

» According to an estimation of the BTA insurance companies, in Lithuania losses caused by fire doubled in 2021 vs. 2020, claims paid for this risk exceeding EUR 1 million. In fact, fire seems to be the most feared risks by Lithuanians, up to 70% residents buying home insurance primarily because of it. The number of fire events is particularly elevated with the start of heating season and falling temperatures.

www.xprimm.com

The insurance gap The protection deficit is still large in the region, with very few

5

PROPERTY

Cover

CEE - PROPERTY INSURANCE (Fire, allied perils and other damages to property, summed) Country

GWP 2021 EUR m. 16.97 32.22 173.54 230.61 1,201.81 114.60 659.32 na 117.31 151.55 35.16 13.25 1,932.18 311.11 205.51 232.13 319.05 5,746.31

Albania Bosnia & Herzegovina Bulgaria Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania North Macedonia Montenegro Poland Romania Serbia* Slovak Republic Slovenia Total CEE

Claims

Change

2020 EUR m. 13.45 31.30 158.92 206.01 1,055.91 111.43 601.86 na 95.20 130.19 30.16 13.43 1,646.52 292.85 176.60 301.86 286.19 5,151.87

2021 EUR m. 11.61 10.50 34.87 146.83 770.59 59.75 222.34 na 70.10 80.78 11.52 3.29 736.70 63.81 na 72.48 119.68 2,414.84

% 26.20 2.94 9.20 11.94 13.82 2.85 9.55 23.23 16.41 16.60 -1.29 17.35 6.24 16.37 -23.10 11.48 11.54

Share in non-life GWP 2021 2020 % % 11.49 10.77 9.79 10.20 12.86 12.75 19.65 19.84 23.36 23.86 28.69 29.07 33.47 32.62 19.84 17.10 21.03 19.60 22.51 22.35 16.82 18.16 18.87 17.80 13.24 15.37 26.09 24.79 22.00 23.44 17.07 15.72 20.18 19.91

Change

2020 EUR m. 24.54 10.91 38.52 129.58 434.95 50.65 188.09 na 62.06 68.10 10.21 2.06 738.23 71.17 na 120.13 121.12 2,070.32

% -52.71 -3.78 -9.48 13.31 77.17 17.97 18.21 12.96 18.62 12.76 59.94 -0.21 -10.34 -39.66 -1.19 16.64

Regional market share 2021 2020 % % 0.30 0.26 0.56 0.61 3.02 3.08 4.01 4.00 20.91 20.50 1.99 2.16 11.47 11.68 2.04 1.85 2.64 2.53 0.61 0.59 0.23 0.26 33.62 31.96 5.41 5.68 3.58 3.43 4.04 5.86 5.55 5.56 100.00 100.00

*2021 GWP, XPRIMM estimates using the 3Q2021/2020 growth rate in RSD

TOP 5 CEE COUNTRIES AS GWP (EUR MILLION) & MARKET SHARES (%) Poland

1,932

Czech Republic

1,202

Hungary

659

Slovenia

319

Romania

311

33.62% 20.91% 11.47%

EUR 5.74 bn

5.55% 5.41%

Other

23.02%

CESEE MARKETS: WEIGTH OF PROPERTY GWP IN NON-LIFE BUSINESS 2,000

33% 1,932

29%

Property GWP (EUR m) % of property ins. in non-life GWP

29%

30%

26%

1,500

1,660

23%

22% 20%

19% 1,202

1,000

21%

20%

20% 17%

17% 13%

500

10% 319

TR

PROPERTY

CZ

HU

GR

SI

311

RO

232

SK

231

HR

202

174

SR

BG

6

20% 15%

13%

459

PL

25%

23%

22%

659

0

35%

152 LT

11% 10% 5%

117

115

115

LV

CY

EE

35

32

17

13

MK

BA

AL

ME

0%

Year X - No.1/2022 (10)

FY2021

PROPERT Y INSURANCE

CEE ‘21/20 CEESEE PROPERTY GROWTH RATE PER COUNTRIES

countries showing a coverage degree close to a sufficient level. As Michaela KOLLER, Director General Insurance Europe stated in a recent interview, “the scale of under- protection is often shocking”. While she was talking about the situation at global level, remarking on the fact that less than half of the economic losses following natural catastrophe events in 2021 were covered by insurance, KOLLER emphasized that the “problem can be particularly acute for emerging economies”, which is in fact the case of many countries in the CEE region.

SK

-23% -18%

TR

-1%

ME

“Because insurance penetration is so low, the impact of catastrophic events is felt more intensely, and for longer. […] While insurers have a role to play, policymakers must also step-up efforts, especially in the context of a changing climate, which results in more frequent and severe Nat Cat events. Keeping insurance affordable implies efforts to mitigate climate change, by significantly reducing greenhouse gas emissions, but also adaptation, which involves, for instance, better land use planning and adequate building codes,” she concluded. Secondary perils as floods, strong winds and droughts are not only present all the time but occurring with increased frequency and severity. Moreover, these phenomena can occur simultaneously. Also, the changing nature of these risks as well as the occurrence of “new” risks in the region, as wildfires or tornadoes, needs to be addressed both in insurance terms and land use optimization. The way urban areas are developing needs to give more consideration to the natural risks.

EE

3%

BA

3%

CY

5%

GR

6%

RO

6%

BG

9%

HU

10% 11%

SI

12%

HR CZ

14%

SR

14% 16%

LT

According to Jerome Jean HAEGELI, Group chief economist, Swiss Re Institute, "the world is experiencing a profound change and we will never see again the world that we knew. Increasing its resilience in face of these changes means also closing the protection gap." Speaking at the EIOPA conference this year, he stressed out that "insurance has the capacity, both in financial and modeling ability terms, to contributed to reducing the protection gap in NatCat." It is only necessary that, while mobilizing these capacities, the other stakeholders – particularly the political and governmental decisions makers -, participate in designing solutions.

MK

17%

PL

17%

LV

23%

AL

23% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30%

Daniela Ghetu

CEESEE 2021 PROPERTY CLAIMS/GWP RATIO 80% 68%

70% 60%

60% 50% 40% 30% 20%

18%

20%

21%

CY

BG

RO

28%

31%

TR

SK

33%

33%

33%

34%

MK

SR

HU

38%

38%

SI

PL

52%

53%

EE

LT

64%

64%

25%

10% 0%

www.xprimm.com

ME

BA

7

LV

HR

PROPERTY

CZ

AL

Cover

SEE PROPERTY INSURANCE 2021

In need of a better solution to address NatCat risks Greece

in European currency, the y-o-y change in GWP was negative (-18.3%), from EUR 2.02 billion in 2020 to EUR 1.7 billion last year.

In Greece, the percentage of home ownership in 2021 amounted to 74.6%. But only 1 in 10 homes is insured, an article published by Asfalistiki Agora reads. While according to the Greek Minister of Climate Crisis and Civil Protection the percentage of insured homes does not exceed 15%, the main reason for which they are insured is the mandatory earthquake insurance that applies to all homes that have been built or acquired through bank lending. Also, the percentage of businesses that are insured does not exceed 20%.

According to the Turkish Insurance Association 2021 Sector Report, while the loss/premium rate for the end of 2020 was 44.9% in the fire and natural disaster insurance branch, this rate was 54% in 2021. At the end of 2021, there was an increase of 55.75% in the claims incurred compared to the previous year, and a loss payment of TRY 4.2 billion was made. Exchange rate movements that increased insurance costs, high inflation and earthquake tariff had a positive impact on the growth in premium production. In addition, the exchange rate movements were effective in the increase in the investment income of the branch, but also caused an increase in the costs. “Currency-based policies are not affected by this fluctuation, but the increase in costs in TRY-based policies has created the risk of under-insurance in fire policies,” the Report reads.

Discussions about the introduction of a mandatory home insurance system are already old in Greece, but up to this moment led to no result. While currently the home insurance premium for a medium sized apartment is of about EUR 150/year, the compulsory policy might cost only half of this amount and offer protection especially to small and medium-sized property owners who are the most vulnerable to the risk.

In the compulsory earthquake branch, approximately TRY 900 million (~EUR 99 million) was paid due to the large-scale earthquakes that occurred in the provinces of Elazığ, Malatya and İzmir in 2020. Fortunately, 2021 was spared from major earthquakes, but the catastrophic flood in August that affected the Black Sea area qualifies as one of the worst events of its kind in Turkey, with tens of victims and losses in the range of tens of millions of Turkish Lira. In 2021, the mandatory earthquake insurance provided by the Turkish Earthquake Insurance Pool-TCIP reached a 52% coverage rate, with 10.5 million homes insured country wide. A county-bycounty view reveals that the coverage degree is uneven across the country, wit Istanbul reaching an ~70% coverage degree. Yet, there are analyst arguing that this coverage degree is calculated on a wrong hypothesis, because it takes as reference the number of insurable houses, while the real number of houses in Istanbul – including unlicensed, illegal constructions, etc.-, is much larger, thus pushing the coverage rate towards a significantly lower value, of about 40%. “Ironically, the buildings that are most likely to be damaged in an earthquake are not included in the calculation of the insurance rate,” reads a study by Dr. Hasan Meral published by Sigorta Dunyasi magazine.

Turkey Turkey is situated on one of the most important earthquake fault lines in the world in such a way that the geographical regions with the largest contribution the country's economy are highly exposed to the earthquake risk. Moreover, in the recent years, the country has witnessed numerous episodes of severe weather. As such, property insurance – precisely the fire and natural disasters branch, has an increasing relevance. Yet, there is still a considerable insurance coverage deficit of the properties, and the difficult economic situation of the last years is only adding to the burden.

The changes that need to be made in the earthquake tariff are implemented gradually, and in this context, the tariff, which was rather unchanged for many years, has been updated in line with the needs of the sector in 2021. On the other hand, the negative effects of climate change have revealed the importance of increasing the rate of insurance against natural disasters. In this context, efforts have been initiated to transform the scope of TCIP insurance into compulsory natural disaster insurance.

The premium production of the 37 Turkish insurers that are providing for insurance included in the fire and natural disaster insurance branch saw a 32.7% y-o-y increase in 2021 (nominal, local currency). The growth rate recorded by the compulsory earthquake insurance segment was of 3.8%, while disregarding the compulsory insurance the growth rate of the branch was of 37.95%. However, given the dramatic devaluation of the Turkish Lira against Euro, by over 65% y-o-y, when denominated

PROPERTY

Daniela Ghetu

8

Year X - No.1/2022 (10)

The International Insurance - Reinsurance Forum had returned in 2022 for its 23rd Edition. Special thanks to our Partners, Speakers and to all the Participants for keeping the FIAR spirit alive!

See you all in 2023! Save the date, 21-23 May

24th

Country Profiles

Albania

MARKET’S MAIN INDICATORS - TIMELINE ALL billion 1 EUR billion 4 ALL 1 EUR 4

GDP, current prices GDP per capita, current prices Unemployment rate

2018

2019

2020

2021

1,636.73 13.26 567,770 4,600

1,691.90 13.89 587,280 4,823

1,644.08 13.29 571,297 4,618

1,890.28 15.65 657,961 5,449

13.70

12.30

11.47

11.68

10.60

% of total labor force 1

Population

Millions

ALL/EUR exchange rate Gross written premiums

Sources: 1 International Monetary Fund, World Economic Outlook Database, April 2022 2 Bank of Albania 3 Albanian Financial Supervisory Authority (AFSA) 4 XPRIMM calculations

2017 1,550.65 11.66 537,640 4,044

Paid claims

2.88

2.88

2.88

2.88

2.87

End of period 2

132.95

123.42

121.77

123.70

120.76

ALL million 3 EUR million 4 ALL million 3 EUR million 4

16,112.99 121.20 4,798.52 36.09

16,922.57 137.11 6,975.68 56.52

17,617.59 144.68 6,377.26 52.37

16,608.01 134.26 7,496.56 60.60

19,267.80 159.55 6,665.58 55.20

1

Insurance penetration degree

% in GDP 4

1.04%

1.03%

1.04%

1.01%

1.02%

Insurance density

EUR/capita 4

42.02

47.56

50.22

46.65

55.54

COUNTRY CHARACTERISTICS Area:

28,748 sq km

Climate:

mild temperate; cool, cloudy, wet winters; hot, clear, dry summers; interior is cooler and wetter

Natural hazards:

destructive earthquakes; tsunamis occur along southwestern coast; floods; drought

Terrain:

mostly mountains and hills; small plains along coast

Land use - agricultural land:

agricultural land: 42.8% (2018 est.) arable land: 22.3% (2018 est.) permanent crops: 3% (2018 est.)

FY 2021 Non-life GWP

permanent pasture: 17.4% (2018 est.) forest: 28.8% (2018 est.) other: 28.2% (2018 est.) GDP - composition, by sector of origin:

agriculture: 21.7% (2017 est.) industry: 24.2% (2017 est.) services: 54.1% (2017 est.)

Fire, allied perils Damages to property Other

9.76% 1.75% 88.49%

Agriculture - products:

wheat, corn, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products; sheep

Labor force:

1.104 million (2020 est.)

Urbanization:

urban population: 63.8% of total population (2022) rate of urbanization: 1.29% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 41.4% industry: 18.3% services: 40.3% (2017 est.)

Households/Dwellings

722,600/1,012,400

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

Fire, allied perils Damages to property Other

PROPERTY

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m)

14.68% 8.46% 76.87%

Total

Fire, allied perils

FY2020

124.76

1Q2021 1H2021 3Q2021 FY2021

30.40 66.74 107.93 147.48

10

Non-life claims (in EUR m) Total

Fire, allied perils

10.59

Damages to property 2.86

55.54

23.44

Damages to property 1.10

4.57 8.52 11.70 14.39

1.03 1.61 2.07 2.58

15.46 27.81 38.71 50.16

2.95 4.19 5.60 7.36

3.01 3.88 3.99 4.24

Year X - No.1/2022 (10)

FY2021

Bosnia and Herzegovina

MARKET’S MAIN INDICATORS - TIMELINE

Unemployment rate

Central Bank of Bosnia and Herzegovina

AZOBIH - Insurance Agency of Bosnia and Herzegovina

2020

2021

31.38

33.44

35.30

34.26

37.07

EUR billion 4

16.04

17.10

18.05

17.51

18.95 10,650

8,954

9,566

10,110

9,824

4,578

4,891

5,169

5,023

5,445

% of total labor force 1

20.50

18.40

15.70

15.90

15.80

Millions 1

3.50

3.50

3.49

3.49

3.48 1.95583

fixed

Gross written premiums

2

2019

EUR 4

BAM/EUR exchange rate

International Monetary Fund, World Economic Outlook Database, April 2022

2018

BAM 1

Population

1

2017 1

BAM billion

GDP, current prices GDP per capita, current prices

Sources:

PROPERT Y INSURANCE

Paid claims

1.95583

1.95583

1.95583

1.95583

BAM million 3

683.29

712.83

762.78

756.45

818.40

EUR million 4

349.36

364.46

390.00

386.76

418.44

BAM million 3

266.77

279.27

301.25

309.78

346.94

EUR million

177.39

2

136.40

142.79

154.02

158.39

Insurance penetration degree

% in GDP 4

2.18%

2.13%

2.16%

2.21%

2.21%

Insurance density

EUR/capita 4

99.70

104.25

111.72

110.92

120.21

4

3

4

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

51,197 sq km

Climate:

hot summers and cold winters; areas of high elevation have short, cool summers and long, severe winters; mild, rainy winters along coast

Natural hazards:

destructive earthquakes

Terrain:

mountains and valleys

Land use - agricultural land:

agricultural land: 42.2% (2018 est.) arable land: 19.7% (2018 est.) permanent crops: 2% (2018 est.) permanent pasture: 20.5% (2018 est.)

