MILLI_RE_ANNUAL REPORT 2022

the war in Ukraine cloud the outlook. The CEE region is predicted to have full-year growth that averages 3.8% in 2022 before falling to 3.3% in 2023, supporting stable rating outlooks for the majority of the Region’s countries. Regional inflation which was 17.5% in November 2022 is expected to rise as a result of increase in the cost of housing. Gross written premiums for the CEE region totaled EUR 22.17 billion in the first half of 2022, an increase of nearly 7% year over year. The amount of paid claims also grew, rising 11.5% year on year to EUR 12.64 billion. Except for Poland, all CEE markets had strong growth in many cases at double- digit rates. Romania, which achieved a record growth of 36% year over year, was the leader of the impressive performance in this respect. High growth rates were also observed for the Baltic States and Czechia. Poland, Czechia, Hungary, Romania, Slovenia ranked the top 5 in total GWP terms, as was the case in 2021. As far as January 2023 renewals are concerned, there were increases in retention levels, additional capacity purchase as well as review of the reinstatement provisions in many of the cat excess of loss programs. On the risk side, most of the programs experienced rate hikes along with the retention increases. Commissions of proportional treaties mostly remained the same, while there was some reduction for those treaties with poor performance. The prices of loss free non-proportional cat programs increased by 10% to 30% while rate increases up to 50% were witnessed in respect of loss hit programs. The prices of loss free non-proportional risk programs increased by 5% to 20% while there were rate uplifts of up to 35% in the loss hit programs. INDIA’S INSURANCE MARKET, ONE OF THE LARGEST AND FASTEST GROWING IN THE WORLD, IS EXPECTED TO RANK SIXTH BY 2032. 6 FINANCIAL STATUS RISKS AND ASSESSMENT OF THE GOVERNING BODY UNCONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON CONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON 67 MİLLİ RE 2022 ANNUAL REPORT