SERBIA 1Q2014: Life insurance kept the market on the positive trend

26 June 2014 — Daniela GHETU
serbia-statisticsAfter ending 2013 on a positive trend, with a 4.2% growth rate of the GWP, the Serbian insurance market's evolution slowed down in 1Q2014 - 0.11% y-o-y (calculated in European currency) against a 3.2% growth in GWP for the calculations made in local currency, the 3% y-o-y devaluation of the Serbian Dinar paying its part in the apparently stagnating status of the market.

The high paced upswing trend of the life insurance segment continued in 1Q2014, with an almost 21% y-o-y increase in GWP, to EUR 30 million which managed to offset the 4.5% y-o-y decline in GWP recorded on the non-life insurance sector. All in all, non-life insurers reported GWP of EUR 106 million. Both property and motor insurance lines, the main components of the market portfolio, recorded negative changes in the premium volume of 4 to 6%.

On the claims side, the overall volume of the claims paid in 1Q2014 was by 8.5% higher than in 1Q2013, reaching EUR 55.6 million, because of the significant increase in indemnities paid for life insurance (almost 70% increase y-o-y, to EUR 12.2 million).

DELTA GENERALI, WIENER and GRAWE are the Top 3 life insurance companies, with market shares of 31.8%, 18.8% and 14.98% respectively. It is worth noting that DELTA GENERALI not only remained the life insurance market, but also added at its market share some extra 5pp after recording the highest growth rate in the market. On the non-life segment, DUNAV, DELTA GENERALI and DDOR are leading the market, holding market shares of 30.8%, 18.9% and 18%.

Access www.xprimm.com and download the 1Q2014 Serbian insurance market statistics.

Market portfolio (in EUR and RSD):
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/Claims/Market shares - in EUR and RSD):
  • Total market ranking
  • Life insurance ranking
  • Non-life insurance ranking

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