STATISTICS: SERBIA 1H2014: Life insurance and MTPL carried the market
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