STATISTICS: BiH insurers reported a 6.6% GWP growth-rate and a 24.2% increase in claims in 2014

At the end of 2014, the 24 insurers activating in the two administrative entities that formed Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported gross written premiums of BAM 562 million (EUR 287.4 million), up 6.6% y-o-y, according to the aggregate figures from the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS). At the same time, the aggregate value of paid claims increased by 24.2% to BAM 250 million (EUR 127.6 million).

In the structure of the total premiums, the share of the 12 companies domiciled in FBiH amounted to 72.3% (BAM 406.3 million, as NADOS informed), while the other 12 RS - based companies accounted for 27. 7% (BAM 155.7 million), according to data published by AZORS.

All in all, the GWP portfolio consisted of about 20.4% life insurance - the equivalent of BAM 114.5 million, the remaining 82.4% corresponding to non-life insurance classes. From the general insurance classes, 10.1% of premiums corresponded to property type, 9.1% to motor hull insurance class and 47.8% to MTPL.

For the whole country, in terms of premiums, FBiH based insurer SARAJEVO had the largest market share of 13.7% in the non-life insurance segment, followed by EUROHERC Osiguranje and BOSNA-SUNCE Osiguranje with market shares of 10.9% and 9.1%, respectively.

MERKUR BH Osiguranje was the market leader in the life-insurance segment with a share of 25.7%, followed by UNIQA and the FBiH subsidiary of GRAWE with market shares of 23.8% and 18.7%, respectively. Taken into consideration as only one entity by summing up the figures of the two subsidiaries of GRAWE - GRAWE (FBiH) and GRAWE Osiguranje (RS), the Austrian-based life insurer becomes the market leader with 30% market share.

Access www.xprimm.com and download the FY2014 Bosnia and Herzegovina insurance market statistics.

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

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