STATISTICS: SERBIA, 1H2017: Positive trend and a stable porfolio structure

Serbian insurers ended 1H2017 with GWP up by 10.3% y-o-y, to EUR 404.2 million, a growth rate slightly helped by the local currency's appreciation. Denominated in Serbian Dinars, the market results show an 8.12% increase in premiums.

The market portfolio's structure didn't change much in 1H2017, save a minor increase in the life insurance segment's share, from 21.96% in June 2016, to 22.48% at the end of June 2017. All relevant portfolio segments saw a positive evolution in the first half of 2017, but among the "big" one, the MoD insurance class recorded the highest growth rate, of 17.4%. On the other hand, the MTPL continues to hold the largest share in the portfolio (32%), while property insurance ranks third, with an almost 21% share.

Insurer DUNAV Osiguranje remained leader in the sector, although its market share has continuously deteriorated, to 27.1% in the first half of 2017 from the about 30% in 2010. DUNAV Osiguranje has generated a premium income of EUR 109.4 million, 8.8% up y-o-y.

GENERALI Osiguranje ranked second in the market hierarchy with EUR 84.8 million of premium income, 1.4% up y-o-y, and a 21% market share. GENERALI Osiguranje tops the life insurance segment, generating 27.5% of the life GWP.

Although the Vienna Insurance Group's companies in Serbia - Wiener Stadtische Osiguranje and the two AXA companies that were acquired in the previous year - were merged only in August 2017, it is worth mentioning this operation which resulted in a stronger position of the Group in the market rankings. Wiener Stadtische Osiguranje generated more than EUR 44 million in premiums in the 1st half of 2017. This corresponds to a double-digit increase of almost 30% compared to the previous year. The AXA companies' "absorption" will not actually change Wiener's position in the rankings, but will improve it in terms of market share, also adding to company's future development potential.

Find detailed 1H2017 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2017, to be launched on 22 October.


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