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The 18 markets wrote €56.87bn of premium in 2025, 2.1% of their GDP and €479 per person, while their GDP per person is 54% of the EU average. Scroll through the gap per person, growth since 2021 before and after inflation, where premium outgrew the economy and the outlook to 2028.
Claims and costs took less than the non-life premium after reinsurance in 17 of the 18 markets in 2025. The region's non-life insurers earned €1.88bn on underwriting and €2.01bn on investments, and insurers reported €5.14bn of net profit, 48% of it in Poland. Scroll through the combined ratio, investments, returns on equity, profit and five years of results.
Motor liability and casco brought in €22.78bn of the €43.01bn the 18 markets wrote in non-life lines in 2025, which include the accident and health cover life insurers sell. Scroll through where motor matters most, claims that rise faster than premiums, what a policy costs, how prices moved and Romania after City and Euroins.
The 18 markets Polisa covers wrote €56.87bn of premium in 2025, and VIG, PZU, Generali, Allianz and Talanx wrote 56% of it. VIG is the only group with an insurer in every market and leads six of them. Scroll through who leads each market, how much the leader holds and the 54 deals since 2021, 33 of them between different owners.
Serbian insurers wrote €1.63bn of premium in 2025, 60% more than in 2021: 12.5% a year in dinars, the fastest of the six Western Balkan markets and fourth of the 18 Polisa covers. Growth has not changed who writes it: Dunav and Generali hold 45% between them, against 46% in 2021. Premium is still 1.8% of GDP.
All nine Montenegrin insurers published a solvency margin for 2025, and every one holds at least twice the requirement; the median is 392%, the highest of the 18 markets. Montenegro is outside Solvency II: the margin is a simpler measure than the SCR ratio, so the figure says the buffer is wide, not that it is comparable.
Premium written in North Macedonia in the first half of 2026 was 0.6% below the first half of 2025, the only fall among the seventeen markets with figures for 2026, after four years of growth between 9.9% and 12.3%. One insurer explains it: Eurolink's premium fell 43% from an unusually large first half of 2025; the rest of the market grew 7.5%.
Compulsory motor liability brought in €96m of Kosovo's €179m premium in 2025, 54% of the total; only Albania relies on it more. Life insurance is 5% of premium and health 22%, and Kosovans spend €113 a year on insurance, less than anyone in the region but Moldovans.
The Solvency II review, which applies from 30 January 2027, cuts the risk margin in insurers' technical provisions: the lower cost-of-capital rate alone takes about 21% off it. Own funds rise with it, and so do SCR ratios in the eleven Solvency II markets Polisa covers, before any change in the business. On the insurers' 2025 balance sheets, that cut alone would lift the median insurer's ratio by 3.1 points, before tax.
Hungarian insurers returned 24.4% on average equity in 2025, Czech insurers 22.0% and Romanian insurers 20.1%. Polish insurers earned 19.2%, up from 10.4% in 2021. In Croatia the return has stayed between 6% and 8% in every year since 2021.
Slovenia's non-life combined ratio after reinsurance rose from 93% in 2022 to 104% in 2023 and was back at 90% in 2024. Reinsurers paid 22% of the year's claims, against 12% a year earlier.
The median SCR ratio of Slovenian insurers rose from 206% in 2021 to 261% in 2025, and of Croatian insurers from 185% to 231%. In Latvia it fell from 162% to 135%, in Slovakia from 191% to 166%.
Among insurers in the eleven Solvency II markets with at least €50m of non-life earned premium in every year from 2021 to 2025, 40 kept their combined ratio after reinsurance below 100% each year. All of them in Czechia, Bulgaria, Slovenia and Latvia did; in Slovakia, one of six.
VIG and PZU wrote 49% of premium in Lithuania, Latvia and Estonia in 2025. ERGO's purchase of Gjensidige's Baltic company moves it past Swedbank into third place.
Premium in Lithuania grew 13.6% a year from 2021 to 2025, in Moldova 14.8% in lei. Slovakia, Poland, Czechia and Croatia grew about half as fast.
Return on equity of NN Asigurări de Viață in 2025; Erste Allianz Życie, PKO Życie, Allianz Życie and Nationale-Nederlanden also exceed 45%. Poland makes €2.4bn of the €5.14bn of net profit reported for 2025 by insurers writing 95% of the region's premium.
Motor TPL and casco make up 76% of non-life premium in Albania and 75% in Bosnia and Herzegovina, the highest in the region, against 47% in Czechia and 46% in Hungary.
In the first half of 2026 premium grew more slowly than in 2025 in eleven of the seventeen markets with figures. Romanian premium grew 13.1%, the most, driven by motor prices.
Premium is 4.8% of GDP in Slovenia and lowest in Romania (1.1%), Albania (1.0%) and Moldova (0.9%); per person, €1,587 against €72 in Moldova. The gap is the region's growth potential.
Median SCR ratio of Latvia's insurers in 2025, the lowest of the eleven Solvency II markets; Slovenia (261%) and Croatia (231%) hold the most. Every insurer with a 2025 Solvency II report is above the 100% minimum.
The average motor liability claim paid in Poland rose 72% between 2021 and 2025, the average premium 25%. In Hungary claims rose 43%, premiums 19%.
City Insurance and Euroins held 28% of Romanian premium in 2021. Both lost their licences; Groupama doubled its share to 22.5%, and Generali and Asirom gained 3.8 and 3.6 points.
Slovenian insurance premium grew 33% in 2025, to €3.38bn. €697m of it is Triglav's new Italian business; without it, the market grew about 5%.
Since the cap on RCA tariffs ended in July 2025, Romanian motor insurance prices have risen 62%: +38.8% in the year to September 2026, against +3.4% in the EU.
Kooperativa in Slovakia booked €523m of property claims in 2025 on €84m of earned property premium and kept €18m. Part of the cover was reinsured inside VIG: Union in Hungary booked €542m of accepted claims and passed almost all of them on.
Vzajemna wrote €311m in 2023 and €32m in 2024, after the state took over supplementary health insurance. Its market share fell from 11% to 1%.
Adriatic writes more motor TPL than any rival, although Croatia osiguranje is 2.1 times its size overall. With Euroherc, the Agram group holds more than half of the line.