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Top SEE insurers’ premium growth slows down

The gross written premiums (GWP) of the top insurers in Southeast Europe continued to expand, though at a slower pace than a year earlier amid high inflation, a slowdown in economic activity and geopolitical uncertainties. Profit growth too decelerated, following a robust double-digit increase a year earlier. Nevertheless, the sector remained stable and resilient.

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SEE top insurers book double-digit growth in profit, GWP

The top one hundred insurers in Southeastern Europe (SEE) saw both their net profit and gross written premiums (GWP) grow in double digits in 2021, despite persisting challenges related to the coronavirus crisis and low interest rates. Their combined net profit rose by 26% to 599 million euro in 2021, from 475 million euro in 2020 and 497 million euro in 2019, outpacing the increase in GWP. Only eight of the top insurers closed the year in the red, while 38 recorded a decline in profits. In 2021, SEE’s biggest insurers registered 9.675 billion euro in GWP, 11.65% higher on the year and above the 8.8 billion-euro levels registered by the entrants in the ranking in 2019. Just nine insurers reported a decline in their GWPs in 2021.

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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.