Method and sources

What the terms and abbreviations on the pages mean, in a line or two. On the other pages a term with a dotted underline opens the same explanation, and a grade beside a figure (A, B or C) opens what the grade means.

After reinsurance

Net of the part passed to reinsurers: the premium and claims the insurer keeps itself. Gross figures are before reinsurance. Claims and combined ratio →

CAGR

Compound annual growth rate: the average yearly growth over several years, as if the figure had grown at the same rate every year. Comparable basis →

Casco

Voluntary insurance of the policyholder's own vehicle against damage and theft. Lines of business →

Combined ratio

Loss ratio plus expense ratio. Below 100%, the insurance business itself makes money, before investment income. Shown after reinsurance where the insurer publishes net figures, otherwise gross and marked. Claims and combined ratio →

Earned premium

The part of written premium that pays for the cover given during the year. Loss, expense and combined ratios are over earned premium. Claims and combined ratio →

Expense ratio

Expenses incurred over earned premium, for non-life lines. In the Solvency II tables the expenses are already after reinsurance commission. Claims and combined ratio →

Freedom of services

The EU rule that lets an insurer sell in another member state from its home country, without setting up a company or an office there. Where the source counts that premium with the home market, the Home-market business only switch leaves it out. Comparable basis →

Gross of reinsurance

Before the part passed to reinsurers: all the premium and claims of the insurer's own policies. Figures after reinsurance (net) leave that part out. Claims and combined ratio →

HHI

Herfindahl–Hirschman index of market concentration: the sum of the squared market shares of all insurers, from near 0 to 10,000 (a single insurer). Below 1,500 a market is unconcentrated, from 1,500 to 2,500 moderately concentrated, above that highly concentrated. What Polisa measures →

Investment result

Investment income less investment expenses, as each source gives it; in the Solvency II markets from section A.3 of the SFCR. Performance indicators →

Local solvency margin

The capital measure under the national, Solvency I-type rules of Serbia, Montenegro, Bosnia and Herzegovina, North Macedonia, Albania, Kosovo* and Moldova: available capital over the required margin. It is not an SCR ratio, so the two are not directly comparable. What is not comparable →

Loss ratio

Claims incurred over earned premium, for non-life lines. Shown after reinsurance where the insurer publishes net figures, otherwise gross and marked. Claims and combined ratio →

Market share

An insurer's premium as a share of all premium in its market in the same year. What Polisa measures →

MCR ratio

Eligible own funds over the minimum capital requirement (MCR), the lowest level the supervisor accepts. Below 100%, the supervisor can withdraw the licence. Solvency →

Motor TPL

Motor third-party liability: the compulsory insurance for damage a vehicle does to others. It includes Green Card and border insurance where supervisors report them together. Lines of business →

Operating ratio

The combined ratio less the investment result as a share of earned premium. Below 100%, underwriting and investments together make money, before other income, costs and tax. Performance indicators →

Own funds

The capital an insurer can count against its SCR: assets less liabilities valued under Solvency II, plus eligible subordinated debt, in tiers by quality. Solvency →

Percentage points (pp)

The difference between two percentages: a share that goes from 20% to 22% has gained 2 percentage points (pp), which is a tenth more. Changes in market share and in ratios are given in points (Δ pp). What Polisa measures →

Real growth

Growth in the market's own currency less the year's average consumer-price inflation. Comparable basis →

Return on equity

Net profit after tax over the average shareholders' equity of the year. Profit →

SCR ratio

Eligible own funds over the solvency capital requirement (SCR): the capital an insurer must hold to cover a year's losses up to those expected once in 200 years. Above 100%, the requirement is met. As each insurer reports it in its SFCR. Solvency →

SFCR

Solvency and Financial Condition Report: the report each insurer under Solvency II publishes every year, with standard tables of premium, claims and expenses by line (S.05.01) and of own funds and capital requirements (S.23.01). Solvency →

Share ceded

The part of non-life earned premium passed to reinsurers: 1 − net ÷ gross earned premium. Reinsurance →

Solvency II

The EU's rules for insurers' capital, risk management and reporting, in force since 2016. Every insurer under them publishes an SFCR each year. The Western Balkan markets and Moldova use national solvency rules. Solvency →

Underwriting result

What the insurance business earns before investments: (100% − combined ratio) × earned premium. Performance indicators →

Written premium

Premium for the policies written in the year, before reinsurance, whatever period they cover. Most premium figures on Polisa are written premium; the methodology gives each market's basis. Premium →

YoY

Year on year: the change against the same figure a year earlier; for a quarter, against the same quarter of the year before. Comparable basis →

For every insurer in 18 markets: premium in total and by line of business, growth, market share and rank, and, where the data exists, claims and expense ratios, solvency and profit. Groups are the sum of their companies in each market. Every figure has an i button that names the source document, the template or table, the formula and the currency conversion.

Croatia uses gross written premium from each insurer's SFCR (S.05.01) for FY 2023–2025, the total and the split by line alike, because HANFA's audited figure per insurer has been collected premium since 2023 (IFRS 17) and HANFA publishes lines only for the whole market; FY 2021–2022 use HANFA's audited written premium, which agrees with the SFCRs within 0.1%. HANFA's collected premium is in the data note of each insurer and is the official total under Market coverage; it was about 1% below the written premium in 2023 and 2% in 2024 and 2025. Croatia's quarterly figures (H1 and January–September) are HANFA's collected premium, the only per-insurer figures within the year. Serbia uses total premium from the National Bank of Serbia insurer tables. Czechia uses gross written premium from each domestic insurer's SFCR (S.05.01) in every year, the total and the split by line alike, because ČAP's member table counts life single premiums at a tenth, as its methodology sheet says, which understates insurers that sell single-premium life policies (Komerční pojišťovna's 2025 premium in ČAP's table is less than half of its SFCR figure). Statutory employer liability (column C0030) is left out, as ČAP leaves it out; Generali Česká pojišťovna and UNIQA are taken without their Slovak branches, which count in Slovakia, and Direct without its Polish branch (2025). The six branches of foreign insurers, which file no Czech SFCR, keep ČAP's figures; where ČAP's figure for a domestic insurer differs by 3% or more, the insurer's data note says by how much. Czech quarterly figures are ČAP's, on its basis. Slovakia uses gross written premium including reinsurance accepted, from Solvency II template S.05.01 as aggregated by SLASPO. Slovenia uses gross written premium of members of the Slovenian Insurance Association (SZZ), about 97% of the market; for Modra and Generali, whose SZZ figure also counts pension-fund contributions, the Solvency II written premium is used instead. The two SZZ members that write only supplementary pension insurance, Triglav, pokojninska družba and Sava pokojninska družba, are not counted, so SZZ's life premium is higher than the site's (2025: €976m against €730m). Slovenian lines come from each domestic insurer's SFCR for that year; branches of foreign insurers publish no line split. Poland uses gross written premium per insurer from the KNF annual bulletin (reinsurer PTR left out); KNF gives the line split per insurer only for motor; the other lines come from each insurer's SFCR for that year. Hungary uses MABISZ's quarterly report, whose premium, like MNB's, includes the insurance tax that insurers collect on non-life policies, while Solvency II premium is net of it from FY 2023: in FY 2025 the domestic insurers above €5m had €2.92bn of non-life premium in MABISZ's report, 12.3% (€320m) more than their S.05.01 written non-life premium (Allianz alone booked HUF 31.2bn of the tax). Hungary's totals, shares, premium per person and penetration are therefore on a tax-inclusive basis; its earned premium, claims and expenses from the SFCRs are not, and the insurers' lines other than motor TPL are scaled to the tax-inclusive total. The bases are close but not identical.

