Climate: - in the north, continental climate (cold winters and hot, humid summers with well distributed rainfall); - in other parts, continental and Mediterranean climate (relatively cold winters with heavy snowfall and hot, dry summers and autumns).
The Serbian insurance market reported a 7.5% y-o-y increase in FY2019 GWP to RSD 107.5 billion (EUR 914 million), according to the NBS's (National Bank of Serbia) year-end figures. Non-life insurance made up 76.7% of total GWP (RSD 82.4 billion, up by 8.2% y-o-y), while the share of life insurance premiums was 23.3.% (RSD 25.1 billion, up by 5.4% y-o-y).
Belgrade-based British Motors, a Serbian car dealer, has increased its stake in the capital of local non-life insurer Globos osiguranje by 15.6% from 71.8% to 87.4% as a part of a buyout bid, wrote kamatika.com here.
Serbian insurers are playing an active role in the general effort of fighting the COVID-19 pandemic, both by supporting at their best their customers and providing financial contributions for the medical effort of fighting the epidemic.
In 2019, the year when it has celebrated 45 years of business under its current name, Serbian market's leader DUNAV Osiguranjerecorded the best results in the last 30 years of its operations, Mirko PETROVIC, President of the Board, said at the Kopaonik Business Forum.
The GWP of Serbian insurers increased 5.9% year-on-year to RSD 79 billion (EUR 672 million*) in the first nine months of 2019, according to the most recent figures published on the website of National Bank of Serbia (NBS).
The Serbian branch of OTP Group acquired Societe Generale Srbija, taking over the banking, insurance and leasing activities of the French group in Serbia.
AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to "bbb-" from "bb+" of Serbian reinsurer DunavRe a.d.o. Belgrade, a subsidiary of Dunav Insurance Company j.s.c. Belgrade. The outlook of the Credit Ratings (ratings) is stable.
Serbian insurers ended 1Q2019 with total GWP worth RSD 24.83 billion (EUR 210.5 million), 0.5% up y-o-y, according to the most recent market statistics pubished by the National Bank of Serbia.
DUNAV Osiguranje, a Serbian insurance company based in Belgrade and the largest non-life insurance company in the Serbian insurance market, for the second consecutive year supported the Srem Agricultural Fair - AGROSIRM, that was held on June 8-9, as the company stated on its website.
Serbian insurance market ended 2018 with GWP worth EUR 845 million, up 7.6% y-o-y, a result supported mainly by the non-life insurance side, which saw an 8.5% increase to EUR 644 million.
Serbia was one of few CEE insurance markets where the 2008 economic crisis was tackled with little sacrifice to market growth. The industry grew to EUR 195 million (+33%) from 2008 to 2017.
In 3Q2018, the Serbian insurance market totaled RSD 74.6 billion (EUR 630 million), representing an increase of 5.2% on a year earlier, according to the statistics published by the National Bank of Serbia (NBS).
The Serbian insurance marked ended the first half year with GWP worth RSD 52.18 billion (EUR 442 million), 6,8% up y-o-y. Due to the modest appreciation of the Serbian Dinar against Euro, the market results denominated in European currency show a higher growth rate, of 9.35%.
13 September 2018
SERBIA: Dunav Osiguranje's share of Serbian insurers' premium income rises in H1