STATISTICS: SERBIA, 1H2019: extreme weather's toll significantly increased insurers' claims expenses

19 September 2019 — Daniela GHETU
Total GWP by Serbian insurers in the first half of 2019 amounted to EUR 455.6 million, 3.08% up y-o-y, mostly driven by the non-life segment. The highest contributions to the market growth were provided, in absolute terms, by the motor insurance lines, in particular the Motor Hull class, and the credit insurance and financial loss insurance lines.

The Property insurance segment saw a 3.4% y-o-y diminishing GWP amount as a result of the decreasing business volume recorded for the fire insurance class (almost 13% down y-o-y). Yet, the same segment provided for the largest increase on the paid claims side. Thus, claims expenses for the property insurance segment went up by over 104%. From the extra amount of EUR 20.7 million paid for property claims, about 70% was generated by the "other damages to property" class, including agricultural insurance, following the severe floods that have affected the country in May-June.

Motor insurance lines have maintained their dominant position, accounting for 41.3% of the total non-life GWP. During the first half of the year both classes belonging to this segment - Motor Hull and MTPL -, have recorded a stable evolution, with GWP and paid claims increasing at similar paces.

DUNAV preserved its leadership position in the market ranking, but with a slightly diminished market share as compared with 1H2018 (25.9% vs. 27.6%). GENERALI Osiguranje ranks second (21.4%) while the third position belongs to DDOR (12.3%).

Access and download the 1H2019 Serbian insurance market statistics (in EUR and RSD).

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