ČAP and SLASPO publish figures for their members only. SLASPO members write 96.5% of Slovak premium as the national bank counts it, SZZ members about 97% of Slovenian premium. From 2025 SZZ counts members' business abroad too: Zavarovalnica Triglav's figure includes about €0.7bn of non-life premium written in Italy, mostly motor liability, which accounts for most of Slovenia's 33% growth in 2025. ČAP's Solvency II table totals CZK 198bn for 2025, below the CZK 226bn headline in its press release, which uses a different reporting basis. Polisa's Czech total is higher than ČAP's table because it counts the domestic insurers' life single premiums in full.

Latvia uses Latvijas Banka's quarterly reports by insurer: gross written premium and claims paid by class for every insurer and EU branch, counting only contracts concluded in Latvia, so the Baltic markets do not count the same premium twice (BTA, Balcia and other Latvian insurers write most of their premium through branches in Lithuania and Estonia). Lithuania uses the Bank of Lithuania's monthly statistics by insurer and Solvency II line of business (premiums, claims paid, contracts in force and claim counts), business in Lithuania, including EU branches; the files were downloaded by hand because the bank's site blocks automated access. Estonia uses Statistics Estonia's monthly tables of gross premiums and claims by insurer and insurance type (RRI07 and RRI05), summed to years; the Estonian Traffic Insurance Fund, listed in the table, is not an insurer and is left out. Moldova uses the National Bank of Moldova's per-insurer indicators (gross written premium including accepted reinsurance) and, for 2021–2022, the archive of the former supervisor CNPF.

National line codes are mapped to nine groups: motor TPL, casco, property, health, accident, liability, credit and suretyship, other non-life, and life. Motor TPL includes Green Card and border insurance where supervisors report them together. Health covers both non-life and life-like health. Where a source gives lines only for the market as a whole, insurer pages show the total and the market page shows the market mix.

For insurers under Solvency II, the life part of each year's SFCR (template S.05.01) splits life premium into insurance with profit participation, unit- and index-linked insurance, other life insurance, annuities from non-life contracts, health insurance written like life, and life reinsurance accepted. Insurer pages show the shares of four kinds: with profit participation and unit- and index-linked, which together are savings; other life (other life insurance, annuities from non-life contracts and reinsurance accepted), mostly term, credit-life and other risk cover, though it also holds savings policies without profit participation; and health written like life, mostly accident and sickness riders and credit protection. Shares use gross written premium, or earned premium where the written figure was not extracted or was clearly misread (written and earned life premium more than 40% apart). The SFCR covers the whole company on the Solvency II basis, including branches abroad (the Baltic life insurers write in all three states), so its life premium can differ from the national figure; the market's mix weights each insurer by its national life premium and is shown only where insurers with a split hold at least half of it. Markets outside Solvency II publish no such split.

Under Solvency II, template S.05.01 gives gross earned premium, claims incurred and expenses incurred per line. The loss ratio is claims over earned premium; the combined ratio adds expenses. The combined ratio shown first is after reinsurance: net claims incurred plus expenses over net earned premium, for an insurer only where every one of its lines has net figures. The gross ratio, from claims and earned premium before reinsurance, stands beside it; where an insurer publishes nothing after reinsurance the gross ratio is shown in its place, marked gross, and it is left out of rankings. As the expenses in S.05.01 are already after reinsurance commission, the gross ratio understates the cost of business that is largely reinsured. Line ratios follow the same rule: after reinsurance where the insurers with half of a line's earned premium give net figures for it, else gross, marked. All are for non-life lines only, and each insurer's lines under €1m earned are left out (on insurer, market, group and ranking figures alike), except where an insurer's ratios are its company totals spread over the lines (Bulgaria's FY 2021–2022 statutory figures, and the markets outside Solvency II below): there every line counts, so the insurer's ratio is the company's own. Expenses incurred in S.05.01 include claims management, investment management and overhead expenses, so the ratios run a little above a combined ratio that leaves investment expenses out. A life insurer (life nine tenths of its premium or more) gets no non-life ratio: the accident and health riders it writes are too small a base. A market's ratio after reinsurance counts the insurers with net figures when they hold at least half of its non-life premium, and says which share when it is under 95%; when one insurer's line has claims of more than three times its earned premium and more than a tenth of the market's claims (a single large loss), name it and give the market's ratio without that line. The share given is of the market's whole non-life written premium; insurers that published no claims template at all, such as City Insurance (2021) and Euroins (2022) in Romania before they lost their licences, are outside it, so those years' market ratios are flattered. In Bulgaria for FY 2024–2025 the market's ratio is the FSC's total of every insurer's S.05.01 instead, as some insurers' SFCRs have none; the insurers' own figures and the line ratios are unchanged. Only the combined ratio is coloured: green below 95%, amber 95–100%, red above 100%. A negative loss ratio means releases of earlier claims reserves exceeded new claims.