FY 2021 Non-life GWP

forest: 42.8% (2018 est.) other: 15% (2018 est.) GDP - composition, by sector of origin:

agriculture: 6.8% (2017 est.) industry: 28.9% (2017 est.) services: 64.3% (2017 est.)

Fire, allied perils Damages to property Other

5.17% 4.63% 90.21%

Agriculture - products:

wheat, corn, fruits, vegetables; livestock

Labor force:

806,000 (2020 est.)

Urbanization:

urban population: 49.8% of total population (2022) rate of urbanization: 0.61% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 18% industry: 30.4% services: 51.7% (2017 est.)

Households/Dwellings

1,163,387/16,17,308

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

Fire, allied perils Damages to property Other

www.xprimm.com

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m)

4.53% 3.49% 91.98%

FY2019 1Q2020 1H2020 3Q2020 FY2021

Total

Fire, allied perils

309.00 na 153.65 233.64 306.81

16.00 na 9.15 12.22 16.19

11

Non-life claims (in EUR m) Damages to property 13.80 na 9.04 12.53 15.12

Total

Fire, allied perils

122.59 na 56.91 86.95 121.51

6.82 na 2.96 3.65 5.74

PROPERTY

Damages to property 4.64 na 1.37 3.73 5.18

Country Profiles

Bulgaria

MARKET’S MAIN INDICATORS - TIMELINE 2017

2018

2019

2020

2021

1

102.74

109.96

120.40

119.95

132.74

EUR billion 4

52.53

56.22

61.56

61.33

67.87

BGN 1

14,573

15,709

17,319

17,343

19,308

EUR 4

7,451

8,032

8,855

8,867

9,872

% of total labor force 1

6.23

5.27

4.28

5.21

5.30

Millions 1

7.05

7.00

6.95

6.92

6.88

fixed 2

1.95583

1.95583

1.95583

1.95583

1.95583

BGN million 3

2,177.44

2,535.71

2,910.82

2,880.25

3,246.94

EUR million 4

1,113.31

1,296.49

1,488.28

1,472.65

1,660.13

BGN million 3

1,042.30

1,119.50

1,212.99

1,208.54

1,294.74

EUR million 4

532.92

572.39

620.19

617.92

661.99

Insurance penetration degree

% in GDP

2.12%

2.31%

2.42%

2.40%

2.45%

Insurance density

EUR/capita 4

157.92

185.21

214.11

212.90

241.47

BGN billion

GDP, current prices GDP per capita, current prices Unemployment rate Population BGN/EUR exchange rate Gross written premiums

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

2

Bulgarian National Bank

The Financial Supervision Commission of Bulgaria (FSC) 3

4

Paid claims

4

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

110,879 sq km

Climate:

temperate; cold, damp winters; hot, dry summers

Natural hazards:

earthquakes; landslides

Terrain:

mostly mountains with lowlands in north and southeast

Land use - agricultural land:

agricultural land: 46.9% (2018 est.) arable land: 29.9% (2018 est.) permanent crops: 1.5% (2018 est.) permanent pasture: 15.5% (2018 est.)

FY 2021 Non-life GWP

forest: 36.7% (2018 est.) other: 16.4% (2018 est.) GDP - composition, by sector of origin:

agriculture: 4.3% (2017 est.) industry: 28% (2017 est.) services: 67.4% (2017 est.)

Fire, allied perils Damages to property Other

11.98% 0.88% 87.14%

Agriculture - products:

vegetables, fruits, tobacco, wine, wheat, barley, sunflowers, sugar beets; livestock

Labor force:

3.113 million (2020 est.)

Urbanization:

urban population: 76.4% of total population (2022) rate of urbanization: -0.28% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 6.8% industry: 26.6% services: 66.6% (2016 est.)

Households/Dwellings

3,005,589/3,887,149

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Fire, allied perils Damages to property Other

PROPERTY

6.10% 0.34% 93.56%

FY2020 1Q2021 1H2021 3Q2021 FY2021

1,246.90 335.91 684.29 1,024.09 1,349.54

12

Fire, allied perils 147.79 45.07 87.61 121.05 161.63

Non-life claims (in EUR m) Damages to property 11.13 2.65 5.79 8.74 11.91

Total

Fire, allied perils

517.46 131.07 268.74 408.07 541.41

36.28 6.95 16.71 24.65 33.05

Damages to property 2.24 0.31 1.29 1.52 1.82

Year X - No.1/2022 (10)

FY2021

Croatia

MARKET’S MAIN INDICATORS - TIMELINE GDP per capita, current prices Unemployment rate Population HRK/EUR exchange rate Gross written premiums

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

Croatian National Bank

3

Croatian Insurance Bureau

4

XPRIMM calculations

2017

2018

2019

2020

2021

HRK billion EUR billion 4 HRK 1 EUR4

372.36 49.56 90,268 12,014

390.86 52.69 95,610 12,890

412.23 55.39 101,409 13,625

378.35 50.20 93,466 12,401

431.46 57.40 106,963 14,229

% of total labor force 1

12.43

9.86

7.76

9.00

8.17

4.13 7.513648 9,055.86 1,205.26 5,113.38 680.55 2.43%

4.09 7.417575 9,855.63 1,328.69 5,552.78 748.60 2.52%

4.07 7.44258 10,545.10 1,416.86 6,011.66 807.74 2.56%

4.05 7.536898 10,475.07 1,389.84 6,530.72 866.50 2.77%

4.03 7.517174 11,717.45 1,558.76 7,297.89 970.83 2.72%

292.18

325.02

348.55

343.34

386.40

1

GDP, current prices

2

PROPERT Y INSURANCE

Paid claims Insurance penetration degree Insurance density

Millions 1 End of period 2 HRK million 3 EUR million 4 HRK million 3 EUR million 4 % in GDP 4 EUR/capita 4

COUNTRY CHARACTERISTICS Area:

56,594 sq km

Climate:

Mediterranean and continental; continental climate predominant with hot summers and cold winters; mild winters, dry summers along coast

Natural hazards:

destructive earthquakes

Terrain:

geographically diverse; flat plains along Hungarian border, low mountains and highlands near Adriatic coastline and islands

Land use - agricultural land:

agricultural land: 23.7% (2018 est.) arable land: 16% (2018 est.) permanent crops: 1.5% (2018 est.) permanent pasture: 6.2% (2018 est.)

FY 2021 Non-life GWP

forest: 34.4% (2018 est.) other: 41.9% (2018 est.) GDP - composition, by sector of origin:

agriculture: 3.7% (2017 est.) industry: 26.2% (2017 est.) services: 70.1% (2017 est.)

Fire, allied perils Damages to property Other

9.18% 10.47% 80.35%

Agriculture - products:

arable crops (wheat, corn, barley, sugar beet, sunflower, rapeseed, alfalfa, clover); vegetables (potatoes, cabbage, onion, tomato, pepper); fruits (apples, plum, mandarins, olives), grapes for wine; livestock (cattle, cows, pigs); dairy products

Labor force:

1.656 million (2020 est.)

Urbanization:

urban population: 58.2% of total population (2022) rate of urbanization: 0.05% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 1.9% industry: 27.3% services: 70.8% (2017 est.)

Households/Dwellings

1,520,151/2,246,910

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Fire, allied perils Damages to property Other

www.xprimm.com

13.14% 12.51% 74.35%

FY2020 1Q2021 1H2021 3Q2021 FY2021

1,038.57 326.21 643.37 910.28 1,173.31

13

Fire, allied perils 96.59 40.88 64.21 86.97 107.71

Non-life claims (in EUR m) Damages to property 109.42 41.60 84.68 105.08 122.89

Total

Fire, allied perils

497.35 136.04 270.48 406.29 572.36

68.33 25.03 43.17 60.13 75.21

PROPERTY

Damages to property 61.24 12.96 26.13 46.78 71.62

Country Profiles

Czech Republic

MARKET’S MAIN INDICATORS - TIMELINE CZK billion 1

GDP, current prices

200.11

210.29

227.88

216.97

246.47

CZK 1

483,111

509,862

543,705

532,487

572,534

EUR 3

23,030

19,820

21,397

20,289

2.24

2.00

2.54

2.82

Millions 1

10.58

10.61

10.65

10.69

10.70

End of period 2 CZK million 2

Paid claims

2

Czech National Bank (CNB)

3

XPRIMM calculations

2021 6,127.14

2.89

Gross written premiums

International Monetary Fund, World Economic Outlook Database, April 2022

2020 5,694.39

18,916

CZK/EUR exchange rate

1

2019 5,790.35

% of total labor force 1

Population

Sources:

2018 5,409.67

EUR billion 3

GDP per capita, current prices Unemployment rate

2017 5,110.74

25.540

25.725

25.410

26.245

24.860

150,836.60

155,610.24

165,927.92

167,976.65

179,608.09

EUR million 3

5,905.90

6,048.99

6,530.02

6,400.33

7,224.78

CZK million 2

96,571.61

92,557.60

101,201.90

91,999.32

101,919.63

EUR million 3

4,099.74

3,781.19

3,597.96

3,982.76

3,505.40

Insurance penetration degree

% in GDP 3

2.95%

2.88%

2.87%

2.95%

2.93%

Insurance density

EUR/capita 3

558.27

570.12

613.15

598.50

675.09

COUNTRY CHARACTERISTICS Area:

78,867 sq km

Climate:

temperate; cool summers; cold, cloudy, humid winters

Natural hazards:

flooding

Terrain:

Bohemia in the west consists of rolling plains, hills, and plateaus surrounded by low mountains; Moravia in the east consists of very hilly country

Land use - agricultural land:

agricultural land: 54.8% (2018 est.) arable land: 41% (2018 est.) permanent crops: 1% (2018 est.) permanent pasture: 12.8% (2018 est.)

FY 2021 Non-life GWP

forest: 34.4% (2018 est.) other: 10.8% (2018 est.) GDP - composition, by sector of origin:

agriculture: 2.3% (2017 est.) industry: 36.9% (2017 est.) services: 60.8% (2017 est.)

Property ins. Other

23.36% 76.64%

Agriculture - products:

wheat, potatoes, sugar beets, hops, fruit; pigs, poultry

Labor force:

5.222 million (2020 est.)

Urbanization:

urban population: 74.4% of total population (2022) rate of urbanization: 0.2% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 2.8% industry: 38% services: 59.2% (2015)

Households/Dwellings

4,375,122/4,104,635

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m)

Property ins. Other

PROPERTY

30.73% 69.27%

FY2020 1Q2021 1H2021 3Q2021 FY2021

Non-life claims (in EUR m)

Total

Property

Total

4,425.19 1,196.79 2,423.88 3,739.61 5,145.19

1,055.91 290.15 566.52 881.49 1,201.81

2,075.74 462.00 1,161.02 1,844.42 2,507.67

14

Property 434.95 71.62 335.35 564.70 770.59

Year X - No.1/2022 (10)

FY2021

Estonia

PROPERT Y INSURANCE

MARKET’S MAIN INDICATORS - TIMELINE GDP, current prices

2018

2019

2020

2021

23.83

25.82

27.73

26.84

30.66

18,092

19,530

20,901

20,184

23,052

5.76

5.37

4.45

6.81

6.18

1.32

1.32

1.33

1.33

1.33

EUR billion 1

GDP per capita, current prices Unemployment rate

EUR 1 % of total labor force

Population

Sources:

2017

Millions

1

1

Gross written premiums

EUR million 2

427.23

552.15

493.83

468.86

486.39

Paid claims

EUR million 2

239.60

261.97

279.10

276.76

355.46

Insurance penetration degree

% in GDP 3

1.79%

2.14%

1.78%

1.75%

1.59%

Insurance density

EUR/capita

324.40

417.66

372.14

352.79

365.70

3

International Monetary Fund, World Economic Outlook Database, April 2022 1

2

The Estonian National Statistics Board

3

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

45,228 sq km

Climate:

maritime; wet, moderate winters, cool summers

Natural hazards:

sometimes flooding occurs in the spring

Terrain:

marshy, lowlands; flat in the north, hilly in the south

Land use - agricultural land:

agricultural land: 22.2% (2018 est.) arable land: 14.9% (2018 est.) permanent crops: 0.1% (2018 est.) permanent pasture: 7.2% (2018 est.) forest: 52.1% (2018 est.)

FY 2021 Non-life GWP

other: 25.7% (2018 est.) GDP - composition, by sector of origin:

agriculture: 2.8% (2017 est.) industry: 29.2% (2017 est.) services: 68.1% (2017 est.)

Property ins. Other

28.69% 71.31%

Agriculture - products:

grain, potatoes, vegetables; livestock and dairy products; fish

Labor force:

648,000 (2020 est.)

Urbanization:

urban population: 69.6% of total population (2021) rate of urbanization: -0.03% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 2.7% industry: 20.5% services: 76.8% (2017 est.)

