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.

While the high dynamic seen on the life insurance side in 2016 calmed down, to a modest 2.5% growth, there were several non-life lines recording high double-digit growth rates. Among the most relevant in market weight terms, the Motor Hull class saw the strongest y-o-y increase in GWP, by 17.4%, helped also by the increasing cars sales. According to Serbian Association of Importers of New Cars and Components, a total of 26,879 cars and light commercial vehicles were sold in Serbia in 2017, which is around 15.5% more y-o-y. In addition, 137,296 used cars were imported to Serbia.

The MTPL line also saw a 10% y-o-y GWP growth and continues to hold the largest share in the market portfolio, of over 34%. Yet, in what the mandatory MTPL line is concerned, the most important piece of news is coming from the regulatory field, namely the first details about the future Law on Compulsory Traffic Insurance, to replace the current Law adopted in 2009.

The only notable change in the market structure took place in August, when the merger between the Vienna Insurance Group (VIG) company Wiener Stadtische Osiguranje and the two AXA companies that were acquired in the previous year was finalized. As a result, VIG achieved a market share of 11.7% in the end of 2017, ranking fourth in the Serbian insurance market.

DUNAV, the state-owned company, remains the market leader, with an almost 27% market share (~ 1pp more than at the end of 2016). Although the Serbian Government started exploring some privatization options, the process is far from being on a decisive path.

Access www.xprimm.com and download the FY2017 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


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