BOSNIA and HERZEGOVINA: GWP of ASA Osiguranje in 2018 went up by more than 20%

20 February 2019 — Marina MAGNAVAL
ASA Osiguranje, one of the youngest insurance companies in Bosnia, which was established in 2007 and is part of the ASA Group, ended 2018 with positive results (~+20%), and, according to the General Director Feda MORANKIC, the same positive trend is expected in 2019.

The company in 2018 increased the share of voluntary health insurance and "we are still the leader in the market paid claims of Bosnia and Herzegovina", the Director added. Insurance of liability of vehicle owners generated 55% of the insurer's GWP in 2018. The share of property insurance amounted to 11%, accidents insurance - 12%, Motor Hull - 15%, etc. "ASA Osiguranje strives to significantly offset its GWP in favor of voluntary insurance types based on the business plan, so that from year to year we continuously reduce our share of compulsory insurance in the portfolio", explained Feda MORANKIC.

ASA Osiguranje currently has 52 offices in the country and is planning to continue its expansion by opening 5 to 6 new offices in 2019 in the regions, which are not covered yet by the company.

As Feda MORANKIC pointed out in his interview for Radiosarajevo, for local insurers a particular challenge is large presence of foreign capital in insurance business. Besides there is a trend on the BiH market related to tightening and increasing number of acquisitions that has brought, according to him, a positive trend, which provides more place and opportunities to the company. The market consolidation, as he added, "is necessary for the market, since taking into consideration total population and capacity of the market, the number of insurance companies is certainly too big".

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