Households/Dwellings

599,832/657,791

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

Property ins. Other

www.xprimm.com

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m)

24.53% 75.47%

Non-life claims (in EUR m)

Total

Property

Total

Property

FY2020

383.30

111.43

213.58

50.65

1Q2021

97.93

26.52

56.76

12.28

1H2021

200.71

55.40

114.24

28.84

3Q2021

298.59

83.15

177.62

44.94

FY2021

399.51

114.60

243.57

59.75

15

PROPERTY

Country Profiles

Hungary

MARKET’S MAIN INDICATORS - TIMELINE 2017 HUF billion 1 EUR billion 3 HUF 1 EUR 3

2019

2020

2021

43,392.44 134.96 4,437,762 13,803

47,530.61 143.81 4,863,462 14,715

47,988.48 131.43 4,912,058 13,453

55,045.99 149.18 5,656,899 15,330

% of total labor force 1

4.04

3.60

3.31

4.12

4.07

Millions 1

9.80

9.78

9.77

9.77

9.73

310.14

321.51

330.52

365.13

369.00

GDP, current prices GDP per capita, current prices Unemployment rate

2018

39,281.36 126.66 4,009,120 12,927

Population HUF/EUR exchange rate

End of period 2 HUF million 2 EUR million 3 HUF million 2 EUR million 3

Gross written premiums Paid claims

956,005.51 1,024,185.22 1,150,395.47 1,204,156.93 1,329,594.37 3,082.50 3,185.55 3,480.56 3,297.89 3,603.24 591,668.09 591,418.94 678,504.20 655,990.91 702,981.04 1,907.75 1,839.50 2,052.84 1,796.60 1,905.10

Sources:

Insurance penetration degree

% in GDP 3

2.43%

2.36%

2.42%

2.51%

2.42%

International Monetary Fund, World Economic Outlook Database, April 2022

Insurance density

EUR/capita 3

314.60

325.79

356.14

337.55

370.28

1

2

National Bank of Hungary

3

XPRIMM calculation

COUNTRY CHARACTERISTICS Area:

93,028 sq km

Climate:

temperate; cold, cloudy, humid winters; warm summers

Natural hazards:

NA

Terrain:

mostly flat to rolling plains; hills and low mountains on the Slovakian border

Land use - agricultural land:

agricultural land: 58.9% (2018 est.) arable land: 48.5% (2018 est.) permanent crops: 2% (2018 est.) permanent pasture: 8.4% (2018 est.) forest: 22.5% (2018 est.)

FY 2021 Non-life GWP

Property ins. Other

33.47% 66.53%

other: 18.6% (2018 est.) GDP - composition, by sector of origin:

agriculture: 3.9% (2017 est.) industry: 31.3% (2017 est.) services: 64.8% (2017 est.)

Agriculture - products:

wheat, corn, sunflower seed, potatoes, sugar beets; pigs, cattle, poultry, dairy products

Labor force:

4.414 million (2020 est.)

Urbanization:

urban population: 72.6% of total population (2022) rate of urbanization: 0.05% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 4.9% industry: 30.3% services: 64.5% (2015 est.)

Households/Dwellings

4,106,000/4,390,000

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

Property ins. Other

PROPERTY

29.67% 70.33%

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total FY2020 1Q2021 1H2021 3Q2021 FY2021

1,845.22 578.27 1,072.75 1,542.83 1,969.68

Property 601.86 199.97 360.10 521.19 659.32

Non-life claims (in EUR m)* Total 715.80 139.77 358.70 601.00 749.38

Property 188.09 47.36 99.81 186.75 222.34

*incurred claims

16

Year X - No.1/2022 (10)

FY2021

Kosovo

PROPERT Y INSURANCE

MARKET’S MAIN INDICATORS - TIMELINE 2017 GDP, current prices

EUR billion

2018

2019

2020

2021

6.36

6.67

7.06

6.77

7.64

3,534

3,715

3,959

3,784

4,251

30.48

29.50

25.65

25.95

25.80

Millions 2

1.80

1.80

1.78

1.79

1.80

Gross written premiums (non-life)

EUR million 3

87.42

93.50

101.50

101.52

119.23

Paid claims (non-life)

EUR million 3

46.00

42.80

55.10

51.50

61.00

Insurance penetration degree

% in GDP

1.38%

1.40%

1.44%

1.50%

1.56%

Insurance density

EUR/capita

48.59

52.06

56.96

56.75

66.35

GDP per capita, current prices Unemployment rate

EUR

1

4

% of total labor force

Population

1

4 4

Sources: 1 International Monetary Fund, World Economic Outlook Database, April 2022 2 Kosovo Agency of Statistics (KAS) 3 Central Bank of the Republic Kosovo 4 XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

10,887 sq km

Climate:

influenced by continental air masses resulting in relatively cold winters with heavy snowfall and hot, dry summers and autumns; Mediterranean and alpine influences create regional variation; maximum rainfall between October and December

Natural hazards:

NA

Terrain:

flat fluvial basin with an elevation of 400-700 m above sea level surrounded by several high mountain ranges with elevations of 2,000 to 2,500 m

Land use - agricultural land:

agricultural land: 52.8% (2018 est.) arable land: 27.4% (2018 est.) permanent crops: 1.9% (2018 est.) permanent pasture: 23.5% (2018 est.) forest: 41.7% (2018 est.) other: 5.5% (2018 est.)

GDP - composition, by sector of origin:

agriculture: 11.9% (2017 est.) industry: 17.7% (2017 est.) services: 70.4% (2017 est.)

Agriculture - products:

wheat, corn, berries, potatoes, peppers, fruit; dairy, livestock; fish

Labor force:

500,300 (2017 est.)

Urbanization:

na

Labor force - by occupation:

agriculture: 4.4% industry: 17.4% services: 78.2% (2017 est.)

Households/Dwellings

297,090/403,459

Source: CIA World Factbook, national statistics

www.xprimm.com

17

PROPERTY

Country Profiles

Latvia

MARKET’S MAIN INDICATORS - TIMELINE 2017 GDP, current prices

EUR billion

GDP per capita, current prices Unemployment rate

EUR 1

2019

2020

2021

26.98

29.15

30.65

29.46

32.92

15,071

15,962

15,441

17,390 7.56

% of total labor force 1

8.72

7.42

6.31

8.10

Millions 1

1.95

1.93

1.92

1.91

1.89

Population

Sources:

2018

13,837

1

Gross written premiums

EUR million 2

646.03

755.76

856.73

797.47

849.41

Paid claims

EUR million 2

361.61

405.76

549.42

501.07

541.36

Insurance penetration degree

% in GDP

Insurance density

EUR/capita 3

3

2.39%

2.59%

2.80%

2.71%

2.58%

331.30

390.78

446.21

417.96

448.71

International Monetary Fund, World Economic Outlook Database, April 2022 1

The Financial and Capital Market Commission of Latvia - FKTK (local an EU branches, added-up) 2

3

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

64,589 sq km

Climate:

maritime; wet, moderate winters

Natural hazards:

NA

Terrain:

low plain

Land use - agricultural land:

agricultural land: 29.2% (2018 est.) arable land: 18.6% (2018 est.) permanent crops: 0.1% (2018 est.) permanent pasture: 10.5% (2018 est.) forest: 54.1% (2018 est.) other: 16.7% (2018 est.)

FY 2021 Non-life GWP

GDP - composition, by sector of origin:

agriculture: 3.9% (2017 est.) industry: 22.4% (2017 est.) services: 73.7% (2017 est.)

Agriculture - products:

grain, rapeseed, potatoes, vegetables; pork, poultry, milk, eggs; fish

Labor force:

885,000 (2020 est.)

Urbanization:

urban population: 68.5% of total population (2022) rate of urbanization: -0.68% annual rate of change (2020-25 est.)

Property ins. Other

19.84% 80.16%

Labor force - by occupation:

agriculture: 7.7% industry: 24.1% services: 68.1% (2016 est.)

Households/Dwellings

859,823/1,018,532

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Property ins. Other

PROPERTY

18.74% 81.26%

FY2020 1Q2021 1H2021 3Q2021 FY2021

556.73 157.19 296.38 443.54 591.31

18

Property 95.20 23.98 51.49 79.12 117.31

Non-life claims (in EUR m) Total 349.56 90.45 176.32 274.59 374.10

Property 62.06 18.67 32.55 55.81 70.10

Year X - No.1/2022 (10)

FY2021

Lithuania

PROPERT Y INSURANCE

MARKET’S MAIN INDICATORS - TIMELINE 2017 GDP, current prices

2019

2020

2021

EUR billion 1

42.28

45.52

48.86

49.51

55.33

EUR 1

14,947

16,246

17,487

17,713

19,833

% of total labor force 1

7.07

6.15

6.25

8.49

7.12

Millions 1

2.83

2.80

2.79

2.80

2.79

GDP per capita, current prices Unemployment rate

2018

Population Gross written premiums

EUR million 2

792.60

878.13

945.87

954.87

1,039.98

Paid claims

EUR million 2

455.34

452.59

499.08

500.74

547.15

Insurance penetration degree

% in GDP

Insurance density

EUR/capita 3

1.87%

1.93%

1.94%

1.93%

1.88%

280.27

313.39

338.54

341.63

372.75

3

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

2

Bank of Lithuania (LB)

COUNTRY CHARACTERISTICS

3 XPRIMM calculations

Area:

65,300 sq km

Climate:

transitional, between maritime and continental; wet, moderate winters and summers

Natural hazards:

NA

Terrain:

lowland, many scattered small lakes, fertile soil

Land use - agricultural land:

agricultural land: 44.8% (2018 est.) arable land: 34.9% (2018 est.) permanent crops: 0.5% (2018 est.) permanent pasture: 9.4% (2018 est.) forest: 34.6% (2018 est.) other: 20.6% (2018 est.)

FY 2021 Non-life GWP

GDP - composition, by sector of origin:

agriculture: 3.5% (2017 est.) industry: 29.4% (2017 est.) services: 67.2% (2017 est.)

Agriculture - products:

grain, potatoes, sugar beets, flax, vegetables; beef, milk, eggs; fish

Labor force:

1.333 million (2020 est.)

Urbanization:

urban population: 68.5% of total population (2022) rate of urbanization: -0.12% annual rate of change (2020-25 est.)

Property ins. Other

21.03% 78.97%

Labor force - by occupation:

agriculture: 9.1% industry: 25.2% services: 65.8% (2015 est.)

Households/Dwellings

1,267,316/1,389,059

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Property ins. Other

www.xprimm.com

19.81% 80.19%

FY2020 1Q2021 1H2021 3Q2021 FY2021

664.13 174.35 350.34 531.88 720.69

19

Non-life claims (in EUR m)

Property 130.19 38.72 75.20 112.18 151.55

Total 374.22 89.03 183.43 291.80 407.84

PROPERTY

Property 68.10 15.75 31.87 59.00 80.78

Country Profiles

Montenegro

MARKET’S MAIN INDICATORS - TIMELINE 2017 GDP, current prices

EUR billion 1

Insurance Supervision Agency of Montenegro 2

3

XPRIMM calculations



2021

4.95

4.19

4.91

6,907

7,495

7,959

6,737

7,900

n/a

n/a

n/a

n/a

n/a

Millions 1

0.62

0.62

0.62

0.62

0.62

Gross written premiums

EUR million 2

81.77

86.83

94.76

93.67

98.81

Paid claims

EUR million 2

35.70

42.07

37.23

36.58

43.31

Insurance penetration degree

% in GDP 3

1.90%

1.86%

1.91%

2.24%

2.01%

Insurance density

EUR/capita 3

131.46

139.60

152.35

150.84

158.86

EUR 1 % of total labor force

Population

International Monetary Fund, World Economic Outlook Database, April 2022

2020

4.66

Unemployment rate

1

2019

4.30

GDP per capita, current prices

Sources:

2018

1

COUNTRY CHARACTERISTICS Area:

13,812 sq km

Climate:

Mediterranean climate, hot dry summers and autumns and relatively cold winters with heavy snowfalls inland

Natural hazards:

destructive earthquakes

Terrain:

highly indented coastline with narrow coastal plain backed by rugged high limestone mountains and plateaus

Land use - agricultural land:

agricultural land: 38.2% (2018 est.) arable land: 12.9% (2018 est.) permanent crops: 1.2% (2018 est.) permanent pasture: 24.1% (2018 est.)

FY 2021 Non-life GWP

forest: 40.4% (2018 est.) other: 21.4% (2018 est.) GDP - composition, by sector of origin:

agriculture: 7.5% (2016 est.) industry: 15.9% (2016 est.) services: 76.6% (2016 est.)

Fire, allied perils Damages to property Other

4.83% 11.98% 83.18%

Agriculture - products:

tobacco, potatoes, citrus fruits, olives, grapes; sheep

Labor force:

167,000 (2020 est.)

Urbanization:

urban population: 68.2% of total population (2022) rate of urbanization: 0.45% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 7.9% industry: 17.1% services: 75% (2017 est.)

Households/Dwellings

194,795/316,083

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m)

Fire, allied perils Damages to property Other

PROPERTY

2.92% 7.01% 90.07%

FY2020 1Q2021 1H2021 3Q2021 FY2021

Total

Fire, allied perils

73.95 19.76 39.82 60.84 78.80

3.78 1.23 2.03 2.93 3.81

20

Non-life claims (in EUR m) Damages to property 9.65 3.36 5.03 8.01 9.44

Total

Fire, allied perils

28.77 7.97 15.98 23.50 33.12

0.81 0.14 0.35 0.67 0.97

Damages to property 1.25 0.41 0.85 1.31 2.32

Year X - No.1/2022 (10)

FY2021

North Macedonia

MARKET’S MAIN INDICATORS - TIMELINE MKD billion 1

GDP, current prices

Unemployment rate Population MKD/EUR exchange rate Gross written premiums Paid claims

International Monetary Fund, World Economic Outlook Database, April 2022

2017

2018

2019

2020

2021

618.11

660.88

692.68

655.93

723.24

EUR billion 4

GDP per capita, current prices

Sources:

PROPERT Y INSURANCE

10.05

10.75

11.27

10.63

11.74

MKD 1

297,839

318,168

333,621

317,057

349,592

EUR 4

4,844

5,174

5,426

5,139

5,673

% of total labor force 1

22.38

20.73

17.25

16.38

15.70

Millions 1

2.08

2.08

2.08

2.07

2.07

61.69

61.63

2

End of period

61.49

61.50

61.49

MKD million 3

8,992.21

9,927.56

10,583.41

10,065.91 11,629.70

EUR million 4

146.24

161.44

172.13

163.16

188.71

MKD million 3

3,577.64

3,918.51

4,030.95

4,005.50

4,664.22

EUR million 4

58.18

63.72

65.56

64.93

75.68

Insurance penetration degree

% in GDP 4

1.45%

1.50%

1.53%

1.53%

0.02

Insurance density

EUR/capita 4

70.48

77.73

82.91

78.86

91.21

1

2

National Bank of the Republic of Macedonia

3

Insurance Supervision Agency

4

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

25,713 sq km

Climate:

warm, dry summers and autumns; relatively cold winters with heavy snowfall

Natural hazards:

high seismic risks

Terrain:

mountainous territory covered with deep basins and valleys; three large lakes, each divided by a frontier line; country bisected by the Vardar River

Land use - agricultural land:

agricultural land: 44.3% (2018 est.) arable land: 16.4% (2018 est.) permanent crops: 1.4% (2018 est.)

FY 2021 Non-life GWP

permanent pasture: 26.5% (2018 est.) forest: 39.8% (2018 est.) other: 15.9% (2018 est.) GDP - composition, by sector of origin:

agriculture: 10.9% (2017 est.) industry: 26.6% (2017 est.) services: 62.5% (2017 est.)

Fire, allied perils Damages to property Other

7.88% 14.63% 77.49%

Agriculture - products:

grapes, tobacco, vegetables, fruits; milk, eggs

Labor force:

793,000 (2020 est.)

