Non-life insurances - Eastern Europe

The Non-life insurance market in Eastern Europe is expected to reach a market size of US$27.75bn in 2024.
The average spending per capita in the Non-life insurance market is projected to be US$116.70 in 2024.
Over the period of 2024 to 2029, the gross written premium is anticipated to grow at a compound annual growth rate (CAGR) of 3.92%, resulting in a market volume of US$33.63bn by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium in the Non-life insurance market, amounting to US$2.5tn in 2024.
In Eastern Europe, non-life insurance market in Poland is experiencing a steady growth due to increasing demand from the automotive and property sectors.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurance market in Eastern Europe is experiencing a significant growth trajectory in recent years. Customer preferences in the region are shifting towards more comprehensive coverage options, including property, health, and motor insurances. Customers are increasingly seeking customized and flexible policies that cater to their specific needs and provide a sense of security in an uncertain environment. Trends in the market indicate a rise in digitalization and technological advancements, leading to streamlined processes, improved customer experience, and innovative product offerings. Insurers are leveraging data analytics and artificial intelligence to assess risks more accurately and offer competitive pricing to attract a larger customer base. Local special circumstances, such as regulatory changes and increasing competition among insurance providers, are influencing the market dynamics in Eastern Europe. Insurers are focusing on enhancing their distribution channels and expanding their presence in untapped regions to capitalize on the growing demand for non-life insurance products. Underlying macroeconomic factors, including economic growth, rising disposable incomes, and changing demographics, are driving the expansion of the non-life insurance market in Eastern Europe. As the region continues to develop and urbanize, there is a growing awareness of the importance of insurance protection, leading to an increase in policy purchases across different segments.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.