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
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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
B
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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