STATISTICS: Over EUR 430 million in GWP for SERBIAN insurers due the double digit growth rate in life segment

In 3Q2014, the Serbian insurance market totaled RSD 51.4 billion (EUR 432 million), representing a increase of 5.2% on a year earlier, according to the statistics published by the National Bank of Serbia (NBS). The value of paid claims on non-life segment increased 2.2% y-o-y to RSD 16.5 billion (EUR 139 million) due the 14.4% growth rate reported on properly insurance - a segment affected by catastrophic floods in May 2014, while the value of life indemnities increased 33% to RSD 3.5 billion (EUR 29 million).

As in previous reporting periods, the non-life insurance classes accounted for the dominant share in GWP portfolio (79%), of which almost 31% was accounted by MTPL, 24% by the two property sub-segments, and 9% by Motor hull insurance. At the same time, the share of life policies increased 2% to almost 21% due the 16.9% growth rate in GWP.

The market hierarchy was dominated by the first two companies - the state owned DUNAV Osiguranje (26.3% market share) and GENERALI Osiguranje Srbija (21.3%) - renamed from DELTA GENERALI - according to GENERALI's new corporate identity. Top 5 was completed by the Novi Sad based - DDOR, WIENER (member of Austrian VIG) and UNIQA Nezivot - the first five insurers covering 77.6% of the market (compared to 76.6% in 3Q2013).

At the end of September 2014, the insurance market in Serbia comprised 23 active insurance companies, as compared with 24 in Q3 2013. In August 2014, the Executive Board of National Bank of Serbia (NBS) has taken the decision to revoke the TAKOVO insurance company's license and prohibit the disposal of its assets until the opening of liquidation proceedings.

At the same time, on Serbian market were active four companies specialized in reinsurance field: GENERALI Reosiguranje Srbija, DUNAV-RE, WIENER RE and DDOR RE.

Access www.xprimm.com and download the 3Q2014 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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