Urbanization:

urban population: 59.1% of total population (2022) rate of urbanization: 0.61% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 16.2% industry: 29.2% services: 54.5% (2017 est.)

Households/Dwellings

564,296/698,143

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

Fire, allied perils Damages to property Other

www.xprimm.com

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m)

3.03% 14.41% 82.56%

FY2020 1Q2021 1H2021 3Q2021 FY2021

Total

Fire, allied perils

134.95 36.89 80.97 121.60 156.23

12.45 4.62 8.26 11.31 12.31

21

Non-life claims (in EUR m) Damages to property 17.70 4.85 14.38 18.65 22.85

Total

Fire, allied perils

57.84 14.98 31.39 46.82 66.03

3.10 0.30 0.71 0.95 2.00

PROPERTY

Damages to property 7.12 1.32 4.03 6.66 9.52

Country Profiles

Poland

MARKET’S MAIN INDICATORS - TIMELINE 2017

2018

2019

2020

2021

1,989.84

2,121.56

2,293.20

2,326.66

2,603.11

EUR billion 4

477.08

493.38

538.50

504.17

565.97

PLN 1

52,401

55,865

60,391

61,295

68,792

EUR 4

12,564

12,992

14,181

13,282

14,957

% of total labor force 1

4.95

3.89

3.31

3.20

3.50

Millions 1

37.97

37.98

37.97

37.96

37.84

PLN billion 1

GDP, current prices GDP per capita, current prices Unemployment rate Population PLN/EUR exchange rate

End of period 2

Paid claims

International Monetary Fund, World Economic Outlook Database, April 2022 1

2

4.2585

4.6148

4.5994

62,353.67

62,169.79

63,831.25

63,421.47

69,222.36

EUR million 4

14,949.69

14,458.09

14,989.14

13,743.06

15,050.30

PLN million 3

39,840.07

41,675.34

40,868.61

39,649.71

41,302.76

EUR million 4

9,551.91

9,691.94

9,596.95

8,591.86

8,980.03

Insurance penetration degree

% in GDP 4

3.13%

2.93%

2.78%

2.73%

2.66%

Insurance density

EUR/capita 4

393.69

380.71

394.73

362.06

397.74

National Bank of Poland

The Polish Financial Supervision Authority (KNF) 3

4

4.3000

PLN million

Gross written premiums

Sources:

4.1709

3

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

312,685 sq km

Climate:

temperate with cold, cloudy, moderately severe winters with frequent precipitation; mild summers with frequent showers and thundershowers

Natural hazards:

flooding

Terrain:

mostly flat plain; mountains along southern border

Land use - agricultural land:

agricultural land: 48.2% (2018 est.) arable land: 36.2% (2018 est.) permanent crops: 1.3% (2018 est.) permanent pasture: 10.7% (2018 est.) forest: 30.6% (2018 est.)

FY 2021 Non-life GWP

other: 21.2% (2018 est.) GDP - composition, by sector of origin:

agriculture: 2.4% (2017 est.) industry: 40.2% (2017 est.) services: 57.4% (2017 est.)

Fire, allied perils Damages to property Other

9.37% 9.50% 81.13%

Agriculture - products:

potatoes, fruits, vegetables, wheat; poultry, eggs, pork, dairy

Labor force:

9.561 million (2020 est.)

Urbanization:

urban population: 60.1% of total population (2022) rate of urbanization: -0.16% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 11.5% industry: 30.4% services: 57.6% (2015)

Households/Dwellings

13,567,999/12,518,000

Source: CIA World Factbook, national statistics

PROPERTY INSURANCE STATISTICS

FY 2021 Non-life claims

Non-life GWP (in EUR m) Total

Fire, allied perils Damages to property Other

PROPERTY

8.84% 5.99% 85.17%

FY2020 1Q2021 1H2021 3Q2021 FY2021

9,247.62 2,592.06 5,175.45 7,414.61 10,239.35

22

Fire, allied perils 852.63 271.43 476.75 659.36 959.82

Non-life claims (in EUR m) Damages to property 793.89 190.50 473.80 641.60 972.35

Total 4,817.93 1,173.31 2,347.68 3,615.58 4,968.70

Fire, allied perils 367.87 83.68 169.82 325.92 439.16

Damages to property 370.36 56.09 115.64 220.81 297.54

Year X - No.1/2022 (10)

FY2021

Romania

MARKET’S MAIN INDICATORS - TIMELINE 2017 RON billion 1 GDP, current prices EUR billion 4 RON 1 GDP per capita, current prices EUR 4 Unemployment rate % of total labor force 1 Population Millions 1 RON/EUR exchange rate Annual average 2 RON million 3 Gross written premiums EUR million 4 RON million 3 Paid claims EUR million 4 Insurance penetration degree % in GDP 4 Insurance density EUR/capita 4

Sources: International Monetary Fund, World Economic Outlook Database, April 2022

PROPERT Y INSURANCE

857.90 184.11 43,672 9,372 4.93 19.64 4.6597 9,701.74 2,082.05 5,075.34 1,089.20 1.13% 105.99

2018 951.73 204.06 48,723 10,447 4.19 19.53 4.6639 10,144.53 2,175.12 5,957.01 1,277.26 1.07% 111.35

2019 1,058.97 221.57 54,545 11,413 3.91 19.42 4.7793 10,990.23 2,299.55 6,827.12 1,428.48 1.04% 118.44

2020 1,058.93 217.47 54,785 11,251 5.04 19.33 4.8694 11,495.60 2,360.78 6,949.63 1,427.20 1.09% 122.14

2021 1,179.38 238.35 61,021 12,332 5.30 19.33 4.9481 14,241.10 2,878.10 7,634.63 1,542.94 1.21% 148.92

1

2

The National Bank of Romania

3

Financial Supervision Authority (FSA)

4

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

238,391 sq km

Climate:

temperate; cold, cloudy winters with frequent snow and fog; sunny summers with frequent showers and thunderstorms earthquakes, most severe in south and southwest; geologic structure and climate promote landslides Central Transylvanian Basin is separated from the Moldavian Plateau on the east by the Eastern Carpathian Mountains and separated from the Walachian Plain on the south by the Transylvanian Alps agricultural land: 60.7% (2018 est.)

Natural hazards: Terrain:

Land use - agricultural land:

arable land: 39.1% (2018 est.) permanent crops: 1.9% (2018 est.) permanent pasture: 19.7% (2018 est.) forest: 28.7% (2018 est.)

FY 2021 Non-life GWP

other: 10.6% (2018 est.) GDP - composition, by sector of origin:

agriculture: 4.2% (2017 est.) industry: 33.2% (2017 est.) services: 62.6% (2017 est.)

Fire, allied perils Damages to property Other

11.44% 1.80% 86.76%

Agriculture - products:

wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Labor force:

4.889 million (2020 est.)

Urbanization:

urban population: 54.5% of total population (2022) rate of urbanization: -0.15% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 28.3% industry: 28.9% services: 42.8% (2014)

Households/Dwellings

7,086,394/8,450,942

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Fire, allied perils Damages to property Other

www.xprimm.com

4.93% 95.07%

FY2020 1Q2021 1H2021 3Q2021 FY2021

1,905.02 508.93 1,025.43 1,570.97 2,350.56

23

Fire, allied perils 253.52 72.06 132.34 201.38 268.85

Non-life claims (in EUR m) Damages to property 39.33 7.08 24.12 31.92 42.27

Total 1,204.80 323.95 633.51 946.57 1,294.14

Fire, allied perils 71.17 14.45 25.58 43.12 63.81

PROPERTY

Damages to property na na na na na

Country Profiles

Serbia

MARKET’S MAIN INDICATORS - TIMELINE 2017 4,760.69 40.18 678,078 5,723 14.87 7.02 118.4727 93,093.99 785.78 36,860.66 311.13 1.96% 111.92

RSD billion 1 GDP, current prices EUR billion 3 RSD 1 GDP per capita, current prices EUR 3 Unemployment rate % of total labor force 1 Population Millions 1 RSD/EUR exchange rate End of period 2 RSD million 2 Gross written premiums EUR million 3 RSD million 2 Paid claims EUR million 3 Insurance penetration degree % in GDP 3 Insurance density EUR/capita 3

Sources: International Monetary Fund, World Economic Outlook Database, April 2022

2018 5,072.93 42.92 726,510 6,147 14.07 6.98 118.1946 99,910.59 845.31 40,843.52 345.56 1.97% 121.05

2019 5,421.85 46.11 778,581 6,621 11.58 6.96 117.5928 107,449.87 913.75 52,811.24 449.10 1.98% 131.21

2020 5,502.22 46.80 794,348 6,756 10.09 6.93 117.5802 109,916.74 934.82 50,216.91 427.09 2.00% 134.95

2021 6,268.71 53.31 912,271 7,759 10.09 6.87 117.5821 119,408.67 1,015.53 53,721.01 456.88 1.90% 147.78

1

2

National Bank of Serbia

3

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

77,474 sq km

Climate:

in the north, continental climate (cold winters and hot, humid summers with welldistributed rainfall); in other parts, continental and Mediterranean climate (relatively cold winters with heavy snowfall and hot, dry summers and autumns) destructive earthquakes

Natural hazards: Terrain:

extremely varied; to the north, rich fertile plains; to the east, limestone ranges and basins; to the southeast, ancient mountains and hills agricultural land: 57.9% (2018 est.) arable land: 37.7% (2018 est.) permanent crops: 3.4% (2018 est.)

Land use - agricultural land:

permanent pasture: 16.8% (2018 est.) forest: 31.6% (2018 est.) other: 10.5% (2018 est.)

FY 2021 Non-life GWP

GDP - composition, by sector of origin:

agriculture: 9.8% (2017 est.) industry: 41.1% (2017 est.) services: 49.1% (2017 est.)

Agriculture - products:

Fire, allied perils Damages to property Other

7.56% 18.16% 74.28%

wheat, maize, sunflower, sugar beets, fruits (raspberries, apples, sour cherries), vegetables (tomatoes, peppers, potatoes), beef, pork, and meat products, milk and dairy products, grapes/wine 3 million (2020 est.) urban population: 56.9% of total population (2022) rate of urbanization: 0.04% annual rate of change (2020-25 est.)

Labor force: Urbanization: Labor force - by occupation:

agriculture: 19.4% industry: 24.5% services: 56.1% (2017 est.) 2,487,886/3,231,931

Households/Dwellings Source: CIA World Factbook, national statistics

PROPERTY INSURANCE STATISTICS

FY 2021 Non-life claims

Fire, allied perils Damages to property Other

PROPERTY

Non-life GWP (in EUR m)

4.81% 17.00% 78.19%

FY2020 1Q2021 1H2021 3Q2021 FY2021

Total

Fire, allied perils

712.31 181.69 402.62 589.18 784.96

54.31 14.70 29.10 42.02 59.32

24

Non-life claims (in EUR m) Damages to property 122.29 34.84 83.89 109.26 142.55

Total

Fire, allied perils

305.93 62.05 130.34 214.25 309.08

27.72 2.26 5.39 10.97 14.87

Damages to property 72.58 6.13 14.14 35.48 52.54

Year X - No.1/2022 (10)

FY2021

Slovak Republic

PROPERT Y INSURANCE

MARKET’S MAIN INDICATORS - TIMELINE 2017

2018

2019

2020

2021

84.44

89.43

94.05

92.08

97.12

15,536

16,430

17,255

16,871

17,789

%of total labor force 1

8.05

6.54

5.72

6.65

6.78

Millions 1

5.44

5.44

5.45

5.46

5.46

GDP, current prices

EUR billion

GDP per capita, current prices Unemployment rate

1

EUR 1

Population Gross written premiums

EUR million 2

2,167.40

2,246.93

2,284.04

2,223.61

1,847.73

Paid claims

EUR million 2

1,200.13

1,324.58

1,415.17

1,262.68

1,022.17

2.57%

2.51%

2.43%

2.41%

1.90%

398.79

412.81

419.09

407.40

338.41

Insurance penetration degree

% in GDP 3

Insurance density

EUR/capita

3

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

2

National Bank of Slovakia

3

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

49,035 sq km

Climate:

temperate; cool summers; cold, cloudy, humid winters

Natural hazards:

NA

Terrain:

rugged mountains in the central and northern part and lowlands in the south

Land use - agricultural land:

agricultural land: 40.1% (2018 est.) arable land: 28.9% (2018 est.) permanent crops: 0.4% (2018 est.) permanent pasture: 10.8% (2018 est.) forest: 40.2% (2018 est.)

FY 2021 Non-life GWP

other: 19.7% (2018 est.) GDP - composition, by sector of origin:

agriculture: 3.8% (2017 est.) industry: 35% (2017 est.) services: 61.2% (2017 est.)

Property ins. Other

22.00% 78.00%

Agriculture - products:

grains, potatoes, sugar beets, hops, fruit; pigs, cattle, poultry; forest products

Labor force:

2.511 million (2020 est.)

Urbanization:

urban population: 53.9% of total population (2022) rate of urbanization: 0.17% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 3.9% industry: 22.7% services: 73.4% (2015)

Households/Dwellings

1,852,059/1,994,897

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Property ins. Other

www.xprimm.com

15.87% 84.13%

Non-life claims (in EUR m)

Property

Total

Property

FY2020

1,287.92

301.86

624.23

120.13

1Q2021

378.71

102.09

131.08

19.13

1H2021

693.73

173.26

277.34

42.73

3Q2021

937.36

214.31

403.89

60.58

FY2021

1,055.19

232.13

456.81

72.48

25

PROPERTY

Country Profiles

Slovenia

MARKET’S MAIN INDICATORS - TIMELINE GDP, current prices GDP per capita, current prices Unemployment rate Population

2018

2019

2020

2021

43.01

45.86

48.40

46.92

52.02

EUR 1

20,820

22,190

23,258

22,386

24,666

% of total labor force 1

6.60

5.16

4.47

5.01

4.73

Millions 1

2.07

2.07

2.08

2.10

2.11

Gross written premiums

EUR million 2

2,179.29

2,341.12

2,517.35

2,569.57

2,609.19

Paid claims

EUR million 2

1,496.97

1,579.45

1,643.04

1,617.23

1,632.22

Insurance penetration degree

Sources:

2017 EUR billion 1

% in GDP

Insurance density

5.07%

5.10%

5.20%

5.48%

5.02%

1,054.83

1,132.62

1,209.68

1,225.94

1,237.17

3

EUR/capita 3

International Monetary Fund, World Economic Outlook Database, April 2022 1

2

Slovenian Insurance Association

3

XPRIMM calculations

COUNTRY CHARACTERISTICS



Area:

20,273 sq km

Climate:

Mediterranean climate on the coast, continental climate with mild to hot summers and cold winters in the plateaus and valleys to the east

Natural hazards:

flooding; earthquakes

Terrain:

a short coastal strip on the Adriatic, an alpine mountain region adjacent to Italy and Austria, mixed mountains and valleys with numerous rivers to the east

Land use - agricultural land:

agricultural land: 22.8% (2018 est.) arable land: 8.4% (2018 est.) permanent crops: 1.3% (2018 est.) permanent pasture: 13.1% (2018 est.) forest: 62.3% (2018 est.) other: 14.9% (2018 est.)

