SEE top insurers premiums stay flat despite decline in profit

The combined net profit of the top 100 insurers in Southeastern Europe (SEE) went down to 476.4 million euro in 2020 from 496.8 million euro in the previous year. About 40% of the insurers in the top 100 list recorded a decline in net profit in an environment of unprecedented challenges caused by the coronavirus crisis and persisting low interest rates. SEE insurers, however, demonstrated resilience as their gross written premiums (GWP) remained unchanged at 8.1 billion euro. Still, nearly half of the entrants in this year’s ranking reported a decline in their GWP, including 14 that posted a double-digit fall.

No quick recovery for SEE insurers in 2011

When insurance companies in Southeast Europe toasted the arrival of 2011, the general mood was one of caution for the immediate future and belief in the industry’s longer-term prospects.
SEE insurers had just left behind a rather difficult 2010 – a year through which the effects of the financial crisis and the ensuing recession were still keenly felt.