A feature from the Nextdeal newspaper (Issue 581), currently on newsstands

By Lampros Karageorgos

The insurance markets of Southeast Europe continue to demonstrate strong growth momentum despite inflationary pressures, geopolitical uncertainties, and rising claims costs. From Croatia to Serbia, Romania, and Turkey, most markets are recording double-digit or high single-digit growth rates, with a common characteristic being the dominance of non-life insurance, particularly motor insurance.

In Croatia, total premium production reached EUR 1.92 billion in 2024, representing an increase of 9.9% compared to the previous year. Non-life insurance grew by 11.2%, while life insurance increased by 4.2%. Motor Third-Party Liability insurance remains the dominant line of business, generating EUR 572.9 million in premiums, while health and property insurance also recorded significant growth. Croatia Osiguranje maintains its leading position with a market share of approximately 28%, followed by Euroherc, Adriatic, Allianz Hrvatska, and Generali Osiguranje.

In Bosnia and Herzegovina, the insurance market recorded total premium production of BAM 1.085 billion in 2024, up by 10.3%. Non-life insurance accounts for more than 80% of the market, with compulsory motor insurance remaining the main growth driver. ASA Central Osiguranje emerged as the country’s largest insurance company, while Adriatic, Euroherc, Uniqa, and Triglav also maintain a significant presence. Despite the positive performance, insurance penetration remains low, particularly in the life and health insurance segments.

Romania is also evolving into one of the most important insurance markets in Central and Eastern Europe. Total premium production reached RON 25.8 billion in 2025, recording growth of 10%. The market continues to rely primarily on non-life insurance, especially the RCA segment, namely compulsory motor third-party liability insurance. Groupama Asigurări leads the market with a share exceeding 22%, followed by Allianz-Țiriac, Omniasig Vienna Insurance Group, Asirom VIG, and Generali Romania Asigurare Reasigurare.

In Bulgaria, both non-life and life insurance recorded significant growth in 2025. The non-life market exceeded BGN 4.38 billion, driven primarily by motor insurance, while life insurance premiums reached approximately BGN 870 million. In non-life insurance, Euroins holds the leading position, followed by Bulstrad VIG and DZI. In the life segment, DZI Life, Bulstrad Life VIG, and Allianz Bulgaria Life dominate the market. Unit-linked products and health insurance are experiencing particularly strong growth, reflecting the market’s gradual maturation.

The Turkish insurance market is also experiencing impressive growth and is now considered one of the fastest-growing markets in the region. In 2024, total premium production increased by 74%, reaching TRY 838.7 billion, while insurance penetration rose to 2.48% of GDP. Natural catastrophe insurance and the private pension system BES play a decisive role in market expansion, with the system now exceeding 17 million participants. Türkiye Sigorta remains the market leader, while Allianz, Anadolu Sigorta, and Aksigorta also maintain strong positions.

North Macedonia also recorded strong growth in 2024, with total premium production increasing by 11.3% to MKD 15.97 billion. Life insurance expanded faster than non-life insurance, while particularly strong growth was recorded in private health insurance and unit-linked investment products. The market continues to depend heavily on motor insurance, which accounts for nearly 46% of total premium production.

In Albania, the insurance market continued its upward trajectory in 2025, with total premium production reaching ALL 27.09 billion, up by 10.5%. Non-life insurance remains dominant; however, life insurance is recording even higher growth rates. Sigal Insurance Group remains the market leader, while Albsig, Eurosig, and Sigma Vienna Insurance Group also maintain a strong presence.

In Serbia, the insurance market recorded growth of 8.5% in 2025, with total premium production reaching RSD 143.8 billion. Non-life insurance represents 83.3% of the market, while private health insurance and casco insurance are experiencing particularly strong growth. Dunav Osiguranje remains the market leader with a share exceeding 26%, followed by Generali and DDOR. The market displays a high degree of concentration, as the five largest insurance companies control nearly three-quarters of total premium production.

Montenegro, although a smaller market, is also recording steady growth. Total premium production reached EUR 125.4 million in 2025, representing an increase of 9.65%. Non-life insurance accounts for more than 81% of the market, with MTPL insurance remaining the dominant segment. Lovćen Osiguranje remains the country’s leading insurance company, followed by Sava Osiguranje and Uniqa. In life insurance, Wiener Städtische Životno Osiguranje maintains its leading position.

Despite differences in size and market maturity, the region’s insurance markets display common trends: the dominance of non-life insurance, the growing importance of private health insurance, the expansion of investment and pension products, and increasing digitalization. At the same time, insurance penetration in most countries remains below the European Union average, creating significant room for further growth in the coming years.

Read the feature below from the Nextdeal newspaper (Issue 581), which is also available online (click the bottom right corner to enlarge)