XPRIMM Insurance Report FY2012: Romania remains the third Motor Hull market in CEE, despite the continuous decreases in the past 5 years
At the end of last year, the Motor Hull segment totalized EUR 3.8 billion for the 16 countries forming the Central and Eastern Europe region, according to statistics published in the latest issue of XPRIMM Insurance Report. Compared with 2011, the number did not vary significantly (0.1% growth), but compared with 2008, when Motor Hull totalized EUR 4.8 billion for the entire region, the dynamics was negative: -21%. Moreover, the CEE insurers paid EUR 2.4 billion in claims on the Motor Hull segment, representing 66% of the total underwritings volume, in comparison with EUR 3 billion in 2008, the equivalent of 63% of the underwritings.
Poland remained the largest Motor Hull market in the region (EUR 1.4 billion gross written premiums, representing a 37% market share), an increase of 5% compared with 2011 and more than 10% over 2008.
The Czech Republic was the second largest market, with underwritings totalizing EUR 580 million, compared with EUR 630 million in 2008, while Romania ranked third, with little less than EUR 450 million at the end of 2012. At the end of 2008, the Motor Hull market in Romania was the second largest in CEE – EUR 970 million.
Moreover, comparing the 2012 results with the 2008 results, in percentages, the most significant decreases were reported by the markets in Latvia (-56%), Romania (-54%), Hungary and Bulgaria (-40% each), Croatia (-39%), Serbia (-36%) and Lithuania (-28%).
The only countries with a superior market volume in 2012 in comparison with 2008 were Slovenia and Poland: +10% each.