STATISTICS: BOSNIA, 1H2015: Srpska based insurers increased their weight in the market

The 24 insurers operating in the two administrative entities of Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported GWP of BAM 293.8 million (EUR 150.23 million), up 3.7% y-o-y, according to the aggregate figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS).

Although the number of companies domiciled in the administrative entities is even, FBiH insurers' turnover accounts for 70.5% of the total Bosnian market. However, given the better GWP dynamic recorded by the companies domiciled in Republika Srpska (11.6% y-o-y increase in the consolidated GWP, as compared with only 0.7% increased in GWP reported by the FBiH insurers) FBiH insurers' weight in the total business decreased by about 2pp during the last 12 months.

On the claims side, a 14.67% increase was recorded in the overall amount, most of it coming from the property insurance lines which saw an almost 54% augmentation of the paid compensations. Probably not by chance, considering that the territory of Republika Srpska was the hardest hit by the 2014 floods, the most significant increase in paid claims was recorded by the RS insurers which paid claims by 32% higher than in 1H2014.

Life insurance accounts for about 20% of the overall GWP portfolio, with a more significant presence in the FBiH insurers' portfolio (24.6%). However, the specialty market remains small, both in offering and financial terms.

On the non-life insurance side, motor insurance lines are the dominant lines of business. The compulsory MTPL insurance class is, in fact, the market top line, with a 47% share of the GWP portfolio. Together with the Motor Hull business, motor lines account for 56.8% of the Bosnian insurance business. They are also generating about 50% of the claims paid.

Access www.xprimm.com and download the 1H2015 Bosnian insurance market statistics (in EUR and BAM).

Aggregate BiH insurance market indicators (FBiH and RS insurance markets, added-up):
  • Market portfolio (GWP/Claims/Growth rates)
  • Life and non-life market rankings (GWP/ Claims/ Market shares/ Growth rates)
FBiH insurance market indicators:
  • Market portfolio (GWP/Claims/Growth rates)
  • Life and non-life market rankings (GWP/ Claims/ Market shares/ Growth rates)
RS insurance market indicators:
  • Market portfolio (GWP/Claims/Growth rates)
  • Life and non-life market rankings (GWP/ Claims/ Market shares/ Growth rates)

More about the Bosnian insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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