FY 2021 Non-life GWP

Fire, allied perils Damages to property Other

GDP - composition, by sector of origin: agriculture: 1.8% (2017 est.) industry: 32.2% (2017 est.) services: 65.9% (2017 est.)

7.46% 9.61% 82.93%

Agriculture - products:

potatoes, hops, wheat, sugar beets, corn, grapes; cattle, sheep, poultry

Labor force:

885,000 (2020 est.)

Urbanization:

urban population: 55.8% of total population (2022) rate of urbanization: 0.54% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 5.5% industry: 31.2% services: 63.3% (2017 est.)

Households/Dwellings

813,531/844,656

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Fire, allied perils Damages to property Other

PROPERTY

5.29% 5.39% 89.32%

FY2020 1Q2021 1H2021 3Q2021 FY2021

1,820.35 530.29 1,020.55 1,464.82 1,868.96

26

Fire, allied perils 134.10 48.45 83.56 112.02 139.43

Non-life claims (in EUR m) Damages to property 152.10 52.49 103.52 146.22 179.62

Total 1,087.58 254.20 531.51 802.92 1,120.69

Fire, allied perils 57.97 14.02 28.68 41.01 59.28

Damages to property 63.15 12.64 24.87 41.45 60.40

Year X - No.1/2022 (10)

FY2021

Cyprus

PROPERT Y INSURANCE

MARKET’S MAIN INDICATORS-TIMELINE 2017

2018

2019

2020

2021

EUR billion 1

20.25

21.61

23.01

21.62

23.35

EUR 1

23,684

25,008

26,270

24,344

26,063

% of total labor force 1

11.05

8.35

7.08

7.58

7.48

Millions 1

0.86

0.86

0.88

0.89

0.90

GDP, current prices GDP per capita, current prices Unemployment rate Population

Sources: International Monetary Fund, World Economic Outlook Database, April 2022

Gross written premiums

EUR million 2

814.67

860.29

892.06

917.14

961.92

Paid claims

EUR million 2

486.25

481.93

497.75

477.35

428.26

Insurance penetration degree

% in GDP 3

4.02%

3.98%

3.88%

4.24%

4.12%

Insurance density

EUR/capita 3

952.83

995.70

1,018.33

1,032.82

1,073.57

1

Insurance Association of Cyprus Annual Reports 2

3

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

9,251 sq km (of which 3,355 sq km are in north Cyprus)

Climate:

temperate; Mediterranean with hot, dry summers and cool winters

Natural hazards:

moderate earthquake activity; droughts

Terrain:

central plain with mountains to north and south; scattered but significant plains along southern coast

Land use - agricultural land:

agricultural land: 13.4% (2018 est.) arable land: 9.8% (2018 est.) permanent crops: 3.2% (2018 est.) permanent pasture: 0.4% (2018 est.) forest: 18.8% (2018 est.)

FY 2021 Non-life GWP

Fire Other

22.48% 77.52%

other: 67.8% (2018 est.) GDP - composition, by sector of origin:

agriculture: 2% (2017 est.) industry: 12.5% (2017 est.) services: 85.5% (2017 est.)

Agriculture - products:

citrus, vegetables, barley, grapes, olives, vegetables; poultry, pork, lamb; dairy, cheese

Labor force:

416,000 (2019 est.)

Urbanization:

urban population: 66.9% of total population (2022) rate of urbanization: 0.76% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 3.8% industry: 15.2% services: 81% (2014 est.)

Households/Dwellings

303,242/433,212

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

Fire Other

www.xprimm.com

9.32% 90.68%

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m)

Non-life claims (in EUR m)*

Total

Fire

Total

Fire 22.62

FY2020

506.87

110.18

242.91

1Q2021

131.79

28.49

52.32

6.01

1H2021

257.73

58.62

110.04

10.74

3Q2021

378.07

82.54

129.55

9.89

FY2021

512.41

115.17

219.62

20.47

* incurred claims

27

PROPERTY

Country Profiles

Greece

MARKET’S MAIN INDICATORS-TIMELINE GDP, current prices

EUR billion

GDP per capita, current prices Unemployment rate Population

EUR 1 % of total labor force 1 Millions 1

Gross written premiums

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

Hellenic Association of Insurance Companies 2

3

XPRIMM calculations

1

EUR million

Insurance penetration degree

% in GDP

Insurance density

EUR/capita

2

3 3

2017

2018

2019

2020

2021

176.90

179.56

183.25

165.33

182.83

16,428

16,717

17,087

15,424

17,115

21.45

19.30

17.33

16.40

15.00

10.77

10.74

10.73

10.72

10.68

3,849.59

3,746.18

4,073.00

3,959.12

4,263.97

2.18%

2.09%

2.22%

2.39%

2.33%

357.50

348.77

379.77

369.36

399.14

COUNTRY CHARACTERISTICS Area:

131,957 sq km

Climate:

temperate; mild, wet winters; hot, dry summers

Natural hazards:

severe earthquakes; volcanism (Santorini)

Terrain:

mostly mountains with ranges extending into the sea as peninsulas or chains of islands

Land use - agricultural land:

agricultural land: 63.4% (2018 est.) arable land: 19.7% (2018 est.) permanent crops: 8.9% (2018 est.) permanent pasture: 34.8% (2018 est.) forest: 30.5% (2018 est.) other: 6.1% (2018 est.)

GDP - composition, by sector of origin:

FY 2021 Non-life GWP

agriculture: 4.1% (2017 est.) industry: 16.9% (2017 est.) services: 79.1% (2017 est.)

Agriculture - products:

wheat, corn, barley, sugar beets, olives, tomatoes, wine, tobacco, potatoes; beef, dairy products

Labor force:

4 million (2020 est.)

Urbanization:

urban population: 80.4% of total population (2022) rate of urbanization: 0.11% annual rate of change (2020-25 est.)

Labor force - by occupation: Fire, allied perils Damages to property Other

agriculture: 12.6% industry: 15%

14.58% 5.72% 79.70%

services: 72.4% (30 October 2015 est.) Households/Dwellings

4,134,540/6,384,353

Source: CIA World Factbook, national statistics

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

PROPERTY

Fire, allied perils

Damages to property

FY2020

2,140.77

333.65

101.56

1Q2021

518.72

85.28

31.81

1H2021

1,099.00

158.88

57.29

3Q2021

1,660.05

244.92

91.93

FY2021

2,263.46

329.98

129.49

28

Year X - No.1/2022 (10)

FY2021

Turkey

PROPERT Y INSURANCE

MARKET’S MAIN INDICATORS-TIMELINE 2017

2018

2019

2020

2021

1

3,133.70

3,758.77

4,317.79

5,046.88

7,153.88

EUR billion 4

692.73

620.98

646.95

552.60

473.33

TRY 1

38,778

45,836

51,925

60,359

84,481

EUR4

8,572

7,573

7,780

6,609

5,590

% of total labor force 1

10.92

10.91

13.73

13.15

11.96

TRY billion

GDP, current prices GDP per capita, current prices Unemployment rate Population

Millions

TRY/EUR exchange rate

80.81

82.00

83.16

83.61

84.68

4.5237

6.0530

6.6741

9.1329

15.1139

TRY million 3

46,554.69

54,656.03

69,242.17

EUR million 4

10,291.29

9,029.58

10,374.76

9,041.56

6,967.56

TRY million 3 EUR million 4

21,710.10 4,799.19

26,821.91 4,431.18

32,387.66 4,852.74

33,024.41 3,615.98

47,183.38 3,121.85

1

End of period 2

Gross written premiums Paid claims Insurance penetration degree Insurance density

82,575.66 105,307.01

% in GDP 4

1.49%

1.45%

1.60%

1.64%

1.47%

EUR/capita 4

127.35

110.11

124.76

108.13

82.28

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

2

Central Bank of the Republic of Turkey

3

Insurance Association of Turkey

4

XPRIMM calculations

COUNTRY CHARACTERISTICS Area: Climate:

783,562 sq km temperate; hot, dry summers with mild, wet winters; harsher in interior

Natural hazards:

severe earthquakes, especially in northern Turkey, along an arc extending from the Sea of Marmara to Lake Van. Volcanism: limited volcanic activity; its three historically active volcanoes; Ararat, Nemrut Dagi, and Tendurek Dagi have not erupted since the 19th century or earlier high central plateau (Anatolia); narrow coastal plain; several mountain ranges

Terrain: Land use - agricultural land:

FY 2021 Non-life GWP

Fire, allied perils Damages to property Other

agricultural land: 49.7% (2018 est.) arable land: 26.7% (2018 est.) permanent crops: 4% (2018 est.) permanent pasture: 19% (2018 est.) forest: 14.9% (2018 est.) other: 35.4% (2018 est.) agriculture: 6.8% (2017 est.) industry: 32.3% (2017 est.) services: 60.7% (2017 est.)

GDP - composition, by sector of origin:

16.04% 12.60% 71.36%

Agriculture - products:

tobacco, cotton, grain, olives, sugar beets, hazelnuts, pulses, citrus; livestock

Labor force: Urbanization:

25.677 million (2020 est.) urban population: 77% of total population (2022) rate of urbanization: 1.11% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 18.4% industry: 26.6% services: 54.9% (2016) 19,481,678/19,454,421

Households/Dwellings Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Fire, allied perils Damages to property Other

www.xprimm.com

9.84% 6.63% 83.54%

FY2020 1Q2021 1H2021 3Q2021 FY2021

7,461.35 2,192.79 3,810.77 5,650.67 5,794.68

29

Fire, allied perils 1,159.08 326.24 596.48 883.56 929.38

Non-life claims (in EUR m) Damages to property 871.84 374.71 564.21 728.09 730.34

Total 3,159.03 na 1,713.56 na 2,821.65

Fire, allied perils 318.20 na 160.21 na 277.55

PROPERTY

Damages to property 238.35 na 108.68 na 187.01

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FY2021

PROPERT Y INSURANCE

EX-USSR PROPERTY INSURANCE 2021

Uneven trends across the region After the collapse of the USSR, the states that gained independence began their independent economic path of development. There are common and different points of development. In general, according to IMF forecasts for 20222022, the ex-USSR is expected to grow by a little more than 2%.

saw rapid growth in many types of insurance, and most of all in property insurance (+819%). In 1Q2022 property insurance classes increased significantly, allowing them to more than double their market share compared to the first quarter of last year.

The Legatum Prosperity Index rating, which is based not only on general indicators of the development of a state, but also on the characteristics of living, wages, quality of education, development of insurance services, etc., shows that Kazakhstan is the leader among the ex-USSR countries (47th place), followed by Belarus and Russia (58 and 61 respectively), while the last ones are Azerbaijan and Moldova (81 and 89).

In Belarus in 1Q2022 voluntary insurance amounted to BYN 339.5 million. The share of voluntary insurance in the total portfolio slightly decreased to 71.2% (vs 72.3% a year earlier). In the structure of voluntary insurance, personal insurance accounts for 48%, property insurance - 42.9%. In Georgia in 2021 almost all non-life classes saw positive dynamics at the end of the year. Insurers' paid claims also increased by 13% compared to 2020, reaching GEL 435.73 million (EUR 124.35 million), however, some non-life classes had a decrease in paid claims, such as property insurance (-33.71%).

In Azerbaijan, in 2021, there was a record increase in the segment of compulsory real estate insurance - up to AZN 62.5 million, which is 35.5% more than in 2020. Chairman of the AIA Supervisory Board Azer Aliyev noted that this is largely due to the increased demand for property insurance of individuals, which is good news, as it indicates the growth of the insurance culture of the population.

In Kazakhstan high demand for property insurance against additional risks in the first quarter of 2022 allowed insurers to increase GWP in voluntary property insurance by 24% (or KZT 12.8 billion/EUR 24.71 million). Sales in non-life insurance from direct insurance increased by 23%, to KZT 135.6 billion. At the same time, the main increase in sales was brought by voluntary classes - property insurance, civil liability insurance, insurance

In Armenia in 2021 a double-digit GWP increase was recorded in such segments as accident insurance, health insurance, other damages to property, Motor Hull, GTPL, cargo. Paid claims

CESEE - FY2021/FY2020 PROPERTY INSURANCE INDICATORS (FIRE, ALLIED PERILS & OTHER DAMAGES TO PROPERTY, SUMMED) Gross written premiums

Armenia

Change

2021

2020

EUR m

EUR m

%

Share of property premiums in non-life GWP

Paid claims (EUR m)

Change

Share of property claims in non-life claims

2021

2020

2021

2020

2021

2020

%

%

EUR m

EUR m

%

%

%

7.07

6.11

15.75

7.77

8.79

4.41

0.41

986.70

8.39

1.12

61.40

49.03

25.24

25.67

24.11

3.29

8.26

-60.19

2.89

9.47

Belarus

158.43

132.42

19.64

30.34

32.00

97.09

74.90

29.63

30.92

32.11

Georgia

33.83

26.91

25.71

16.63

17.55

14.56

19.13

-23.89

12.51

20.98

Kazakhstan

300.03

228.63

31.23

29.28

30.03

27.82

32.87

-15.38

13.26

13.22

Kyrgyzstan

6.50

9.04

-28.04

49.38

68.62

1.65

0.83

99.99

59.99

45.46

Azerbaijan

Moldova

10.39

5.72

81.73

11.44

8.94

1.39

1.94

-28.44

4.45

7.20

2,511.58

2,126.88

18.09

16.45

17.40

435.89

374.99

16.24

7.20

7.49

Tajikistan

na

na

-

-

-

na

na

-

-

-

Turkmenistan

na

na

-

-

-

na

na

-

-

-

157.20

199.87

-21.35

11.30

17.29

74.57

34.03

119.13

13.84

8.32

na

na

-

-

-

na

na

-

-

-

3,246.44

2,784.62

16.58

17.23

18.50

660.66

547.35

20.70

8.89

8.91

Russia

Ukraine Uzbekistan Total ex-USSR

For detailed property GWP/claims porfolios see the country profile pages.

www.xprimm.com

31

PROPERTY

Country Profiles

21/20 EX-USSR PROPERTY INSURANCE GROWTH RATE PER COUNTRIES KG

EX-USSR MARKETS: WEIGTH OF PROPERTY GWP IN NON-LIFE BUSINESS 70%

-28%

2,500

-21%

UA AM

16%

RU

18%

60%

2,000 49%

50%

1,500

20%

BY

Property GWP (EUR m) % of property ins. in non-life GWP

2,512

25%

AZ

40% 1,000

26%

GE

29%

31%

KZ

300

82% -40%

-20%

0%

20%

40%

60%

against other financial losses and voluntary insurance of medical expenses. In addition, international reinsurers raised their rates for reinsurance of property risks from Kazakhstan - in 1Q2022 total volume of premiums ceded to reinsurance amounted to KZT 51.6 billion, which is 38% more than last year. The largest cedents are Halyk (KZT 6.4 billion) and EURASIA (KZT 5.7 billion).