Serbia is not under Solvency II. Non-life combined ratios (2021–2025) are for each insurer as a whole, from the National Bank of Serbia's tables of the insurers' financial statements: earned premium is non-life written premium less premium passed to co-insurers and the increase in unearned premium reserves; claims incurred are non-life claims paid, with co-insurance shares, plus the increase in gross non-life claims reserves, less subrogation recoveries; expenses are acquisition, administration, claims handling and other costs of conducting insurance, less reinsurance commission (as S.05.01 counts expenses), plus the contributions for prevention, to the Guarantee Fund and under special laws. Premium and claims are gross of reinsurance. Most insurers book the change in claims reserves net of the reinsurers' share, so the gross change comes from the balance sheet, where it agrees with the booked change plus the change in the reinsurers' share. The ratio after reinsurance takes off premium ceded (booked net of the change in the reinsurers' share of unearned premium) and the reinsurers' share of claims paid, with the claims-reserve change as booked; Dunav's and AMS's notes confirm this for every year. Composite insurers need the non-life part of these from their reports: Dunav's notes give it for every year and Generali's separate life and non-life income statements for 2021 and 2022 (IFRS, so its split of reinsurers' claims payments, which includes the change in their share of life reserves, is approximate). Generali in other years, DDOR, Wiener, Triglav and Grawe publish no such split and have no net ratio of their own. The market's net ratio for 2021–2025 counts them together: the life part of their premium ceded and of reinsurers' claims payments is the life total of the NBS tables by class (T7, T8: premium and claims settled in retention) less the life-only insurers' cessions (T1, T3) and the other composites' life part, so the sum is exact but for written against earned premium of the life part. Each of these insurers' own ratio after reinsurance, and its share of premium ceded, is then an estimate, shown with ≈ (three ways of allocating the life part give results 1–3 points apart, a spread rather than a test against published figures): the life part is spread over them by life premium, or by the insurer's own figure for its non-life premium in retention where its report prints one (Wiener, FY 2023–2024, and the nearer of these years for its other years); none is shown where life is more than half the premium, and the estimates count in no total. These tables do not split costs between life and non-life, so in composite insurers the non-life share is taken in proportion to written premium. The line ratios spread each company's figures over its lines in proportion to premium (T10) and claims settled (T11), so they are approximate. Serbian accounting is not IFRS 17, so the ratios are not fully comparable with the Solvency II markets. The solvency margin is the guarantee reserve over the required solvency margin, from the insurer's annual report; it is published by Dunav osiguranje, Generali Osiguranje Srbija, DDOR Novi Sad, Wiener Städtische, Triglav Osiguranje, Globos osiguranje, AMS Osiguranje, GRAWE Osiguranje, Sava Neživotno osiguranje, Milenijum osiguranje, UNIQA neživotno, OTP Osiguranje, UNIQA životno, Sava Životno osiguranje, Merkur Osiguranje and SG osiguranje (each insurer's latest figure; the data note says when it is not for the latest year). For 2021–2024 it comes from the same insurers' earlier annual reports and their comparative columns where these print it: Dunav and AMS every year, Generali for 2021, 2022 and 2024 (company totals only), Wiener for 2024. The other Serbian insurers do not publish it.

From S.05.01: gross and net earned premium (R0210–R0230 and R0300) and gross and net claims incurred (R0310–R0330 and R0400), non-life lines. Share ceded = 1 − net ÷ gross earned premium; claims recovered = 1 − net ÷ gross claims; the effect on the loss ratio is the gross loss ratio minus the net loss ratio. Reinsurance commissions are not part of these templates, so the effect is not the reinsurers' result. The SFCR does not name the reinsurers, so cover from a group's own reinsurer, fronting and captives are not told apart from cover bought on the market. Market and regional figures add up the insurers whose report gives the net figures; the coverage is shown with each table. Outside Solvency II the net figures are built from the insurers' financial statements (see Markets outside Solvency II): in Serbia, North Macedonia, Montenegro, Albania, Kosovo and Moldova, and in Bosnia and Herzegovina for the insurers licensed in Republika Srpska (the Federation agency publishes its ratios only after reinsurance).

Croatia and Czechia: each domestic insurer's SFCR. For Generali Česká pojišťovna and UNIQA, whose SFCR includes their Slovak branches, the branches' own SLASPO figures are subtracted for FY 2024 and 2025; for FY 2021–2023, when SLASPO published no branch figures, the Czech ratios include the Slovak branch. Statutory employer liability (template column C0030) is left out in every year, as ČAP leaves it out of premium. Slovakia: the Solvency II templates SLASPO publishes per member. Slovenia, Poland and Hungary: each domestic insurer's SFCR (Poland: 45 of 46; Partner publishes none, Rejent Life is exempt from the SCR; Hungary: all 23 domestic insurers; Bulgaria: 30 of 36, with Groupama's ratios from its annual report, DallBogg, Saglasie, Doverie and Fi Health without a 2025 report, and Saglasie Life outside Solvency II; Romania: 23 of 25, with Allianz-Țiriac Unit merged into Allianz-Țiriac and German Romanian Assurance outside Solvency II; ABC, Onix and Asito publish no S.05.01). Branches of foreign insurers have no own solvency figures. S.23.01 gives eligible own funds, SCR and MCR; S.05.01 gives gross earned premium, claims incurred and expenses by line. Ratios are as reported, with the long-term guarantee measures the insurer applies (the volatility adjustment and the transitional measures). Where the SFCR also gives the ratio without them, the insurer's page shows it beside the reported one: for FY 2025, 14 insurers, the largest differences at Merkur zavarovalnica (290% reported, 203% without) and Kooperativa (187% reported, 153% without). Several reports contain template errors; each insurer page notes what was corrected or left out.

In all, Polisa reads 973 SFCR reports: 187 for FY 2025 and 786 for FY 2021–2024; the home page counts the same reports.

