STATISTICS: Bosnia insurance market exceeded the EUR half billion threshold during 2023

26 February 2024 — Andrei VICTOR
STATISTICS: Bosnia insurance market exceeded the EUR half billion threshold during 2023

At the end 2023, the insurance market Bosnia totaled EUR 503.1 million (BAM 984 million), 11.7% more y-o-y, according to the most recent market figures published by AZOBIH - Insurance Agency of Bosnia and Herzegovina. In terms of claims paid by insurers, the overall amount was up by 7.7% y-o-y to EUR 219.6 million, of which EUR 55.5 million- life indemnities and EUR 164 million payments related to non-life claim files.

The value of GWP of the insurers operating in the Federation of Bosnia and Herzegovina increased by 10.9% to EUR 348.9 million, while the Republika Srpska based insurers generated EUR 154.2 million, up by 13.6% y-o-y.

Non-life insurance premiums increased by 13.2% year-on-year to EUR 401.1 million (BAM 784.5 million) in 2023, while premiums in the life insurance segment went up 6% y-o-y to EUR 102 million (BAM 199.5 million). From the non-life subclasses, the largest amounts in GWP corresponded to the two motor insurance lines - MTPL - EUR 245.8 million and MoD - EUR 54.3 million, and property - EUR 40.9 million.

The top three largest insurers in the country in terms of GWP were FBiH based insurers ASA osiguranje (11.1% market share), ADRIATIC osiguranje (9.7%) and Uniqa osiguranje (8.1%).

During last year, on Bosnian insurance market were active 25 insurers: 11 FBiH -based insurers and 14 market players operated on the market of Republika Srpska.

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

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