BY

157 UK

61

34

10

7

7

AZ

GE

MD

AM

KG

20%

80% 70%

In Moldova in 2021 the market growth was still supported by non-life insurance - the sector's growth exceeded 35%, and its share in the market portfolio increased to almost 95%. Health insurance (+80%) and property insurance, which grew by about 73%, demonstrated the most rapid growth rates. In 1Q2022 nonlife insurance increased by 26%. All key non-life classes saw steady growth, most of all - property insurance, total GWP for which reached MDL 82.65 million.

0%

PROPERTY

KZ

158

EX-USSR 2021 PROPERTY CLAIMS/GWP RATIO

In Kyrgyzstan in 2021 the driver of the market decline was only property insurance, which occupies about half of the entire market portfolio and decreased by almost 32%, as the data of the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic show. Insurers' paid claims, in contrast to GWP, grew rapidly at the end of the year - by 43.27%. In this case, property insurance also acted as a driver, where insurers paid 89% more than a year ago. In 1H2022 the largest share in the market portfolio belongs to property insurance, which reached KGS 491.76 million, while liability insurance has grown the least. Insurers' paid claims jumped quite significantly - by almost 91%, amounting to KGS 187.95 million. Most of them fell on the largest segment - property insurance.

In Russia, the largest market of the region, the corporate property insurance segment in 2021 increased by 6.2%, which is worse than the results of both 2020 and 2019. Paid claims decreased by 1.3%, while the percentage of refusals remained at the level of 10%. Personal property insurance increased by 14.1% in 2021 (better than in 2020 and 2019). In this segment, the average paid claim amount also increased - from RUB 37.9 thousand in 2020 to RUB

RU

0

80%

30%

26%

500

MD

30%

60%

61%

62%

BY

AM

47%

50%

43%

40% 30% 17% 20% 10%

9%

25%

13%

5% AZ

KZ

MD

RU

KG

GE

UK

49.1 thousand in 2021, as well as the share of refusals in payments in relation to settled cases - from 12.4% in 2020 to 16.5% in 2021. The ex-USSR member states consistently develop and implement all necessary measures to support the insurance services market, developing cooperation and exchange of experience in the field of supervision and regulation of insurance and reinsurance activities. Marina MAGNAVAL

32

Year X - No.1/2022 (10)

FY2021

Armenia

MARKET’S MAIN INDICATORS - TIMELINE 2017 AMD billion 1 GDP, current prices EUR billion 4 AMD 1 GDP per capita, current prices EUR 4 Unemployment rate % of total labor force 1 Population Millions 1 AMD/EUR exchange rate End of period 2 AMD million 3 Gross written premiums EUR million 4 AMD million 3 Paid claims EUR million 4 Insurance penetration degree % in GDP 4 Insurance density EUR/capita 4

Sources: International Monetary Fund, World Economic Outlook Database, April 2022

PROPERT Y INSURANCE

5,564.49 9.59 1,867,598 3,219 17.80 2.98 580.10 34,948.54 60.25 17,762.65 30.62 0.63% 20.22

2018 6,017.04 10.87 2,026,600 3,660 19.00 2.97 553.65 41,016.80 74.08 22,802.42 41.19 0.68% 24.95

2019

2020

6,543.32 12.18 2,208,539 4,111 18.30 2.96 537.26 49,133.80 91.45 25,006.06 46.54 0.75% 30.86

6,181.66 9.64 2,086,839 3,255 18.10 2.96 641.11 44,548.23 69.49 23,192.41 36.18 0.72% 23.46

2021 6,982.85 12.87 2,357,119 4,344 18.50 2.96 542.61 49,383.75 91.01 28,508.65 52.54 0.71% 30.73

1

2

Central Bank of Armenia

3

ArmInfo News Agency

4

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

29,743 sq km

Climate:

highland continental, hot summers, cold winters

Natural hazards:

occasionally severe earthquakes; droughts

Terrain:

Armenian Highland with mountains; little forest land; fast flowing rivers; good soil in Aras River valley

Land use - agricultural land:

agricultural land: 59.7% (2018 est.) arable land: 15.8% (2018 est.) permanent crops: 1.9% (2018 est.) permanent pasture: 42% (2018 est.) forest: 9.1% (2018 est.)

FY 2021 Non-life GWP

other: 31.2% (2018 est.) GDP - composition, by sector of origin:

agriculture: 16.7% (2017 est.) industry: 28.2% (2017 est.) services: 54.8% (2017 est.)

Fire, allied perils Damages to property Other

6.34% 1.43% 92.23%

Agriculture - products:

fruit (especially grapes), vegetables; livestock

Labor force:

1.507 million (2017 est.)

Urbanization:

urban population: 63.6% of total population (2022) rate of urbanization: 0.23% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 36.3% industry: 17% services: 46.7% (2013 est.)

Households/Dwellings

778,578/862,025

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

Fire, allied perils Damages to property Other

www.xprimm.com

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m)

6.41% 1.98% 91.61%

FY2020 1Q2021 1H2021 3Q2021 FY2021

Total

Fire, allied perils

69.49 26.25 45.06 68.14 91.01

5.17 1.65 2.91 4.08 5.77

33

Non-life claims (in EUR m) Damages to property 0.94 0.24 0.78 1.06 1.30

Total

Fire, allied perils

36.18 11.23 23.04 36.29 52.54

0.32 0.16 0.55 1.19 3.37

PROPERTY

Damages to property 0.08 0.80 0.87 0.97 1.04

Country Profiles

Azerbaijan

MARKET’S MAIN INDICATORS - TIMELINE AZN billion 1 GDP, current prices EUR billion 4 AZN 1 GDP per capita, current prices EUR 4 Unemployment rate % of total labor force 1 Population Millions 1 AZN/EUR exchange rate End of period 2 AZN million 3 Gross written premiums EUR million 4 AZN million 3 Paid claims EUR million 4 Insurance penetration degree % in GDP 4 Insurance density

Sources: International Monetary Fund, World Economic Outlook Database, April 2022

2017 70.34 34.64 7,170 3,531 4.96 9.81 2.0307 556.87 274.22 257.11 126.61 0.79%

2018 80.09 41.14 8,092 4,156 4.94 9.90 1.9468 727.95 373.92 240.33 123.45 0.91%

2019 81.90 43.02 8,205 4,310 4.85 9.98 1.9035 681.18 357.85 301.54 158.41 0.83%

2020 72.58 34.74 7,209 3,451 7.16 10.07 2.0890 728.63 348.80 465.15 222.67 1.00%

2021 92.86 48.20 9,176 4,763 5.95 10.12 1.9265 843.90 438.05 458.73 238.11 0.91%

27.95

37.78

35.85

34.65

43.29

EUR/capita 4

1

2

Central Bank of Azerbaijan Republic

Financial Markets Supervision Authority of the Republic of Azerbaijan (FIMSA) 3

4

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

86,600 sq km

Climate:

dry, semiarid steppe

Natural hazards:

droughts

Terrain:

large, flat Kur-Araz Ovaligi (Kura-Araks Lowland, much of it below sea level) with Great Caucasus Mountains to the north, Qarabag Yaylasi (Karabakh Upland) in west; Baku lies on Abseron Yasaqligi (Apsheron Peninsula) that juts into Caspian Sea

Land use - agricultural land:

agricultural land: 57.6% (2018 est.) arable land: 22.8% (2018 est.) permanent crops: 2.7% (2018 est.) permanent pasture: 32.1% (2018 est.)

FY 2021 Non-life GWP

forest: 11.3% (2018 est.) other: 31.1% (2018 est.) GDP - composition, by sector of origin:

agriculture: 6.1% (2017 est.) industry: 53.5% (2017 est.) services: 40.4% (2017 est.)

Fire, & other perils (v) Immovable property (c) Other

12.11% 13.56% 74.33%

Agriculture - products:

cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats

Labor force:

4.939 million (2019 est.)

Urbanization:

urban population: 57.2% of total population (2022) rate of urbanization: 1.38% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 37% industry: 14.3% services: 48.9% (2014)

Households/Dwellings

1,988,170/1,861,000

Source: CIA World Factbook, national statistics

PROPERTY INSURANCE STATISTICS

FY 2021 Non-life claims

Fire, & other perils (v) Immovable property (c) Other

PROPERTY

Non-life GWP (in EUR m) Total

2.02% 0.88% 97.11%

FY2020 1Q2021 1H2021 3Q2021 FY2021

203.39 90.57 127.83 185.23 239.18

Fire & other perils (V) 26.94 6.42 14.52 21.23 28.96

Non-life claims (in EUR m) Immovable property (C) 22.09 11.98 15.86 25.43 32.44

Total 87.20 30.70 52.72 85.35 113.65

Fire & other perils (V) 6.41 0.21 1.43 1.73 2.29

Immovable property (C) 1.85 0.23 0.39 0.65 1.00

(v) - voluntary insurance / (c ) - compulsory insurance

34

Year X - No.1/2022 (10)

FY2021

Belarus

MARKET’S MAIN INDICATORS-TIMELINE GEL billion 1

GDP, current prices GDP per capita, current prices Unemployment rate

Paid claims

International Monetary Fund, World Economic Outlook Database, April 2022

2019

2020

2021

134.73

149.72

173.16

44.90

49.45

57.27

47.26

60.07

GEL 1

11,167

12,947

14,289

15,911

18,519

4,741

5,234

6,074

5,022

6,425

5.68

4.83

4.19

4.08

3.93

9.47

9.45

9.43

9.41

9.35

End of period 2

2.3553

2.4734

2.3524

3.1680

2.8826

GEL million 3

1,070.13

1,226.04

1,403.42

1,510.20

1,726.57

EUR million 4

454.35

495.69

596.59

476.70

598.96

GEL million 3

535.16

624.75

710.60

814.71

1,065.09

EUR million 4

227.21

252.59

302.07

257.17

369.49

% in GDP 4

1.01%

1.00%

1.04%

1.01%

1.00%

EUR/capita 4

47.98

52.47

63.27

50.66

64.06

1

Millions 1

Gross written premiums

1

2018 122.32

EUR billion 4

% of total labor force

BYN/EUR exchange rate

Sources:

2017 105.75

EUR 4

Population

2

PROPERT Y INSURANCE

Insurance penetration degree Insurance density

National Bank of the Republic of Belarus

Ministry of Finance of the Republic of Belarus 3

4

XPRIMM calculations

COUNTRY CHARACTERISTICS Area: Climate: Natural hazards: Terrain: Land use - agricultural land:

FY 2021 Non-life GWP

Property of legal entities (v) Property of individuals (v) Ins. of buildings of citizens (c) Agricultural ins. with state support (c) Other

16.57% 11.72% 0.85% 1.19% 69.66%

207,600 sq km cold winters, cool and moist summers; transitional between continental and maritime NA generally flat and contains much marshland agricultural land: 43.7% (2018 est.) arable land: 27.2% (2018 est.) permanent crops: 0.6% (2018 est.)

GDP - composition, by sector of origin:

permanent pasture: 15.9% (2018 est.) forest: 42.7% (2018 est.) other: 13.6% (2018 est.) agriculture: 8.1% (2017 est.)

Agriculture - products:

industry: 40.8% (2017 est.) services: 51.1% (2017 est.) grain, potatoes, vegetables, sugar beets, flax; beef, milk

Labor force:

4.381 million (2016 est.)

Urbanization:

urban population: 80.3% of total population (2022)

Labor force - by occupation:

Households/Dwellings

rate of urbanization: 0.28% annual rate of change (2020-25 est.) agriculture: 9.7% industry: 23.4% services: 66.8% (2015 est.) 3,855,016/3,893,638

Source: CIA World Factbook, national statistics

PROPERTY INSURANCE STATISTICS

FY 2021 Non-life claims

Property of legal entities (v) Property of individuals (v) Ins. of buildings of citizens (c) Agricultural ins. with state support (c) Other

www.xprimm.com

Non-life GWP (in EUR m) Total

19.19% 10.64% 0.70% 0.39% 69.08%

Property Property of Ins. of Agricultural of legal individuals buildings ins. with entities (v) (v) of citizens state (c) support (c) FY2020 413.89 66.93 51.87 4.50 9.13 1Q2021 127.70 20.47 14.89 1.23 1.53 1H2021 253.58 41.75 30.37 4.34 3.30 3Q2021 395.41 64.69 46.85 4.43 4.20 FY2021 522.12 86.52 61.22 4.46 6.24 (v) - voluntary insurance / (c ) - compulsory insurance

35

Non-life claims (in EUR m) Total

233.25 67.97 146.67 226.14 313.99

Property of Property of Ins. of legal entities individuals buildings (v) (v) of citizens (c) 44.12 27.37 1.59 11.86 7.10 0.48 27.11 15.49 0.99 42.85 24.52 1.68 60.25 33.40 2.21

PROPERTY

Agricultural ins. with state support (c) 1.82 0.00 0.53 0.75 1.23

Country Profiles

Georgia

MARKET’S MAIN INDICATORS-TIMELINE 2017

2018

2019

2020

2021

GEL billion 1

40.76

44.60

49.25

49.27

60.23

EUR billion 4

13.13

14.53

15.35

12.25

17.19

GEL 1

10,939

11,958

13,228

13,255

16,154

EUR 4

3,524

3,895

4,121

3,295

4,610

% of total labor force 1

21.60

19.20

17.60

18.50

20.30

Millions 1

3.73

3.73

3.72

3.72

3.73

End of period 2

3.1044

3.0701

3.2095

4.0233

3.5040

GEL million 3

441.40

542.20

625.00

667.28

772.66

EUR million

4

142.19

176.61

194.74

165.85

220.51

GEL million 3

248.77

301.86

532.52

385.48

435.73

EUR million 4

80.13

98.32

165.92

95.81

124.35

% in GDP 4

1.08%

1.22%

1.27%

1.35%

1.28%

EUR/capita 4

38.16

47.35

52.29

44.62

59.13

GDP, current prices GDP per capita, current prices Unemployment rate Population GEL/EUR exchange rate Gross written premiums Paid claims

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

2

Insurance penetration degree Insurance density

The National Bank of Georgia

State Insurance Supervision Service of Georgia 3

4

XPRIMM calculations

FY 2021 Non-life GWP

COUNTRY CHARACTERISTICS Area: Climate:

69,700 sq km warm and pleasant; Mediterranean-like on Black Sea coast

Natural hazards: Terrain:

earthquakes largely mountainous with Great Caucasus Mountains in the north and Lesser Caucasus Mountains in the south; Kolkhet'is Dablobi (Kolkhida Lowland) opens to the Black Sea in the west; Mtkvari River Basin in the east; good soils in river valley flood plains, foothills of Kolkhida Lowland

Land use - agricultural land:

agricultural land: 35.5% (2018 est.) arable land: 5.8% (2018 est.) permanent crops: 1.8% (2018 est.) permanent pasture: 27.9% (2018 est.) forest: 39.4% (2018 est.)

