STATISTICS: SERBIA, 1H2016: Motor Hull insurance line regains momentum after being on a negative trend for years

"A positive trend of nominal insurance premium growth, which has lasted for more than a decade, continued into this year," it is how Dusko JOVANOVIC, Secretary General, Association of Serbian Insurers - UOS has characterized the Serbian insurance market's evolution in the first half of 2016.

In the supervising authority's view, the Serbian insurance market "recorded a healthy 9.9% y-o-y premium growth rate in H1 2016. This development was driven by the life segment, recording a double digit growth rate and increasing the share of life insurance in total premium. Life premium which increased by 13.0% y-o-y was dominated by traditional endowment insurance which increased at a healthy pace, and first unit-linked policies were sold in the market this year."

On the non-life side, "the growth had a general character, as the premium growth was recorded in all types of insurance. The continuous and stable growth rates are encouraging, and so is the high potential of the insurance market. We can say that the Serbian market is moving toward a portfolio structure that is present in countries with developed insurance markets, although the high share of non-life insurance, especially compulsory insurance in total premium, is still its main characteristic," explained Dusko JOVANOVIC. Yet, the market watchdog has stressed out as notable the evolution on the Motor Hull line which, "after a prolonged period of premium contraction, started a revival in 2015, which it kept in H1 2016."

Access www.xprimm.com and download the 1H2016 Serbian insurance market statistics.

Read more about the Serbian insurance market evolution in 1H2016 in the forthcoming issue of XPRIMM Insurance Report 1H2016, to be released on October, 23rd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).

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

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