BiH, FY2011: Life insurance gain momentum in "Austrian" style

24 February 2012 — Daniela GHETU
xcom_statisticThe Bosnian insurance market finished 2011 with a positive GWP growth rate, of 3.4%, up to EUR 249.5 million. Insurers domiciled in Srpska Republic (RS) managed to place an aggregated growth rate of 7.12%, up to EUR 67.15 million GWP, while their peers registered in Federation of Bosnia & Herzegovina reported a 2.1% positive change of the written premium volume, to EUR 182.4 million. Consequently, RS insurers' weight in the overall Bosnian insurance market grew by about 1 percentage point, to almost 27%.

By the end of 2011, life insurance reached a 16.4% share in the Bosnian market portfolio, due to an above average growth rate of 7.4%. The higher dynamic of the life insurance segment was observed in both regions, while the most impressive evolution (+15.4%) was registered on the very small life insurance market of RS. Also, in both regions the life insurance business is dominated by the local subsidiaries of some big Austrian insurers: GRAWE (91.6% of the RS life market and about 24% of the FBiH market, UNIQA with 24.8% and MERKUR BH, with 29.8% of the FBiH market). Is it maybe worth mentioning that GRAWE managed a 10.3% growth on the RS market, while in FBiH registered a steady evolution. On the FBiH market, the best dynamic registered on the life insurance segment belongs to UNIQA, with a 22.6% growth rate.

The non-life insurance Bosnian market went up by 2.65% in 2011, to EUR 208.6 million. RS companies increased their weight by 1 percentage point on this segment too. Best growth rate were registered for two of the classes with the smallest weight in the market portfolio: "goods in transit", +10.32% and "GTPL", +28.20%. Health insurance placed the worst performance, going down by 22.5%. In different proportions, these trends were common to both regions.

Motor insurance lines registered a positive evolution, obviously the MTPL line being the rend setter in both regions. The overall growth rate of this segment was of 2.56%, up to aggregated EUR 151.6 million GWP volume. SARAJEVO, BOSNA-SUNCE and EUROHERC are the leading non-life insurers in FBiH, while JAHORINA, DUNAV and BOBAR are occupying the top 3 positions in RS.

Access www.xprimm.com and download the FY2011 Bosnia and Herzegovina insurance market statistics.

BiH insurance market indicators (FBiH and RS insurance markets, added-up):
  • Market portfolio (in EUR and BAM)
  • Life and non-life insurance market rankings (GWP/ Market shares/Growth rates)
FBiH insurance market indicators:
  • Market portfolio (in EUR and BAM)
  • Life and non-life insurance market rankings (GWP/ Market shares/Growth rates)
RS insurance market indicators:
  • Market portfolio (in EUR and BAM)
  • Life and non-life insurance market rankings (GWP/ Market shares/Growth rates)

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