The privatization process for Serbian insurer Dunav Osiguranje should start by the end of this year, local media reported on Wednesday, quoting a central bank official. Selecting a privatization adviser for Dunav Osiguranje by the end of 2015 will mark the beginning of the sell-off process of the insurer, news agency Tanjug reported, quoting the head of the directorate for supervision of financial institutions within the National Bank of Serbia, Djordje Jevtic.

Serbia has climbed out of recession and this year is expected to record an increase in economic activity, Andrea Simoncelli, president and CEO of insurance company Generali Serbia, said on Wednesday.

The sale of Komercijalna banka, where the government is the biggest shareholder, is in sight and should be completed by 2017, head of the National Bank of Serbia department for financial institution monitoring Djordje Jevtic has said.

The Serbian insurance market ended 2014 with a 8.4% increase in GWP, to RDS 69.4 billion. In European currency, given the about 6% depreciation of the Serbian Dinar, the market growth was of only 2.7%, to EUR 573.8 million. "Serbian insurance market continued exhibiting similar trends identified in the previous period," said Nikola RODIC, Head of Actuarial and Statistic Division, Insurance Supervision Department, National Bank of Serbia. "Overall stability of the insurance market was preserved, while insurance companies continue to face cost pressures in their operations."

The Serbian parliament adopted on Tuesday the set of six laws to strengthen bank control and introduce mechanisms of the previously conducted intervention of the National Bank of Serbia (NBS) in the case when banks face problems in their conduct of business, and MPs also passed the amendments to the law on public procurements.

The government of Serbia adopted yesterday a draft-law on bankruptcy and liquidation of banks and insurance companies, which clarifies and gives new powers to the country's institutions.

Nearing the end of 2014, the Serbian parliament adopted the new Insurance Law that will take effect upon expiry of six months - at the end of June 2015. This finally put an end to the dilemma about the status of composite companies that will not be obliged to separate, strengthened the protection of rights and interests of the insured, and regulated sales channels more flexibly.

French companies AXA and Coface have started offering joint export insurance policies in Serbia, helping domestic exporters cushion the risk of non-payment by foreign buyers, according to Belgrade-based AXA Osiguranje. The two companies presented their joint product to Serbian export firms in Belgrade on December 5, AXA Osiguranje said in a statement on its website.

In 3Q2014, the Serbian insurance market totaled RSD 51.4 billion (EUR 432 million), representing a increase of 5.2% on a year earlier, according to the statistics published by the National Bank of Serbia (NBS). The value of paid claims on non-life segment increased 2.2% y-o-y to RSD 16.5 billion (EUR 139 million) due the 14.4% growth rate reported on properly insurance - a segment affected by catastrophic floods in May 2014, while the value of life indemnities increased 33% to RSD 3.5 billion (EUR 29 million).

Serbia invited applications on Friday for a financial adviser to help manage the sale of a majority stake in Komercijalna Banka, the country's second largest lender. The Deposit Insurance Agency set a deadline of Dec. 26 for international firms to submit their expressions of interest.

Austrian insurance group UNIQA said on Wednesday its earnings before taxes from operations in Serbia dropped to 2,000 euro in the first nine months of 2014 from 193,000 euro a year earlier. Total gross written premiums from operations in Serbia rose by 9.1% to 34.6 million euro through September, UNIQA said in a financial report.

Vienna Insurance Group (VIG) said on Tuesday the pre-tax profit of its Serbian unit plummeted 55% to 900,000 euro in the first nine months of 2014.

As of September 22nd 2014 the new corporate name of Delta Generali Osiguranje a.d.o. Beograd, reads: Generali Osiguranje Srbija a.d.o. Generali's activities in Serbia are facing a rebranding procedure according to Generali's new corporate identity. Change of the company name and the corporate identity have also been implemented at the Reinsurance company and the Voluntary Pension Fund management company, which changed their company names in to: Generali Reosiguranje Srbija a.d.o. and Generali Drustvo za upravljanje dobrovoljnim penzijskim fondom a.d.

The European Bank for Reconstruction and Development (EBRD) is providing a EUR 200 million stand-by credit line to Serbia's Deposit Insurance Agency (DIA), an independent, public institution designed to protect insured depositors and manage the Deposit Insurance Fund (DIF), a special fund set up to pay-out insured depositors.

Serbia's has joined a unique system for insurance against natural disasters as cofounder of the regional reinsurance company "Europe RE", which began its operations in Serbia on Thursday including Albania and Macedonia among its shareholders. Serbia invested a total USD 5 million in establishing of the "Europe RE" with headquarters in Switzerland.

Switzerland-headquartered specialty property catastrophe reinsurer Europa Reinsurance Facility Ltd. has started its operations in Serbia, B92.net reported. Europe RE's chairman of board, Hansjurg Appenzeller, said the May floods that hit parts of the Balkan region caused damage worth around EUR 1.5 billion (USD 1.9 billion) to EUR 2 billion (USD 2.53 billion).

First half of 2014 ended for the Serbian insurance market with a 2.74% growth in GWP, to EUR 306.5 million, a result slightly affected by the currency evolution (4.19% growth rate in local currency). The absolute driver of the market's growth was the life insurance segment which recorded a 17.6% increase in premiums.

Serbia's Deposit Insurance Agency (DIA) invited on Thursday expressions of interest from insurance companies for taking over the insurance portfolio of local insurer Takovo Osiguranje which is undergoing liquidation proceedings. In late July, the National Bank of Serbia (NBS) delicensed Takovo Osiguranje and petitioned a local court to initiate liquidation proceedings.

French credit insurer COFACE announced it is expanding to the Serbian market through a partnership agreement with local insurer AXA Nezivotno Osiguranje. COFACE is present in Serbia since 2007 in both the debt collection and business information markets.

The Executive Board of National Bank of Serbia (NBS) has taken the decision to revoke the TAKOVO insurance company's license and prohibit the disposal of its assets until the opening of liquidation proceedings. At the same time, NBS filed a proposal for a bankruptcy proceeding to the Commercial Court of Kragujevac (where TAKOVO Osiguranje is headquartered) concerning institution of liquidation proceedings and informed the Deposit Insurance Agency for the purpose of appointing the liquidation receiver.