THE EFFECTS OF THE PANDEMIC UPON THE INSURANCE MARKET IN CEE IN THE FIRST SEMESTER OF 2021

Abstract

2021 began under uncertain circumstances, more or less optimistic and most economic forecasts ended with affirmations that underlined the fact, that every thing will depend on the further evolution of the pandemic and its impact upon economy. Up to the end of 2020 a second devastating pandemic wave has forced several Euroopean countries to reinstate lockdowns and restrictions, which inevitably had an important impact upon their economies. According to the results of the first semester of the year the result is a general positive tendency, in some cases materialized in a growth rate of the double-digit underwriting and in Gross premiums underwritten, exceeding the value before the crisis , in the first semester of 2019. On the level of the 17 insurance markets of Central and Eastern Euroope which are subject to the Insurance Report CEE, SEE & ex-Soviet Union, the Gross premiums underwritten have reached 20.75 billion euro at the end of June 2021, with 8.30 % more than last year and exceeding with about 900 euro the volume achieved in the first half of 2019, the year before the pandemic.