Earlier years. For the eight Solvency II markets above, solvency (S.23.01) and earned premium, claims and expenses by line (S.05.01) for FY 2021–2024 come from each insurer's SFCR for that year (Slovakia: the templates SLASPO publishes). They show when an earlier year is selected and in the trends on insurer pages. Coverage is lower in older years: branches publish no report, some insurers have since left the market, and a few reports could not be found or carry no S.05.01. Where a report gives non-life expenses only as a total, it is spread over the lines by earned premium; where it gives none, no combined ratio is formed. Misprints corrected from a report's own totals are listed as data notes on the insurer page. Latvia, Lithuania and Estonia: the same templates for FY 2021–2025 (Latvijas Banka, the Bank of Lithuania and Statistics Estonia publish claims paid, but no earned premium or expenses). Baltic insurers with branches in the other Baltic states publish one SFCR for the whole company; their earned premium, claims and expenses are scaled to the home country with the report's per-country template (S.05.02 or S.04.05; S.04.05, from FY 2023, gives expenses before reinsurance commission, so each country's expenses are brought down in proportion until the countries add up to the company's expenses in S.05.01), so the combined ratio is the home market's, while the split by line keeps the company's proportions; where no per-country figures are published, amounts are scaled by the market's share of premium and the ratios are company-wide. Their branches in the other Baltic states get the same template's column for their country, in the parent's mix of lines: after reinsurance exactly for FY 2021–2022 (S.05.02 gives net figures by country); from FY 2023 (S.04.05 gives them gross only) with expenses brought to the parent's total in the same way (the parent's expense ratio where the template does not cover every country), and the ratio after reinsurance estimated with the parent's whole-company share ceded and claims recovered, shown with ≈. Tested on the 25 branch-years where the exact figures are known (the per-country template's net figures for 2021–2022, Balcia's own for 2023–2025), 17 came within 3 points of the exact ratio, the median miss was under one point and the largest 15 points (ERGO's Latvian branch, 2022). Branches whose parent is outside the Baltics (Telia, Vereinigte Hagel, Coface) have no ratio.

Markets outside Solvency II

Montenegro, North Macedonia, Bosnia and Herzegovina, Albania, Kosovo and Moldova are not under Solvency II either (Serbia: see Claims and combined ratio). Premium and claims come from the supervisors (ANO, ISA, ANO FBiH, AZORS, AMF, the Central Bank of Kosovo and the National Bank of Moldova, which publishes claims paid but no claims reserves per insurer); each Bosnian insurer is counted once for the whole country, Federation and Republika Srpska together. In North Macedonia (2021–2025) non-life combined ratios are for each insurer as a whole, from the Insurance Supervision Agency's tables: earned premium is written premium less the change in unearned premium reserves, claims incurred are claims paid plus the change in reported and IBNR claims reserves, and expenses are administrative expenses, commissions and other insurance expenses, gross of reinsurance, less the reinsurance commission in each insurer's audited statements; the line ratios spread these over the lines in proportion to premium and claims paid; after reinsurance, the agency's gross figures less the reinsurers' share of earned premium and of claims incurred (claims paid and the change in claims reserves) from the same statements. In Montenegro (2021–2025) they are for each of the five non-life insurers as a whole, from its audited financial statements: earned premium less the change in unearned premium reserves, claims paid plus the change in claims reserves less subrogation recoveries, and acquisition, administration, claims handling and other costs plus the statutory contributions, less reinsurance commission; the ratios after reinsurance take off the ceded premium and the reinsurers' share of unearned premium, claims and claims reserves; claims by line are not published per insurer, so the lines follow the market's claims per line (ANO). In Bosnia and Herzegovina (2022–2025) the Insurance Supervisory Agency of the Federation publishes each insurer's non-life loss, expense and combined ratio (bulletin table 11.1: claims paid plus the change in claims and other technical reserves, and operating expenses, over earned premium, all net of reinsurance and co-insurance); these are used as published and weighed by non-life written premium for the market. For 2021, which the bulletin does not cover, the same formula is applied to each insurer's audited non-life income statement (it reproduces the 2022 table to 0.01 points); Triglav and UNIQA publish only IFRS segment statements that do not reproduce it, and Grawe no non-life split, so they have no 2021 ratio. Republika Srpska's agency publishes no such ratios, so for the insurers it licenses (two of them seated in Brčko District) they are built from each insurer's audited financial statements (Banja Luka Stock Exchange filings and the insurers' sites; 2022 and 2024 from the next year's comparative columns): gross earned premium, claims paid plus the change in claims provisions less recoveries, and costs of conducting insurance with the statutory contributions, less reinsurance commission; the lines take the company's ratios. After reinsurance, the same figures less the shares ceded to reinsurers and co-insurers, which these statements often book together: ceded premium with the change in their share of unearned premium, and their share of claims paid and of claims provisions. Insurers that publish no statements (Euros, SAS-Super P), and Grawe Banja Luka in 2022 and 2024 (costs not split between life and non-life), have no combined ratio; the market's combined ratio says what share of non-life premium it covers. In Albania, Kosovo and Moldova, insurers whose financial statements are published (most for 2024–2025, fewer for 2021–2023) have gross combined ratios for the company as a whole: earned premium, claims paid plus the change in claims provisions, and acquisition, administration and other technical expenses less reinsurance commission (each market's own business: Sigma's Kosovo branch from its own statements, profit and equity included, and Sigma in Albania from its statements with the branch's figures taken out, from 2024 when they are consolidated with it and, for 2022–2023, its remittances booked as dividend income; Illyria's 2025 from its unaudited year-end disclosure), and after reinsurance from the same statements' net earned premium and net claims incurred, put on the lines in the same proportion; the others keep the approximate loss ratio, and the market's combined ratio says what share of non-life premium it covers. In these markets and in Bosnia and Herzegovina, the market's ratios, overall and by line, come from the insurers with expenses where they hold at least half of the market's non-life earned premium (the note under the table gives the share); below that the market shows the approximate loss ratio. An insurer's own ratio in these markets is the company's as a whole, every line counted; its line ratios are approximate (≈). In Albania and Kosovo their solvency margin comes from the statements' capital note where it gives both amounts (Moldova keeps the National Bank's figures). In Albania it is available capital over the level the law sets (art. 80(2)): the higher of the ALL 370m guarantee fund and 150% of the minimum margin; otherwise the ratio the insurer publishes. In Kosovo it is the Central Bank's own test, from the capital adequacy annexes it requires in the audited statements (Sigma's from its Kosovo branch's own statements): available capital over the higher of the EUR 3.2m guarantee fund and 150% of the required margin (life insurers: the higher of the fund and the margin); the ratios Kosovan insurers publish in their quarterly indicators are equity over the guarantee fund, another measure, so they are not shown. Elsewhere the approximate loss ratio is claims paid plus the change in reported claims reserves, over written premium; where reserves are not published per insurer (Republika Srpska), claims paid only. The solvency margin is available capital over the required margin under the local Solvency I-type rules. In Bosnia and Herzegovina it is set, as the law and both supervisors test it, against the higher of the required margin and the minimum guarantee fund, life and non-life each (in Republika Srpska the minimum binds for every insurer), from the capital notes of the insurers' audited statements.

