AXA Non-Life Insurance (AXA Nezivotno Osiguranje) and AXA Life Insurance
(AXA Zivotno Osiguranje) have officially been absorbed within Wiener
Stadtische Osiguranje, WS announced.
The GWP value of Serbian insurers totaled RSD 24.1 billion (EUR 195 million) in the first quarter of 2017, a 10% increase y-o-y, according to the National Bank of Serbia's (NBS) most recent report on the sector.
Insurer Dunav Osiguranje saw its stake of total premium income in the Serbian insurance sector fall to 27.7% in the first quarter of 2017 from 28.3% in the like period of last year, but the company remained the leader in the sector, data by central bank NBS showed.
The National Bank of Serbia announced that the aggregate GWP by insurers active in the market increased by 10.15% last year, reaching RSD 89.14 billion (about EUR 722 million).
Serbian state-owned Dunav Osiguranje [BEL:DNOS] said its profit jumped 131.3% to 897.8 million dinars (7.28 million euro) in 2016, with premium income rising 10.5% to 19.8 billion dinars.
The Serbian Government has set the approximate privatization price for DUNAV Osiguranje to EUR 110 million, an article published by the Croatian insurance portal osiguranje.hr reads. Yet, the privatization decision is still pending, as the Government is currently analyzing the results of company's diagnostic review, to determine DUNAV's financial and competitive position before effectively launching the privatization process.
On 25 December 2016, the Commission published a report on the Serbian insurance market, and announced its plan to draft an Insurance Block Exemption Regulation ("IBER"). Except where the specifics of the Serbian insurance market require otherwise, the regulation will be harmonized with the EU Block Exemption Regulation for the Insurance Sector.
Appreciating the fact that Italy is one of the most significant home countries of investors in the Serbian insurance sector and aiming to further enhance insurance supervision in Serbia, the NBS signed a Memorandum of Understanding (MoU) with the Italian Insurance Supervisory Authority (IVASS). The document regulates joint actions and information sharing between the two supervisors, mainly in relation to members of Italian business groups 'Unipol' and 'Generali', i.e. two of the three largest insurers and two of the four reinsurers in Serbia.
For the January-September 2016 period, the aggregate GWP value of Serbian insurers was up by 10% on the year to RSD 66.7 billion (EUR 541 million), the data, published by the National Bank of Serbia (NBS) indicated.
Serbia's central bank, NBS, said on Monday that state-owned Dunav
Osiguranje [BEL:DNOS] remained the country's top insurer by premium
income in the third quarter of 2016, although it saw its market share
narrow by one percentage point year-on-year, to 26.6%.
"A positive trend of nominal insurance premium growth, which has lasted for more than a decade, continued into this year," it is how Dusko JOVANOVIC, Secretary General, Association of Serbian Insurers - UOS has characterized the Serbian insurance market's evolution in the first half of 2016.
Serbia's real GDP growth slowed to an annual 2.0% in the second quarter of 2016, from 3.8% in the previous quarter, the country's statistic office said on Wednesday.
The combined total premium income of Serbian insurance companies rose 16.6% last year to of 80.9 billion dinars ($720 million/656 million euro), central bank data showed. Non-life insurance made up 76.1% of the total premium income, down from 76.9% in 2014, while life insurance accounted for 23.9%, up from 23.1% in 2014, the data, published by the National Bank of Serbia (NBS) last week, indicated. The premium income of the non-life insurance segment rose 15.3% last year, while that of the life insurance segment climbed 21%.
Generali Osiguranje Serbia has developed an innovative and unique product for our market which combines the classic life insurance policy with an investment in investment funds; the so-called unit-linked product.
UNIQA has signed a contract with the Olympic Committee of Serbia and became the official insurance of our Olympic team.
Serbia's competition council said it will examine the acquisition of the
headquarters building of Serbia's diversified conglomerate Delta
Holding by local Banca Intesa Beograd in order to determine the
lawfulness of the concentration.
Gorenjska banka, a small private bank, has been recapitalised with EUR 13m, most of which has been provided by Serbian AIK banka, which has acquired a 13.9% stake to become the second-biggest owner of the Kranj-based bank.
NLB Banka is interested in developing the pension insurance market in
Serbia, but conditions for that have not been created here yet, said
Branko Greganovic, the chairman of the Executive Board of NLB Banka, who
also added that the investment in that segment of life insurance
depended on institutional conditions.
The National Bank of Serbia (NBS) has produced a Draft Law on the Protection of Financial Services Consumers in Respect of Distance Contracts (Draft) aiming to enhance the protection of financial services consumers in Serbia in respect of the provision of those services via the internet, through e-mail communication, by post or other means of distance communication.
In January-September 2015, the Serbian insurance market totaled RSD 60.6 billion (EUR 506 million), up by 18%, according to the data published by the National Bank of Serbia. At the same time, the value of paid claims increased by 10.6% y-o-y to RSD 22 billion (EUR 185 million).