The Serbian insurance market reported a 2.3% y-o-y increase in FY2020 GWP to RSD 110 billion (EUR 935 million), according to the NBS's (National Bank of Serbia) year-end figures.

Non-life insurance made up 76.2% of the total GWP (RSD 83.8 billion, up by 1.7% y-o-y), while the share of life insurance premiums was 23.8% (RSD 26.2 billion, up by 4.4% y-o-y).

In GWP terms, the largest non-life business lines were the two motor subclasses - MTPL (~32.9% of total GWP) and Motor hull (9.6%), while property policies (fire, allied perils and other damages to property insurance) accounted for 18.7% of total GWP.

In terms of paid claims, the aggregate value was RSD 50.2 billion (~EUR 427 million), of which the two motor subclasses (MTPL and Motor hull, summed) generated more than one third of total.

Last year, Serbia's Top 3 largest insurers as GWP were DUNAV Osiguranje (27% market share), GENERALI Osiguranje (20%) and WIENER (12%).

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