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Bumpy Road for SEE Insurers in 2009
By Valentin Stamov (SeeNews)
The analysis is based on public information
gathered from the official insurance regulatory
bodies in the countries of Southeast Europe
(SEE). The conversion exchange rates of the local
currencies are for the end of the respective period.
After a period of strong growth the insurance
sector in Southeast Europe (SEE) was hit by
the global economic crisis with premiums
falling in 2009. The combined insurance
premium income in Albania, Bulgaria, Croatia,
Moldova, Montenegro and Serbia decreased
by 4.5% to EUR 2.873 bln in 2009. The
strongest influence for the decline came from
the shrinking of the Bulgarian and Croatian
markets, which accounted for nearly 75% of
total premium revenue.
The falling premium income of the insurance
sector in some of the listed countries reflects
the severe economic downturn in the region,
where the average real GDP drop was 4.2%
in 2009, equal to the average for the EU-
27, according to official statistical data. In all
SEE countries the non-life insurance segment
continues to generate the biggest part of
the sector’s total premium revenue. In the
above mentioned countries non-life insurance
premiums accounted for more than 80% of
all premiums.
In 2008 the SEE insurance sector saw premium
income growing by 11.1% to EUR 7.315 bln.
This shows the trend in the development of the
insurance sector before the global economic
recession hit the economies in the region.
Paid Insurance Claims
The paid insurance claims in Albania, Bulgaria,
Moldova and Croatia registered an average
growth of 6.8% to a combined EUR 1.078 bln
in 2009. In the first three countries the paid
claims marked an annual increase of more than
11%, calculated in the national currencies, with
Bulgaria showing the highest growth rate of
12.3% to BGN 771 mln (EUR 394 mln). At
the bottom end was Croatia, where the settled
claims went up by just 4.1% to HRK 4.781
bln (EUR 654 mln).
LIFE-INSURANCE
In 2009, the combined life insurance
premiums in Albania, Bulgaria, Croatia,
Montenegro and Serbia went down by 3.4%
to EUR 549.7 mln. Although life insurance
premiums in Albania, Montenegro and
Serbia grew significantly, the decrease on
the Bulgarian and Croatian markets, which
together contributed 82.7% of the total, led
to an overall reduction. Especially strong was
the shrinking of the Bulgarian life insurance
Y/Y Growth in %
25
20
15
10
5
0
-5
-10
Albania
SEE TOP 100 Insurers
Insurance Premium Income Growth* in SEE
BiH
2008 2009
Bulgaria
Croatia
Macedonia
Moldova
Montenegro
Romania
Serbia
SEE TOP 100 Insurers
Slovenia
*Editor’s note: The growth rate is calculated on the basis of gross insurance premium income in 2009 and 2008 in local currencies
Sources: Albanian Financial Supervisory Authority; Insurance Agency of Bosnia and Herzegovina; Financial Supervision Commission – Bulgaria;
Hrvatska Agencija za Nadzor Financijskih Usluga; National Insurance Bureau - Macedonia; Comisia Nationala a Pietei Financiare - Moldova; Insurance
Supervision Agency – Montenegro; Insurance Supervisory Commission – Romania; National Bank of Serbia; Insurance Supervision Agency – Slovenia
Ratio (in %)
6
5
4
3
2
1
0
Serbia
Romania
Bulgaria
Croatia
Slovenia
Premium-to-GDP ratio in some SEE countries in 2009
Total Non-life Life
Slovenia Croatia Bulgaria Romania Serbia
25
20
15
10
5
0
-5
-10
Source: Swiss Re – Sigma No 2/2010
Insurance premiums per capita in some SEE countries in 2009
Y/Y Growth in %
0 200 400 600 800 1,000 1,200 1,400
in USD Total Non-life Life
Source: Swiss Re – Sigma No 2/2010
60.00
50.00
40.00
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00
Life Insurance Premium Income Growth* in SEE
Albania
BiH
Bulgaria
Croatia
Macedonia
Montenegro
Romania
2008 2009
Serbia
Slovenia
*Editor’s note: The growth rate is calculated on the basis of gross insurance premium income in 2009 and 2008 in local currencies
Sources: AMF; AZOBIH; FSC; HANFA; NIBM; ANO; CSA; NBS; AZN
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