DEFEND INSURANCE GROUP, in the second quarter of 2018, has been successful in fulfilling its long-term strategy for developing the company and strengthening its position on the car insurance market in Central and Eastern Europe. In the year-on-year comparison, new contracts were increased by 26% in the second quarter.
Our excellent growth rate has continued in the second quarter of this year, we have surpassed the historic milestone of 9,500 closed contracts per month in the Central and Eastern Europe region. In total, our group recorded almost 38,000 insurance policies throughout Europe in the second quarter, making it the most successful quarter of DEFEND INSURANCE.
„An important aspect of our success is for us to grow in all countries and across the product portfolio. This growth was shared by Czech Republic 23%, Hungary 55%, Poland 109% and Slovakia 19%. Gross premiums written for the past 3 months are € 14,000,000.
"In a quarter-on-quarter comparison, the number of newly concluded contracts increased by 18% in the second quarter. This surpassed our expectations from the beginning of this year, when we estimated an increase of about 15%, "says Andrew Quirke, CEO of the company.
We have been able to evaluate our long-standing experience and meet our long-term goal of increasing interest in insurance that does not fall into the category of extended warranties. "Since our introduction of the Gap Insurance for Alternative Drive Vehicles in april 2018 we have seen an increase in the year-on-year growth of DEFEND Gap's covered bonds from 60% to more than 70%. Again, it has been confirmed that our programs are not only responding to current trends in the insurance market, but in many ways we, with our innovative and flexible solutions, are determining the direction, "adds Andrew Quirke.
At the same time, the Slovak branch presented DEFEND GAP +1, the insurance program for clients who have GAP insurance with another insurance company for one year free of charge. The main advantage of this product is that the vehicle is not subject to a new valuation, but the contract is closed at the original purchase price of the vehicle.
We are entering the second half of the year with strong optimism,thanks to the start of cooperation with the Polish companies Millennium Leasing, Cofidis Polska and Pol-Mot Auto. We believe that all of these collaborations will help strengthen our company and continue to maintain double-digit growth.