Net profit after tax and shareholders' equity as stated in the SFCR (section A) or the annual report, on a statutory or IFRS basis. Where an insurer's SFCR gives no profit, the company's own financial statements are used: Generali Česká pojišťovna's annual reports (2021–2024), the summarized or simplified financial statements of Allianz-Țiriac (2021–2024) and Groupama Asigurări (2021–2025); for the five largest Hungarian insurers (Allianz, Union, NN, UNIQA, K&H, 2021–2025), the shareholders' approvals of the annual report filed on e-beszámoló, the Ministry of Justice's company report portal; for Bulgarian insurers, the FSC's annual statistics of their income statements and balance sheets (2021–2022) and their financial statements (2023–2025); for Slovak insurers in 2021–2023, the IFRS financial statements filed in the Register of Financial Statements (registeruz.sk); annual reports of the larger Estonian (from the Estonian Business Register), Lithuanian and Slovenian insurers and of UNIQA's two Bulgarian companies; the published statements of Albanian, Kosovan and Moldovan insurers (Moldova 2021–2022: net profit, where the National Bank's tables give profit before tax only); for 2021–2023, the audited statements of North Macedonia's insurers (published on the Macedonian Stock Exchange and the insurers' websites) and the year-end statement forms Montenegro's life insurers file with the supervisor (ANO). Estonian, Latvian and Lithuanian insurers with branches in the other Baltic states publish profit and equity for the whole company: the insurer's page shows them as published, and a market's totals and return on equity take the company at that market's share of its premium and each branch at its share of the parent's figures (≈). Return on equity is net profit over average equity: equity at the start of the year as published or, where it is not, the year-end equity of the year before, and at the end of the year; the year-end equity alone only when neither exists. Insurers reporting under IFRS (Slovenia, Croatia, Bulgaria, Slovakia and the Baltic states, and Generali Česká pojišťovna, ČSOB Pojišťovna, CIG Pannónia's two insurers and Gránit) moved to IFRS 17 in 2023; their 2021–2022 figures are as first published, so 2022 and 2023 are not on one basis (Zavarovalnica Sava's 2022 profit: €46.5m as published, €21.2m restated). The profit charts mark the break. Market and group ratios add up the profit and equity of the same insurers. Reinsurance share is one minus net earned over gross earned premium, non-life. Company accounts count dividends paid within a group twice when summed across a market; the dividend PZU receives from PZU Życie (from PZU's SFCRs: PLN 1.21bn for FY 2021, 0.55bn for 2022, 0.90bn for 2023, 1.68bn for 2024 and 1.89bn for 2025) is counted once, in market and group totals and in their return on equity, and so is the dividend SIGAL receives from SIGAL Life in Albania (from SIGAL's audited statements: ALL 101m for FY 2021, 83m for 2022, 86m for 2023, 175m for 2024 and 140m for 2025). These are the largest known cases; dividends between other companies of one group in the same market are not taken off. Outside Solvency II: Serbia's profit and equity for 2021–2023 come from the National Bank of Serbia's tables of the insurers' financial statements, and Moldova's equity is the net assets (active nete) in the National Bank of Moldova's indicators per insurer from 2023; for 2021–2022, whose tables give profit before tax only, net profit and equity come from the insurers' audited statements. For Bosnia and Herzegovina before 2024, Republika Srpska insurers' net profit and equity come from its Insurance Agency's tables of financial statements, and the Federation insurers' from their own annual statements (filed with the Sarajevo Stock Exchange or published); where none is published, profit before tax from the Federation agency's bulletin (table 8.1), with no equity.

The performance page puts together figures that are on the insurer pages. Operating ratio = the non-life combined ratio as shown (after reinsurance where the insurer's figures give it, ≈ for the estimates of Serbia's composite insurers and the Baltic branches, otherwise gross and marked) less the investment result as a share of the earned premium the ratio is over (net of reinsurance where the ratio is). It is shown for non-life insurers (life under a fifth of premium) with an investment result (FY 2024 and 2025, and from FY 2021 for the Western Balkans, Moldova and the largest insurers of the Solvency II markets): below 100%, underwriting and investments together earn money before other income and costs and tax. Underwriting result = (100% − combined ratio) × that earned premium; the share of profit from underwriting is the underwriting result over the underwriting result plus the investment result.

The investment result is as each source gives it: in the Solvency II markets the SFCR's section A.3 (investment performance), elsewhere investment income less investment expenses from the income statement; FY 2024 mostly from the FY 2025 reports' comparative columns. In the Western Balkans and Moldova FY 2021–2023 too, from each insurer's audited statements (Serbia: the National Bank of Serbia's tables of the insurers' financial statements), and for the largest insurers of the Solvency II markets (about 90% of each market's premium; in Slovakia 70%, as branches hold the rest; in Bulgaria less, as several insurers' reports could not be downloaded; the Baltic branches get their parent's part, as above) from section A.3 of their FY 2022 and FY 2023 SFCRs (Slovakia: their financial statements), on the same definition; foreign-exchange differences are left out. It is the company's whole return, so it includes, in composite insurers, the return on life business, and dividends from subsidiaries; GRAWE Carat in Moldova, a composite, counts here with the non-life column of its segment note. The dividends PZU and SIGAL receive from their own life companies, PZU Życie (PLN 1.68bn for FY 2024, 1.89bn for FY 2025, from PZU's SFCRs) and SIGAL Life (see Profit), are taken off, as they would otherwise count the same profit twice. For Baltic insurers with branches in the other Baltic states, whose profit, equity and investment result cover the whole company, this page takes them in proportion to the company's premium written in the market, and gives their branches in the other Baltic states their part of the investment result the same way.

