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.


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

Share |

Related articles

A.M. Best assigns credit ratings to Dunav Re Company a.d.o. Belgrade

A.M. Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of "bb+" to Dunav Re Company a.d.o. Belgrade (Dunav Re) (Serbia), a subsidiary of Dunav Insurance Company j.s.c. Belgrade. (Dunav), a multi-line insurer operating in Serbia.

2018-08-20

STATISTICS: SERBIA, FY2017: positive trend in business; changes in preparation of the regulatory side

Serbian insurance market ended 2017 with FWP worth EUR 785.8 million, 8.8% up y-o-y, a result supported in part also by the Serbian Dinar appreciation against the European currency. In local currency, the GWP growth was of only 4.4%. Most of the market growth came from the non-life insurance side, which saw a 11% increase in premiums, thus raising its weight in the market portfolio by about 1.5 percentage points.

2018-05-03

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

Five new XPRIMM insurance reports to be launched in Baden Baden

Five new titles will be available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

11.10.2018

Croatian Insurance Days 2018 - Registration opened online

The 2018 edition of the "Croatian Insurance Days" will be held in Opatija, Croatia, on November 7-9, 2018. Organized by the Croatian Insurance Bureau, with the support of the Croatian Ministry of Finance, the conference will have, as usual, a rich and very informative program, also providing for extended networking opportunities.

11.10.2018

ICAR Forum 2018: Main conclusions

The 15th edition of ICAR - The International Catastrophic Risks Forum, taking place in Bucharest, Romania, on 9 October, touches issues of paramount concern.

09.10.2018

The 10th International Istanbul Insurance Conference started today

In emerging markets like Turkey, there can be a significant difference between insured and total insurable losses.
Focusing on closing the protection gap, the 10th International Istanbul Insurance Conference gathers in Istanbul, between the 4th and the 5th of October 2018, well-known speakers from Turkish and the global insurance & reinsurance markets.

04.10.2018

See all