GDP - composition, by sector of origin:

industry: 23.7% (2017 est.) services: 67.9% (2017 est.) citrus, grapes, tea, hazelnuts, vegetables; livestock 686,000 (2019 est.) urban population: 60.3% of total population (2022) rate of urbanization: 0.35% annual rate of change (2020-25 est.) agriculture: 55.6% industry: 8.9%

Agriculture - products: Labor force: Urbanization: Property Other

16.63% 83.37%

other: 25.1% (2018 est.) agriculture: 8.2% (2017 est.)

Labor force - by occupation:

services: 35.5% (2006 est.) Households/Dwellings

1,025,829/NA

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Property Other

PROPERTY

12.51% 87.49%

FY2020 1Q2021 1H2021 3Q2021 FY2021

153.32 53.88 110.97 154.15 203.39

36

Property 26.91 4.35 19.69 27.76 33.83

Non-life claims (in EUR m) Total 91.15 20.57 47.41 80.22 116.38

Property 19.13 1.51 2.93 10.37 14.56

Year X - No.1/2022 (10)

FY2021

Kazakhstan

MARKET’S MAIN INDICATORS-TIMELINE 2017 KZT billion 1

GDP, current prices

EUR billion 3

Unemployment rate

The National Bank of Kazakhstan

3

XPRIMM calculations

2020

2021

70,649.03

81,269.23

140.70

162.90

136.88

166.61

3,360,561

3,731,953

3,742,579

4,249,238

EUR 3

7,520

7,649

8,743

7,251

8,711

% of total labor force 1

4.87

4.83

4.79

4.93

4.88

Millions 1

18.16

18.40

18.63

18.88

19.13

439.37

426.85

516.13

487.79

384,845.93 508,512.27

568,134.50

814,816.36

End of period 2 KZT million 2

Gross written premiums

2

2019 69,532.63

136.55

KZT/EUR exchange rate

International Monetary Fund, World Economic Outlook Database, April 2022

61,819.54

2,994,876

Population

1

2018

54,378.86

KZT 1

GDP per capita, current prices

Sources:

PROPERT Y INSURANCE

Paid claims Insurance penetration degree Insurance density

398.23 370,173.60

EUR million 3

929.55

KZT million 2

88,734.59

1,191.31

1,100.76

1,670.42

95,176.77 221,498.52

875.90

149,916.23

130,604.49

EUR million 3

222.82

216.62

% in GDP 3

0.68%

0.62%

518.91

290.46

267.75

0.73%

0.80%

EUR/capita 3

51.19

47.61

1.00%

63.94

58.31

87.34

COUNTRY CHARACTERISTICS Area: Climate:

2,724,900 sq km continental, cold winters and hot summers, arid and semiarid

Natural hazards: Terrain:

earthquakes in the south; mudslides around Almaty vast flat steppe extending from the Volga in the west to the Altai Mountains in the east and from the plains of western Siberia in the north to oases and deserts of Central Asia in the south agricultural land: 77.4% (2018 est.) arable land: 8.9% (2018 est.) permanent crops: 0% (2018 est.)

Land use - agricultural land:

FY 2021 Non-life GWP

GDP - composition, by sector of origin:

industry: 34.1% (2017 est.) services: 61.2% (2017 est.) grain (mostly spring wheat and barley), potatoes, vegetables, melons; livestock 8.685 million (2020 est.) urban population: 58% of total population (2022) rate of urbanization: 1.19% annual rate of change (2020-25 est.) agriculture: 18.1% industry: 20.4% services: 61.6% (2017 est.) 4,152,740/NA

Agriculture - products: Labor force: Urbanization: Property ins. (v) Other

46.46% 53.54%

permanent pasture: 68.5% (2018 est.) forest: 1.2% (2018 est.) other: 21.4% (2018 est.) agriculture: 4.7% (2017 est.)

Labor force - by occupation:

Households/Dwellings Source: CIA World Factbook, national statistics

PROPERTY INSURANCE STATISTICS

FY 2021 Non-life claims

Property ins. (v) Other

www.xprimm.com

Non-life GWP (in EUR m) Total

47.98% 52.02%

Non-life claims (in EUR m)

Property ins. (v)

Total

Property ins. (v) 32.87

FY2020

339.50

228.63

41.86

1Q2021

283.84

108.09

44.36

6.29

1H2021

537.83

188.73

92.97

12.77

3Q2021

754.79

226.20

147.75

21.25

FY2021

645.83

300.03

57.97

27.82

(v) - voluntary insurance / (c ) - compulsory insurance

37

PROPERTY

Country Profiles

Kyrgyzstan

MARKET’S MAIN INDICATORS - TIMELINE KGS billion 1

GDP, current prices

2018

2019

2020

2021

569.39

619.10

601.82

723.12

EUR billion 4

6.42

7.11

7.94

5.94

7.55

KGS 1

86,394

91,004

96,905

92,348

108,667

EUR 4

1,046

1,137

1,243

911

1,134

% of total labor force 1

6.89

6.61

6.61

6.61

6.61

Millions 1

6.14

6.26

6.39

6.52

6.65

GDP per capita, current prices Unemployment rate Population KGS/EUR exchange rate

End of period

2

KGS million 3

Gross written premiums

Sources: 1 International Monetary Fund, World Economic Outlook Database, April 2022 2 National Bank of the Kyrgyz Republic 3 FSA - Gosfinnadzora 4 XPRIMM calculations

2017 530.48

Paid claims

82.5936

80.0446

77.9803

101.3204

95.7857

1,004.40

1,098.78

1,332.74

1,334.76

1,261.85

EUR million 4

12.16

13.73

17.09

13.17

13.17

KGS million 3

111.58

128.29

180.67

184.21

263.92

EUR million 4

1.35

1.60

2.32

1.82

2.76

0.19%

0.19%

0.22%

0.22%

0.17%

1.98

2.19

2.68

2.02

1.98

Insurance penetration degree

% in GDP

Insurance density

EUR/capita 4

4

COUNTRY CHARACTERISTICS Area:

199,951 sq km

Climate:

dry continental to polar in high Tien Shan Mountains; subtropical in southwest (Fergana Valley); temperate in northern foothill zone

Natural hazards:

NA

Terrain:

peaks of Tien Shan and associated valleys and basins encompass entire nation

Land use - agricultural land:

agricultural land: 55.4% (2018 est.) arable land: 6.7% (2018 est.) permanent crops: 0.4% (2018 est.) permanent pasture: 48.3% (2018 est.)

FY 2021 Non-life GWP

forest: 5.1% (2018 est.) other: 39.5% (2018 est.) GDP - composition, by sector of origin:

agriculture: 14.6% (2017 est.) industry: 31.2% (2017 est.) services: 54.2% (2017 est.)

Property Other

49.38% 50.62%

Agriculture - products:

tobacco, cotton, potatoes, vegetables, grapes, fruits and berries; sheep, goats, cattle, wool

Labor force:

2.841 million (2017 est.)

Urbanization:

urban population: 37.5% of total population (2022) rate of urbanization: 2.05% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 48% industry: 12.5% services: 39.5% (2005 est.)

Households/Dwellings

1,109,633/NA

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Property Other

PROPERTY

59.99% 40.01%

FY2020 1Q2021 1H2021 3Q2021 FY2021

13.17 3.27 7.74 9.98 13.17

38

Non-life claims (in EUR m)

Property

Total 9.04 1.68 4.25 4.63 6.50

1.82 0.42 0.98 1.73 2.76

Property 0.83 0.19 0.44 0.95 1.65

Year X - No.1/2022 (10)

FY2021

Moldova

MARKET’S MAIN INDICATORS-TIMELINE 2017

2018

2019

2020

2021

1

178.88

192.51

210.38

199.73

241.87

EUR billion 4

8.76

9.86

10.92

9.45

12.04

64,347

70,507

78,449

75,830

93,493

3,153

3,612

4,073

3,589

4,653 3.46

MDL billion

GDP, current prices

MDL 1

GDP per capita, current prices

EUR4

Unemployment rate

% of total labor force

Population

Gross written premiums

International Monetary Fund, World Economic Outlook Database, April 2022 1

2

The National Bank of Moldova

The National Comission of Financial Market (NCFM)

4.13

3.05

5.13

3.83

2.78

2.73

2.68

2.63

2.59

End of period 2

20.4099

19.5212

19.2605

21.1266

20.0938

MDL million 3

1,441.90

1,518.14

1,624.66

1,452.91

1,926.34

1

Millions 1

MDL/EUR exchange rate

Sources:

PROPERT Y INSURANCE

Paid claims

4

EUR million

70.65

77.77

84.35

68.77

95.87

MDL million 3

506.03

548.99

653.79

596.39

662.14

EUR million 4

24.79

28.12

33.94

28.23

32.95

Insurance penetration degree

% in GDP 4

0.81%

0.79%

0.77%

0.73%

0.80%

Insurance density

EUR/capita 4

25.41

28.49

31.45

26.11

37.06

3

4

COUNTRY CHARACTERISTICS

XPRIMM calculations

Area:

33,851 sq km

Climate:

moderate winters, warm summers

Natural hazards:

landslides

Terrain:

rolling steppe, gradual slope south to Black Sea

Land use - agricultural land:

agricultural land: 74.9% (2018 est.) arable land: 55.1% (2018 est.) permanent crops: 9.1% (2018 est.) permanent pasture: 10.7% (2018 est.) forest: 11.9% (2018 est.)

FY 2021 Non-life GWP

other: 13.2% (2018 est.) GDP - composition, by sector of origin:

agriculture: 17.7% (2017 est.) industry: 20.3% (2017 est.) services: 62% (2017 est.)

Fire, allied perils Damages to property Other

7.70% 3.74% 88.56%

Agriculture - products:

vegetables, fruits, grapes, grain, sugar beets, sunflower seeds, tobacco; beef, milk; wine

Labor force:

1.295 million (2017 est.)

Urbanization:

urban population: 43.2% of total population (2022) rate of urbanization: 0.09% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 32.3% industry: 12% services: 55.7% (2017 est.)

Households/Dwellings

1,131,827/1,081,498

Source: CIA World Factbook, national statistics

FY 2021 Non-life claims

Fire, allied perils Damages to property Other

www.xprimm.com

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m)

1.58% 2.87% 95.55%

FY2020 1Q2021 1H2021 3Q2021 FY2021

Total

Fire, allied perils

63.99 17.20 38.89 66.51 90.86

4.51 1.36 2.61 4.25 7.00

39

Non-life claims (in EUR m) Damages to property 1.21 0.97 2.87 3.14 3.40

Total

Fire, allied perils

26.97 7.15 13.55 21.48 31.25

0.59 0.27 0.31 0.41 0.49

PROPERTY

Damages to property 1.35 0.09 0.10 0.15 0.90

Country Profiles

Russia

MARKET’S MAIN INDICATORS-TIMELINE 2017

Sources: 1 International Monetary Fund, World Economic Outlook Database, April 2022 2 The Central Bank of the Russian Federation 3 Financial Markets Service of the Bank of Russia 4 XPRIMM calculations

2018

2019

RUB billion 1 91,843.20 103,861.70 109,608.30 GDP, current prices EUR billion 4 1,333.64 1,307.09 1,580.72 RUB 1 625,294 707,596 746,910 GDP per capita, current prices EUR 4 9,080 8,905 10,772 Unemployment rate % of total labor force 1 5.20 4.80 4.60 Population Millions 1 146.88 146.78 146.75 RUB/EUR exchange rate End of period 2 68.8668 79.4605 69.3406 RUB million 3 1,278,841.60 1,479,501.13 1,481,177.59 Gross written premiums EUR million 4 18,569.78 18,619.33 21,360.90 RUB million 3 509,722.13 522,468.01 610,865.42 Paid claims EUR million 4 7,401.57 6,575.19 8,809.64 Insurance penetration degree % in GDP 4 1.39% 1.42% 1.35% Insurance density EUR/capita 4 126.43 126.85 145.56

2020

2021

107,315.30 130,795.30 1,183.42 1,555.80 734,176 898,579 8,096 10,689 5.78 4.83 146.17 145.56 90.6824 84.0695 1,538,700.73 1,808,289.28 16,968.02 21,509.46 658,485.52 796,973.85 7,261.45 9,479.94 1.43% 1.38% 116.08 147.77

COUNTRY CHARACTERISTICS Area: Climate:

FY 2021 Non-life GWP

Real estate - legal entities Real estate - individuals Agricultural ins. Other

9.36% 6.37% 0.71% 83.55%

FY 2021 Non-life claims

17,098,242 sq km ranges from steppes in the south through humid continental in much of European Russia; subarctic in Siberia to tundra climate in the polar north; winters vary from cool along Black Sea coast to frigid in Siberia; summers vary from warm in the steppes to cool along Arctic coast Natural hazards: "permafrost over much of Siberia is a major impediment to development; volcanic activity in the Kuril Islands; volcanoes and earthquakes on the Kamchatka Peninsula; spring floods and summer/autumn forest fires throughout Siberia and parts of European Russia volcanism: significant volcanic activity on the Kamchatka Peninsula and Kuril Islands; the peninsula alone is home to some 29 historically active volcanoes, with dozens more in the Kuril Islands; Kliuchevskoi (elev. 4,835 m), which erupted in 2007 and 2010, is Kamchatka's most active volcano; Avachinsky and Koryaksky volcanoes, which pose a threat to the city of Petropavlovsk-Kamchatskiy, have been deemed Decade Volcanoes by the International Association of Volcanology and Chemistry of the Earth's Interior, worthy of study due to their explosive history and close proximity to human populations; other notable historically active volcanoes include Bezymianny, Chikurachki, Ebeko, Gorely, Grozny, Karymsky, Ketoi, Kronotsky, Ksudach, Medvezhia, Mutnovsky, Sarychev Peak, Shiveluch, Tiatia, Tolbachik, and Zheltovsky " Terrain: broad plain with low hills west of Urals; vast coniferous forest and tundra in Siberia; uplands and mountains along southern border regions Land use - agricultural agricultural land: 13.1% (2018 est.) land: arable land: 7.3% (2018 est.) permanent crops: 0.1% (2018 est.) permanent pasture: 5.7% (2018 est.) forest: 49.4% (2018 est.) other: 37.5% (2018 est.) GDP - composition, by agriculture: 4.7% (2017 est.) sector of origin: industry: 32.4% (2017 est.) services: 62.3% (2017 est.) Agriculture - products: grain, sugar beets, sunflower seeds, vegetables, fruits; beef, milk Labor force: 69.923 million (2020 est.) Urbanization: urban population: 75.1% of total population (2022) rate of urbanization: 0.11% annual rate of change (2020-25 est.) Labor force - by ocagriculture: 9.4% cupation: industry: 27.6% services: 63% (2016 est.) Households/Dwellings 52,707,000/58,000,000 Source: CIA World Factbook, national statistics