Net margin = net profit ÷ gross written premium; premium to equity = gross written premium ÷ average equity (start and end of the year). Their product is the return on equity, so the two show whether a high return comes from margin or from thin capital. Effective number of lines = 1 ÷ the sum of the squared shares of each line in the insurer's premium (four lines of equal size give 4; one line gives 1); motor share = motor TPL plus casco. For Solvency II insurers, the risk mix is each module's share of the risk modules before diversification and the operational risk (S.25.01; FY 2025 for every insurer, FY 2022–2024 for each market's largest insurers, about 90% of premium), and the diversification benefit is the diversification as a share of the modules it applies to (market, counterparty, life, health, non-life and intangible).

The outlook page estimates each market's premium for the year of its latest quarterly figures: the last full year's premium times the growth year to date against the same months a year earlier, in local currency and from the same quarterly source, converted at the latest quarter's exchange rate (Croatia: the growth of HANFA's collected premium, applied to the written premium of the last full year; Czechia: the growth of ČAP's figures, on its basis with life single premiums at a tenth, applied to the SFCR written premium of the last full year). For the two years after, a scenario grows premium with nominal GDP, taken as the IMF's projected real GDP growth and consumer-price inflation in the latest World Economic Outlook. The ranges are those that held four in five of the same estimates made in earlier years: for the year-to-date estimate, tested on Statistics Estonia's monthly premium (2022–2025) and EIOPA's quarterly solo statistics for the seven euro and euro-pegged markets (2019–2025, series breaks left out), by the number of months of data. In those tests the markets' misses were unrelated to each other (average correlation about zero), so for all markets together they partly cancel out: the range for the total combines the markets' ranges as independent (the square root of the sum of their squares), not as their sum. For the scenario, tested with the projections of every autumn World Economic Outlook since 2017 (WEO Historical Forecasts Database) against EIOPA's annual premium for 2018–2021 and Polisa's own figures for 2022–2025. The estimate and the scenario are Polisa's, recomputed with every quarterly release and every World Economic Outlook.

Where a public source gives each insurer's employees, the market page lists them with the premium per employee, and the insurer page sets its figure against the median of insurers of the same type (life, non-life or composite) in its market. Sources: Romania, the average number of employees in the Ministry of Finance's open data of insurers' financial statements (data.gov.ro); Estonia, employees on the last day of each quarter from the Tax and Customs Board, averaged over the year (from 2022); Latvia, the average number employed in the latest quarter from the State Revenue Service, the only quarter its open data carries, set against the latest full year's premium; Bosnia and Herzegovina, the employees of the insurers licensed in Republika Srpska from its insurance agency (the Federation's agency publishes only the sector total); Czechia, the employees each member reports to the Czech Insurance Association in the member tables of its annual report (2021–2024), without UNIQA and NN's branch, whose few reported employees cannot carry their premium. Estonian and Latvian figures count people employed in that country, so they match the premium written there; a group's service centre registered as a separate branch is left out. Agents, banks and group service companies are not employees, so an insurer that sells or administers through others looks more productive: compare within one market and one type.

Figures in other currencies are converted to euros at each year's average rate; balance-sheet items (own funds, SCR) use the same rates, not year-end rates. Bulgarian and Bosnian figures use the fixed rate of 1.95583 per euro (Bulgaria adopted the euro on 1 January 2026), and Croatian figures for 2021–2022, reported in kuna, the conversion rate of HRK 7.5345. Growth is shown in each market's own currency, so exchange-rate moves do not count (in euros, the koruna's change would add +1.8 points to Czech growth in 2025); totals for a group across markets are in euros.

The rates for each year are in the table under Exchange rates.

The Growth button in the page head lets you choose how growth is measured: in the market's own currency (the default, so exchange-rate moves do not count), in euros, or in real terms (local-currency growth less the year's average consumer price inflation from Eurostat, for Moldova the national index from the World Bank and for Bosnia and Herzegovina the national index of its statistics agency, BHAS; years or markets without inflation data show a dash). The choice is kept in your browser and applies to every page and to growth in the downloads. The story on the region, which sets prices in the latest year against 2021, uses the IMF's World Economic Outlook for Moldova and Bosnia and Herzegovina instead, so its figures for these two can differ a little.

Home-market business only leaves out premium an insurer writes in other countries, through a branch or under freedom of services, where its SFCR gives the country split (S.04.05, or a table of premium by country): 16 insurers in 7 markets, the largest Zavarovalnica Triglav (€826m in 2025, €697m of it non-life business in Italy), DallBogg (€169m in 2024, mostly motor liability in Italy), Euroins (€175m in 2025, mainly Poland, Greece and Spain) and Adriatic osiguranje (€96m in 2025, its Italian branch); each insurer's note gives the amount and the countries. Cases under €5m or 3% of the insurer's premium are not split out, nor is reinsurance accepted from abroad, and the line split is not adjusted, because the reports give the country split for the total only. Everything else stays the company's as a whole, the switch on or off: profit, return on equity, the loss, expense and combined ratios, solvency, claims paid, staff and the lines, and the figures set against premium (net margin, claims paid as a share of premium, the life share), because the reports do not split them by country. Where the branch is also a row of its own on another market's page (Allianz Hrvatska's and Groupama's in Slovenia, Groupama's in Slovakia to 2022, Croatia osiguranje's in Slovenia to 2024), the switch also keeps it from counting twice in the region's total. The split goes back to FY 2021 where the reports give it (S.05.02 before FY 2023) or the supervisors' statistics of branches and business across borders do (EIOPA's, the National Bank of Slovakia's); a year without it is marked in the insurer's note, and Home market only then gives no growth, five-year rate or change in share across that year. The switch is on the pages whose figures it changes, lasts for the visit and travels with a shared address; while it is on, a bar above the figures says what is left out.

Amounts in local currency are converted at these rates (units of currency per euro, annual averages from the national central banks; fixed rates for the lev and the convertible mark). Quarterly figures use the average of the period.

