Thus, GWP for life insurance amounted to EUR 62.5 million, while indemnities paid for the life contracts amounted to 21 million, increasing by about 38% compared with 1H2013.
On the non-life side, most business lines recorded a decrease in GWP. The most notable exception from the negative trend was the compulsory MTPL line which saw a 5% increase in GWP, to EUR 87.4 million. For the second half of the year a further rise in premium volume is predictable as the National Bank of Serbia approved a 45% increase of the minimum price of MTPL insurance in Serbia, as of July 1st.
The property insurance lines recorded a 2% decrease in GWP, almost entirely caused by the 6% decrease in GWP for the "fire & allied perils" insurance business. At the same time, following the May floods, claims paid for property insurance increased by 45% for the same class. Still, in absolute terms, Serbian insurers paid in 1H2014 claims of EUR 7 million, which was quite low compared with the total losses recorded in the country and reflect the low insurance coverage of properties.
The Top 3 ranking remained unchanged, with DUNAV, DELTA GENERALI and DDOR accounting for about 61% of the market. Yet, DUNAV recorded a negative change in GWP and lost about 4 pp of its market share, while DELTA GENERALI reported a more than 10% increase in premiums, gaining 1 pp extra share. Compared with 1H2013, the gap between the first two companies is shrinking.
Access www.xprimm.com and download the 1H2014 Serbian insurance market statistics.
Market portfolio (in EUR and RSD):
- Gross written premiums
- Paid claims
- Growth rates
- Total market ranking
- Life insurance ranking
- Non-life insurance ranking