135%
Latvian and Romanian insurers hold the thinnest capital buffers
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.
Among the eleven Solvency II markets, the typical insurer holds the least capital relative to its requirement in Latvia (median SCR ratio 135%), Romania (164%) and Slovakia (166%). Slovenia (261%) and Croatia (231%) hold the most; Czechia sits in the middle at 183%. The medians cover the insurers licensed in each market; branches of insurers from other EU states, about half of premium in the Baltic states, report solvency through their parents.
No insurer with a 2025 report is below the 100% minimum. The closest are Allianz Trade (Euler Hermes) in Poland (108%), Axiom in Bulgaria (114%) and GRAWE in Romania (115%). DallBogg in Bulgaria (117% in 2024) published no 2025 report; the supervisor withdrew its licence in June 2026.
The seven markets outside Solvency II report a local solvency margin, a different measure, where it is published at all. Their medians range from Bosnia and Herzegovina (129%) to Montenegro (392%); the requirement is calculated more simply, so they are not comparable with SCR ratios.
The numbers behind it
More insights
The median Montenegrin insurer holds 392% of its required solvency margin, the most in the region
392%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.
Solvency ratios will rise from 2027 without insurers becoming stronger
+3.1 ptsThe 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.
Capital buffers grew in Slovenia and Croatia and narrowed in Latvia and Slovakia
+55 ptsThe 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%.
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Polisa. (2026). Latvian and Romanian insurers hold the thinnest capital buffers [Data version 2026-11-11.13378f]. Retrieved November 11, 2026, from https://polisapro.com/insights/thinnest-capital-buffers
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@misc{polisa_insights_thinnest_capital_buffers_2026,
author = {{Polisa}},
title = {Latvian and Romanian insurers hold the thinnest capital buffers},
year = {2026},
version = {2026-11-11.13378f},
howpublished = {\url{https://polisapro.com/insights/thinnest-capital-buffers}},
note = {Accessed 11 November 2026}
}Reuse: Polisa's compilation CC BY 4.0 · source data under each publisher's terms, see Method.