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Real estate - legal entities Real estate - individuals Agricultural ins. Other

PROPERTY

4.33% 1.79% 1.09% 92.80%

FY2020 1Q2021 1H2021 3Q2021 FY2021

12,220.49 3,976.59 7,643.93 11,507.10 15,271.73

Real estate - Real estate - Agricultural legal entities individuals ins. 1,247.68 790.13 89.08 422.29 191.41 10.66 761.37 415.14 53.32 1,139.88 676.54 75.82 1,429.69 972.73 109.17

40

Non-life claims (in EUR m) Total 5,006.37 1,295.32 2,861.82 4,436.92 6,050.29

Real estate legal entities 245.83 43.92 139.01 204.89 261.72

Real estate Agricultural individuals ins. 95.41 33.75 26.26 13.23 55.70 24.88 81.83 31.88 108.06 66.11

Year X - No.1/2022 (10)

FY2021 2020

Tajikistan

MACROECONOMIC INDICATORS - TIMELINE GDP, current prices GDP per capita, current prices Unemployment rate Population TJS/EUR exchange rate Gross written premiums

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

2

The National Bank of Tajikistan

3

XPRIMM calculations

PROPERT Y Y INSURANCE INSURANCE PROPERT

Paid claims Insurance penetration degree Insurance density

TJS billion 1 EUR billion 4 TJS 1 EUR 4 % of total labor force 1 Millions 1 End of period 2 TJS million 3 EUR million 4 TJS million 3 EUR million 4 % in GDP 4 EUR/capita 4

2017 64.43 6.09 7,222 683

2018 71.06 6.58 7,803 722

2019 79.11 7.29 8,514 785

2020 83.96 6.04 8,861 638

2021 95.88 7.49 9,929 776

n/a

n/a

n/a

n/a

n/a

8.92 10.5766 235.84 22.30 11.55 1.09 0.37% 2.50

9.11 10.8007 234.20 21.68 10.62 0.98 0.33% 2.38

9.29 10.8448 234.27 21.60 15.28 1.41 0.30% 2.32

9.48 13.8934 n/a n/a n/a n/a -

9.66 12.7973 n/a n/a n/a n/a -

COUNTRY CHARACTERISTICS Area:

143,100 sq km

Climate:

midlatitude continental, hot summers, mild winters; semiarid to polar in Pamir Mountains

Natural hazards:

earthquakes; floods

Terrain:

Pamir and Alay Mountains dominate landscape; western Fergana Valley in north, Kofarnihon and Vakhsh Valleys in southwest

Land use - agricultural land:

agricultural land: 34.7% (2018 est.) arable land: 6.1% (2018 est.) permanent crops: 0.9% (2018 est.) permanent pasture: 27.7% (2018 est.) forest: 2.9% (2018 est.) other: 62.4% (2018 est.)

GDP - composition, by sector of origin:

agriculture: 28.6% (2017 est.) industry: 25.5% (2017 est.) services: 45.9% (2017 est.)

Agriculture - products:

cotton, grain, fruits, grapes, vegetables; cattle, sheep, goats

Labor force:

2.295 million (2016 est.)

Urbanization:

urban population: 28% of total population (2022) rate of urbanization: 2.73% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 43% industry: 10.6% services: 46.4% (2016 est.)

Households/Dwellings

1,197,187/NA

Source: CIA World Factbook, national statistics

www.xprimm.com

41

PROPERTY

Country Profiles

Turkmenistan

MACROECONOMIC INDICATORS - TIMELINE 2017

2018

2019

2020

2021

1

162.28

170.40

185.36

186.15

222.00

EUR billion 4

38.70

42.52

47.39

43.39

56.12

TMT

1

28,422

29,534

31,213

30,714

36,087

EUR 4

6,778

7,370

7,980

7,159

9,123

na

na

na

na

na

TMT billion

GDP, current prices GDP per capita, current prices Unemployment rate

% of total labor force

Population TMT/EUR exchange rate

Sources:

Millions

1

End of period 2

1

5.71

5.77

5.94

6.06

6.15

4.1930

4.0075

3.9113

4.2900

3.9557

International Monetary Fund, World Economic Outlook Database, April 2022 1

2

Central Bank of Turkmenistan

3

XPRIMM calculations

COUNTRY CHARACTERISTICS Area:

488,100 sq km

Climate:

subtropical desert

Natural hazards:

NA

Terrain:

flat-to-rolling sandy desert with dunes rising to mountains in the south; low mountains along border with Iran; borders Caspian Sea in west

Land use - agricultural land:

agricultural land: 72% (2018 est.) arable land: 4.1% (2018 est.) permanent crops: 0.1% (2018 est.) permanent pasture: 67.8% (2018 est.) forest: 8.8% (2018 est.) other: 19.2% (2018 est.)

GDP - composition, by sector of origin:

agriculture: 7.5% (2017 est.) industry: 44.9% (2017 est.) services: 47.7% (2017 est.)

Agriculture - products:

cotton, grain, melons; livestock

Labor force:

2.305 million (2013 est.)

Urbanization:

urban population: 53.5% of total population (2022) rate of urbanization: 2.23% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 48.2% industry: 14% services: 37.8% (2004 est.)

Households/Dwellings

NA/NA

Source: CIA World Factbook, national statistics

PROPERTY

42

Year X - No.1/2022 (10)

FY2021

Ukraine

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

2

PROPERT Y INSURANCE

MARKET’S MAIN INDICATORS-TIMELINE 2017 UAH billion 1 GDP, current prices EUR billion 4 UAH 1 GDP per capita, current prices EUR 4 Unemployment rate % of total labor force 1 Population Millions 1 UAH/EUR exchange rate End of period 2 UAH million 3 Gross written premiums EUR million 4 UAH million 3 Paid claims EUR million 4 Insurance penetration degree % in GDP 4 Insurance density EUR/capita 4

2,982.92 89.05 70,657 2,109 9.65 42.22 33.495424 43,431.77 1,296.65 10,536.79 314.57 1.46% 30.71

2018

2019

3,560.30 3,977.20 112.26 150.53 84,802 95,301 2,674 3,607 9.00 8.50 41.98 41.73 31.714138 26.422000 49,367.52 53,001.19 1,556.64 2,005.95 12,863.38 14,338.36 405.60 542.67 1.39% 1.33% 37.08 48.07

2020

2021

4,191.86 5,421.21 120.67 175.32 101,244 131,978 2,914 4,268 9.15 9.78 41.40 41.08 34.739600 30.922600 45,175.93 48,892.53 1,300.42 1,581.13 14,865.39 17,447.96 427.91 564.25 1.08% 0.90% 31.41 38.49

National Bank of Ukraine

League of Insurance Organizations of Ukraine, Insurance Top Magazine 3

4

The National Financial Services Commission

COUNTRY CHARACTERISTICS Area:

603,550 sq km

Climate:

temperate continental; Mediterranean only on the southern Crimean coast; precipitation disproportionately distributed, highest in west and north, lesser in east and southeast; winters vary from cool along the Black Sea to cold farther inland; summers are warm across the greater part of the country, hot in the south

Natural hazards:

NA

Terrain:

most of Ukraine consists of fertile plains (steppes) and plateaus, mountains being found only in the west (the Carpathians), and in the Crimean Peninsula in the extreme south

Land use - agricultural land:

agricultural land: 71.2% (2018 est.) arable land: 56.1% (2018 est.) permanent crops: 1.5% (2018 est.)

FY 2021 Non-life GWP

permanent pasture: 13.6% (2018 est.) forest: 16.8% (2018 est.) other: 12% (2018 est.) GDP - composition, by sector of origin:

agriculture: 12.2% (2017 est.) industry: 28.6% (2017 est.) services: 60% (2017 est.)

Property Risk Other

11.30% 88.70%

Agriculture - products:

grain, sugar beets, sunflower seeds, vegetables; beef, milk

Labor force:

16.033 million (2017 est.)

Urbanization:

urban population: 69.9% of total population (2022) rate of urbanization: -0.27% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 5.8% industry: 26.5% services: 67.8% (2014)

Households/Dwellings

FY 2021 Non-life claims

16,984,061/19,400,000 - total number of appartments

Source: CIA World Factbook, national statistics

PROPERTY INSURANCE STATISTICS Non-life GWP (in EUR m) Total

Property Risk Other

www.xprimm.com

13.84% 86.16%

FY2020 1Q2021 1H2021 3Q2021 FY2021

1,155.96 327.19 683.55 1,093.80 1,390.91

43

Non-life claims (in EUR m)

Property risks 199.87 49.44 102.07 152.97 157.20

Total 409.24 128.16 257.80 414.60 538.93

PROPERTY

Property risks 34.03 20.04 34.70 63.52 74.57

Country Profiles

Uzbekistan

MARKET’S MAIN INDICATORS-TIMELINE 2017

Sources: International Monetary Fund, World Economic Outlook Database, April 2022 1

UZS billion 1 317,476.37 GDP, current prices EUR billion 4 32.99 1 UZS 9,883,917 GDP per capita, current prices EUR 4 1,027 Unemployment rate % of total labor force 1 5.83 Population Millions 1 32.12 UZS/EUR exchange rate End of period 2 9,624.72 UZS million 3 927,451.40 Gross written premiums EUR million 4 96.36 UZS million 3 269,997.12 Paid claims EUR million 4 28.05 Insurance penetration degree % in GDP 4 0.29% Insurance density EUR/capita 4 3.00

2018 424,728.74 44.80 13,005,868 1,372 9.35 32.66 9,479.57 1,635,206.55 172.50 460,817.29 48.61 0.39% 5.28

2019

2020

529,391.49 49.83 15,918,915 1,498 8.98 33.26 10,624.70 2,313,903.59 217.79 813,510.42 76.57 0.44% 6.55

2021

602,193.00 734,587.70 47.10 60.09 17,761,081 21,256,108 1,389 1,739 10.53 9.50 33.91 34.56 12,786.03 12,224.88 2,209,677.75 3,836,565.34 172.82 313.83 735,110.36 NA 57.49 NA 0.37% 0.52% 5.10 9.08

The Central Bank of the Repoublic of Uzbekistan 2

Ministry of Finance of the Republic of Uzbekistan 3

4

XPRIMM calculations

Note: 2021 GWP, XPRIMM estimates using the 3Q2021/2020 growth rate in UZS

COUNTRY CHARACTERISTICS Area:

447,400 sq km

Climate:

mostly midlatitude desert, long, hot summers, mild winters; semiarid grassland in east

Natural hazards:

NA

Terrain:

mostly flat-to-rolling sandy desert with dunes; broad, flat intensely irrigated river valleys along course of Amu Darya, Syr Darya (Sirdaryo), and Zarafshon; Fergana Valley in east surrounded by mountainous Tajikistan and Kyrgyzstan; shrinking Aral Sea in west

Land use - agricultural land:

agricultural land: 62.6% (2018 est.) arable land: 10.1% (2018 est.) permanent crops: 0.8% (2018 est.) permanent pasture: 51.7% (2018 est.) forest: 7.7% (2018 est.) other: 29.7% (2018 est.)

GDP - composition, by sector of origin:

agriculture: 17.9% (2017 est.) industry: 33.7% (2017 est.) services: 48.5% (2017 est.)

Agriculture - products:

cotton, vegetables, fruits, grain; livestock

Labor force:

13.273 million (2018 est.)

Urbanization:

urban population: 50.5% of total population (2022) rate of urbanization: 1.25% annual rate of change (2020-25 est.)

Labor force - by occupation:

agriculture: 25.9% industry: 13.2% services: 60.9% (2012 est.)

Households/Dwellings

NA/5,629,300

Source: CIA World Factbook, national statistics

PROPERTY

44

Year X - No.1/2022 (10)

INTERVIEWS: INTERVIEW Serpil GÜNAL TARSIM General Manager,

Market Overview

Full Year 2019 First Half 2020

www.xprim m.com

www.iuc-g roup.com

PROFILE

www.xprimm.com

Fahri ALTINGÖZ, AKSIGORTA MARKET ANALYSIS 1H2020 GULF Sigorta G o n c a ULUSOY, crisis didn’t stop Sigorta Covid-19 ZIRAAT 2019 The Serpil GÜNAL, despite Sigorta market reshaping On the positive path, theCORPUS Sertem DEMIR, ER Insurance harsh conditions Zafer UÇAR, MAGDEBURG

TURKEY

IN SU RA NC E

www.xprimm.com

Service of Georgia Insurance State Supervision ONOPRISHVILI, Chairman, Association INTERVIEWS: David President, Georgian Insurance Devi KHECHINASHVILI, EUROINS Georgia Iakob EDILASHVILI, CEO, ALDAGI Giorgi BARATASHVILI, CEO, ARDI Insurance Michael JAPARIDZE, CEO, CEO, New Vision Insurance Brokers Kakhaber DIASAMIDZE, Director, MAI Georgia Insurance Levan JISHKARIANI, General G.S. Director, Insurance Broker Ketevan PAVLENISHVILI,

Full Year 2020

Market Overview

www.xprimm.c om

PROFILE

GEORGIA

INS UR AN CE

www.xprimm.com INTERVIEWS: INTERVIEW Serpil GÜNAL TARSIM General Manager,

Market Overview

www.iuc-g roup.com

PROFILE

www.xprimm.com

Fahri ALTINGÖZ, AKSIGORTA MARKET ANALYSIS 1H2020 GULF Sigorta G o n c a ULUSOY, crisis didn’t stop Sigorta Covid-19 ZIRAAT 2019 The Serpil GÜNAL, despite Sigorta market reshaping On the positive path, theCORPUS Sertem DEMIR, ER Insurance harsh conditions Zafer UÇAR, MAGDEBURG

TURKEY Full Year 2019 First Half 2020

www.xprim m.com

IN SU RA NC E

www.xprimm.com

Service of Georgia Insurance State Supervision ONOPRISHVILI, Chairman, Association INTERVIEWS: David President, Georgian Insurance Devi KHECHINASHVILI, EUROINS Georgia Iakob EDILASHVILI, CEO, ALDAGI Giorgi BARATASHVILI, CEO, ARDI Insurance Michael JAPARIDZE, CEO, CEO, New Vision Insurance Brokers Kakhaber DIASAMIDZE, Director, MAI Georgia Insurance Levan JISHKARIANI, General G.S. Director, Insurance Broker Ketevan PAVLENISHVILI,

Full Year 2020

Market Overview

www.xprimm.c om

PROFILE

GEORGIA

INS UR AN CE

ex-USSR

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