• Solvency II and local rules. Serbia, Montenegro, Bosnia and Herzegovina, North Macedonia, Albania, Kosovo* and Moldova report a solvency margin under Solvency I-type rules, not an SCR ratio; their combined ratios are built from each insurer's whole-company figures (see Markets outside Solvency II) and are approximate by line; an insurer whose expenses are not published keeps an approximate loss ratio (claims paid plus the change in reported claims over written premium). They are marked ≈ or * and left out of the EU figures and of cross-market rankings of those measures.
• Branches. Branches of insurers from other EU states publish no solvency figures of their own; their parent reports them. Their claims and costs come from the association's templates per member in Slovakia and from the parent's figures for the country in the Baltic states (see Solvency and claims); elsewhere they have none.
• Premium bases. Written premium as the supervisors and associations publish it (most markets) and Solvency II written premium from S.05.01 (Croatia from 2023, Czechia, Slovakia) are close but not identical; Croatia's quarterly figures are HANFA's collected premium, about 2% below written premium over a year.
• Insurance tax. Hungary's premium includes the insurance tax on non-life policies, which adds about 12% to its non-life premium (see Premium), so its totals, penetration and premium per person stand higher than on a tax-free basis.
• Health written like life. Health insurance written on a life basis (Solvency II's health similar to life) counts as health in most markets, but as life in Czechia, Slovakia and Lithuania, as their national sources count it. In Czechia, accident and sickness riders sold with life policies are reported by some insurers as life and by others as non-life income protection (ČAP's methodology notes the difference), so Czech life figures from other sources can differ from the site's even where the totals agree.
• Growth. Large growth figures are tagged with the likely reason: a deal, a new insurer, a small base or a data note.
• Small retention. An insurer that keeps under a quarter of its non-life premium after reinsurance (fronting arrangements, credit insurers, life insurers’ riders) is tagged “keeps x%” beside its ratio after reinsurance: that ratio rests on a small base, so a few claims or costs move it a lot. The gross ratio is shown beside it.

Pick a market: where each figure comes from, the documents it is read from and each source's own terms for re-using its data, as checked on 18 October 2026. Polisa credits every source and labels market shares, ratios and euro amounts as its own. Annual changes, comparisons and the regional averages are Polisa's calculations from Eurostat's indices; Eurostat is not responsible for them.

For every market

How much of each market the insurers shown write, against the official market total, and what is left out (branches of foreign insurers, cross-border business, reinsurers). Where the official total is on a different basis, no share is given. Researched October 2026; each market page lists the insurers not in the shares.

Average premium per policy, claims per 100 policies and the average claim on the motor TPL page come from the supervisors' and motor bureaus' statistics on policies and claims (domestic motor liability, local currency converted at annual average rates). Definitions differ between markets; the notes on the motor TPL page list the breaks.

• Albania: Autoriteti i Mbikëqyrjes Financiare (AMF), Raport Statistikor, Janar-Dhjetor 2021; Autoriteti i Mbikëqyrjes Financiare (AMF), Raport Statistikor, Janar-Dhjetor 2022; Autoriteti i Mbikëqyrjes Financiare (AMF), Raport Statistikor, Janar-Dhjetor 2023
• Bosnia and Herzegovina: Agencija za nadzor osiguranja FBiH (ANO FBiH), statistički izvještaji 1.1.-31.12.2021; Agencija za nadzor osiguranja FBiH (ANO FBiH), statistički izvještaji 1.1.-31.12.2022; Agencija za nadzor osiguranja FBiH (ANO FBiH), statistički izvještaji 1.1.-31.12.2023
• Bulgaria: FSC Статистика общо застраховане 2025 (nonlife-market-data-2025); FSC nonlife-market-data-2024; FSC nonlife-market-data-2023
• Czechia: ČKP Počet pojištěných vozidel (statistics page); ČAP Vývoj pojistného trhu 1-12/2025 (SII-STAT-2025-Q4); ČAP Vývoj pojistného trhu 1-12/2024 (SII-STAT-2024-Q4)
• Estonia: Statistics Estonia, RRI07
• Croatia: HUO Motorna vozila i osiguranje 2024; HUO Motorna vozila i osiguranje 2023; HUO Motorna vozila i osiguranje 2022
• Hungary: MNB Kötelező gépjármű-felelősségbiztosítás idősorai (frissítve a 2025. évi adatokkal); MABISZ Biztosítási piac negyedéves jelentés 2021-2025 Q4
• Lithuania: Bank of Lithuania, Insurance Activity Results in Lithuania (monthly statistics, January-December)
• Latvia: Latvijas Banka, public quarterly reports by insurer (Q4)
• Moldova: National Bank of Moldova, Raport privind activitatea de bază a asigurătorului (2023-2025); CNPF archive for 2021-2022
• North Macedonia: Агенција за супервизија на осигурување (ISA/АСО), aggregated statistical data, non-life, 1.1-31.12.2021; Агенција за супервизија на осигурување (ISA/АСО), aggregated statistical data, non-life, 1.1-31.12.2022; Агенција за супервизија на осигурување (ISA/АСО), aggregated statistical data, non-life, 1.1-31.12.2023
• Poland: KNF Rocznik rynku ubezpieczeń 2021, part V (sprawozdanie statystyczne) and part III (raporty finansowe); KNF Rocznik rynku ubezpieczeń 2022, part V (sprawozdanie statystyczne) and part III (raporty finansowe); KNF Rocznik rynku ubezpieczeń 2023, part V (sprawozdanie statystyczne) and part III (raporty finansowe)
• Romania: BAAR Statistici și tendințe privind piața asigurărilor RCA din România (2026); ASF Evoluția pieței asigurărilor în anul 2025; ASF Evoluția pieței asigurărilor în anul 2023
• Serbia: Narodna banka Srbije, godišnji statistički pregled osiguranja 2021, tabela 1 (Pregled broja osiguranja, broja osiguranika i premije po vrstama i tarifama osiguranja); Narodna banka Srbije, godišnji statistički pregled osiguranja 2021, tabela 2 (Broj i iznos šteta po vrstama i tarifama osiguranja); Narodna banka Srbije, godišnji statistički pregled osiguranja 2022, tabela 1 (Pregled broja osiguranja, broja osiguranika i premije po vrstama i tarifama osiguranja)
• Slovenia: SZZ Pregled zavarovanj motornih vozil 2006-2025 (Pregled ZMV); SZZ Pregled obračunane zavarovalne premije članic SZZ po mesecih 2025 (cross-check of 2025 break); SZZ Zavarovalna premija članic SZZ, 4. četrtletje 2025 (S-1-19 deleži)
• Slovakia: SLASPO Vývoj vybraných údajov za členov SLASPO od roku 2023 (zverejnené 2026-09-09); SLASPO Vývoj niektorých ukazovateľov 2016-2022 - poisťovne a pobočky (opravené VÚP 2025-02)
• Kosovo*: Banka Qendrore e Republikës së Kosovës (CBK), Buletini statistikor mujor i sigurimeve, Janar-Dhjetor 2021; Banka Qendrore e Republikës së Kosovës (CBK), Buletini statistikor mujor i sigurimeve, Janar-Dhjetor 2022; Banka Qendrore e Republikës së Kosovës (CBK), Buletini statistikor mujor i sigurimeve, Janar-Dhjetor 2023

