BiH: property insurance loses ground, following the 17% drop in fire insurance GWP

16 August 2012 — Daniela GHETU
bosnia-statisticsThe Bosnian insurance market recorded an overall steady evolution in 1H2012, as compared to 1H2011. Yet, if the total GWP showed only a less than 1pp change, to EUR 127.27 million by the end of June 2012, from the EUR 126.11 million figure of 2011, a closer look reveals a different situation when considering the figures for each business line. Thus, while life insurance recorded a positive change of over 7%, on the non-life insurance lines the results were less encouraging.

Life insurance accounts for 16.6% of the Bosnian portfolio - 1pp more than in 1H2011 -, totalizing EUR 21.16 million in GWP. Although less than 13% of this volume comes from the market of Srpska Republic (RS), the very small RS market showed a higher growth rate than the one of the FBiH (Federation of Bosnia and Herzegovina) - of 12.40% to 6.46% respectively.

On the non-life side, property insurance showed a significant negative change, of 11.2%, mostly generated by the 17.7% fall in Fire and allied perils GWP. Again, the RS market showed a better evolution on this line, in fact a positive one, while FBiH insurers' underwritings fell by almost 15%. All in all, property GWP amounted EUR 15.4 million, 77.3% of this volume being reported by the insurers licensed in FBiH.

The motor insurance lines registered different evolutions, with MTPL on the positive track (2.85% growth), while Motor Hull fell by 1.5%. The overall motor GWP figure stood at EUR 75.52 million, representing almost 60% of the market portfolio. FBiH insurers produced almost 69% of this volume.

Nine of the Bosnian Top 10 insurance companies are licensed in FBiH, the only RS insurer, JAHORINA, ranking 7th. SARAJEVO Osigurange in the market leader, holding a steady 13.4% market share, followed by BOSNA-SUNCE and EUROHERC, with almost equal market weights, of 8.95% and 8.72%. MERKUR BH, UNIQA and GRAWE, registered all in FBiH, are leading the life insurance market, totalizing almost 68% of the Bosnian life insurance market.

Access www.xprimm.com and download the 1H2012 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)

3172 views
Share |