Insurance market of Bosnia & Herzegovina ended the first half of 2021 by showing a positive dynamic, especially on the life insurance side. Yet, although recording a 12.3% y-o-y GWP growth, the life insurance segment remains very small, reaching a total GWP amount of EUR 42.8 million, still far from the market's potential. At the same time, indemnities paid for life insurance went up by 27% y-o-y, to EUR 21.7 million.
Insurance Agency of Republika Srpska, one of the two administrative entities of Bosnia & Herzegovina, has increased commissions for MTPL insurance agents from 15 to 27% in an attempt to prevent companies from illegally increasing those commissions themselves, local financial press reported.
Bosnian insurer ASA Osiguranje's net profit rose to BAM 1.47 million (~EUR 752,000) in 1H (vs BAM 1.29 million in the same period last year), which is about 14% more y-o-y, SeeNews reports
Government of the Federation of Bosnia and Herzegovina (FBiH) approved an amendment to the Law on Compulsory Traffic Insurance, which extends the use of the common tariff by one year (until end of October 2023), while full tariffs liberalization was pushed until November 1, 2026, wrote osiguranje.hr.
In H1 2021, UNIQA BiH achieved a growth of 19.7% and a total premium of BAM 35.7 million (~EUR 18.7 million), which positions the company on top of the insurance market, according to the total realized premium, as the Austrian insurance group UNIQA announced in a statement.
Net profit of the Bosnian
insurance company Euroherc Osiguranje increased 7.5% y-o-y in the first half of
2021, reaching BAM 5.3 million (EUR 2.7 million), SeeNews reports.
Osiguranje Sarajevo, a member of
Austrian insurance group Grawe, said its net profit rose to BAM 3.3 million (EUR
1.7 million euro) in the first half of 2021 (vs BAM 2.8 million in 1H2020,
almost 18% up), SeeNews wrote.
In the first half of 2021, net profit of the Bosnian insurer Triglav Osiguranje (part of Slovenia's Triglav Group), increased by 5.6% y-o-y, to BAM 1.3 million (~EUR 665,000), SeeNews wrote.
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of Bosna Reosiguranje d.d. Sarajevo (Bosna Re) (Bosnia and Herzegovina [BH]). The outlook of these Credit Ratings (ratings) is stable.
The state-owned Investment-Development Bank of Bosnia's Serb Republic, IRBRS, said it is looking to sell its shares in local insurer Osiguranje Aura representing 38.06% interest for BAM 2.16 million (EUR 1.1 million), SeeNews announced on June17, quoting IRBRS
Bosnian insurers reported aggregate Q1 GWP of BAM 192 million (~EUR 98.2 million), according to the most recent market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
FBiH insurers have provided for almost 70.5% of the total GWP (EUR 69.3 million) vs. EUR 28.9 million - insurers domiciled in Srpska Republic.
Global broking business, Brokerslink, has further expanded its presence in the Balkan Peninsula with the addition of independent broker Advantis from Bosnia and Herzegovina to its global network.
At the end of 2020 the BiH insurance market totaled EUR 386.76 million (BAM 756.45 million), 0.83% less y-o-y, according to the YE 2020 market figures published by the local insurance agency - AZOBIH.
The value of GWP of the insurers operating in the Federation of Bosnia and Herzegovina decreased by 0.55% to EUR 270.52 million, while the Republika Srpska based insurers generated EUR 116.24 million, down by 1.48% y-o-y.
In terms of GWP, the top three largest insurers in the country were FBiH based insurers ADRIATIC osiguranje (9.13% market share), SARAJEVO osiguranje (8.60%) and EUROHERC osiguranje (8.27%).
The Insurance Supervision Agency of the Federation of BiH has granted approval to ASA osiguranje to buy a 86.46% stake in CENTRAL osiguranje, the acquisition previously targeted by CROATIA osiguranje, local media wrote
Bosnian insurers reported aggregate 3Q2020 GWP of BAM 569.13 million (~EUR 290.99 million*), according to the most recent market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
A new Law on Compulsory Traffic Insurance was adopted in the Federation of Bosnia and Herzegovina (FBiH), one of the two administrative entities that form Bosnia and Herzegovina (BiH). The new Law replaces the Law on MTPL insurance from 2005.
Starting 19 October, an international MTPL insurance policy "Green Card" policy will be not needed for vehicles registered in one of the countries of the European Economic Area to enter on the territory of Bosnia & Herzegovina (BiH), or for BiH vehicles to circulate on the roads of the EEA countries.
The first half of 2020 ended for the Bosnian insurers with total GWP of EUR 191.7 million, 2% less y-o-y, a result mainly driven by the non-life segment's decrease in premiums volume, especially on the credit insurance and Motor Hull insurance lines.
Damir HADZIC, President of the Management Board of Euroherc osiguranje dd Sarajevo, was reelected as President of the Management Board of the Association of Insurance Companies in the Federation of BiH (UDO FBiH) for the 2020-2024 term.
Last year, the BiH insurance market totaled EUR 390 million (BAM 762.5 million), 7% more y-o-y, as data from the local insurance agency - AZOBIH shows.