Cite Polisa as the compiler and, where one figure carries an argument, the original source as well: every figure's i button names the document, template or table it comes from, and the footer of every page shows the data version (the date of the last change to the data and a short hash of the data file), which fixes which figures you saw. Market, insurer and insight pages have a “Cite this page” box with the same two forms, a copy button and the terms of the page's source data.

The site

@misc{polisa_site_2026,
  author       = {{Polisa}},
  title        = {Polisa: insurance market data for Central and Eastern Europe},
  year         = {2026},
  version      = {2026-11-11.13378f},
  howpublished = {\url{https://polisapro.com/}},
  note         = {Accessed 11 November 2026}
}

A page

@misc{polisa_markets_pl_2026,
  author       = {{Polisa}},
  title        = {Poland insurance market: market shares, lines, solvency and claims},
  year         = {2026},
  version      = {2026-11-11.13378f},
  howpublished = {\url{https://polisapro.com/markets/pl}},
  note         = {Accessed 11 November 2026}
}

Each figure carries a grade, shown next to it on insurer pages and in comparisons (only B and C are marked in long tables) and as columns in the CSV files. Rankings can be limited to grade A figures. A ratio after reinsurance that is an estimate (≈) carries grade B: it is derived from published figures, not read from a template.

• A (premium): Premium as published per insurer: the supervisor's or association's table, or the insurer's Solvency II template (S.05.01) where the market's figures are built on it.
• B (premium): Premium from the insurer's own report where the supervisor's table leaves the insurer out for that year.
• C (premium): Estimated: not published per insurer for this year (only the largest insurers were, or the figure is the market total less the insurers published).
• A (lines): Line split as published per insurer by the supervisor.
• B (lines): Line split rebuilt from the insurer's SFCR (S.05.01) or national classes mapped to nine lines.
• A (claims): Earned premium, claims and expenses from S.05.01 of the insurer's SFCR.
• B (claims): From S.05.01, with a correction or a reading from a scanned table; or, outside Solvency II (and in Bulgaria for FY 2021–2022 where the SFCR has no S.05.01), the insurer's whole-company earned premium, claims incurred and expenses (supervisor's tables or financial statements) spread over its lines. See the data note.
• C (claims): Approximate: claims paid plus the change in reported claims, over written premium; no expenses.
• A (solvency): Own funds and SCR from S.23.01 of the insurer's SFCR.
• B (solvency): Solvency from the report text or annual report, or a local solvency margin that is not an SCR ratio.

Every build runs 49,376 automatic checks on the data before the site is published. The build stops on an error: a duplicate or unnamed insurer, a missing exchange rate, a premium that is not a number, a market total that is not positive, or a solvency ratio that is not positive. It also stops when a year's line splits cover less than 95% of premium without being marked partial, when a row with a complete line split has no life premium, or when a figure or a claim in an insight article is no longer supported by the data. Figures that need a person to look at them are flagged for review: an insurer's premium (above €25m the year before) up or down by more than half in local currency with no explanatory note, recorded deal or series note; a market total that changed more than 25% without a series note; a negative premium without a note; line premiums that add up to more than 115% of the total; a combined ratio outside 40–150% or a line with claims above three times its earned premium, without a note; non-life earned premium outside half to one and a half times written premium; a national life figure below the Solvency II life line; a reported solvency ratio that does not match own funds over the requirement, or one above 2,000%; claims data from an SFCR without a link to it; a premium grade that does not match its source; insurers that report profit but no equity after reporting it the year before; quarterly figures for an insurer missing from the yearly tables, a half year far from half the year, or a quarterly rate of 1 outside the euro; the Slovak branches of Czech insurers counted in both markets; and deals that point at no insurer in the data.

Last build (11 Nov 2026): 0 errors, 0 figures flagged for review, and 14 more that have been checked and explained.

The latest period on file for each market and when the next figures usually appear; the release calendar shows the next twelve months, market by market. A script checks the supervisors' and associations' statistics pages for new documents and reports them, so updates can follow soon after publication.

* checked by hand; the site blocks automated access.

Where a source changed its definition, the trend charts mark the year with a dashed line and the market page explains it.

IFRS 17: insurers reporting under IFRS moved to it in 2023, so their profit and return on equity for 2022 and 2023 are not on one basis (see Profit); the profit charts mark the break. Czechia has no break: its premium is the SFCR's written premium in every year.

• Romania. City Insurance (to September 2021) and Euroins (to March 2023) lost their licences; ASF gives 2021 shares to one decimal, and a few small insurers are estimated for 2021–2023. EU branches are not included. FY 2021: City Insurance (16% of non-life premium) published no claims template before it lost its licence, so the market's ratio for that year looks better than the market was. FY 2022: Euroins România (20% of non-life premium) published no claims template before it lost its licence, so the market's ratio for that year looks better than the market was.
• Bulgaria. Line split for 2021–2022 by Insurance Code class, from 2023 by Solvency II line. FY 2023: Euroins (12% of non-life premium), Bul Ins (6%), EIG Re (6%), Allianz Bulgaria (6%) published no claims template, so the market's ratio for that year leaves them out.
• Slovenia. Supplementary health insurance (about €0.6bn a year) was abolished in 2024; Triglav's Italian business adds about €0.7bn from 2025.
• Moldova. The supervisor changed in mid-2023 (CNPF to the National Bank of Moldova), and the insurance law 92/2022 changed the solvency measure: from 2024 own funds over the minimum solvency margin, before that the available margin. CNPF's 2021 class report shows almost no life premium; the per-insurer figure is used.