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

First half of 2014 ended for the Serbian insurance market with a 2.74% growth in GWP, to EUR 306.5 million, a result slightly affected by the currency evolution (4.19% growth rate in local currency). The absolute driver of the market's growth was the life insurance segment which recorded a 17.6% increase in premiums.

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
Market rankings (GWP/Claims/Market shares - in EUR and RSD):
  • Total market ranking
  • Life insurance ranking
  • Non-life insurance ranking

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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