During the official ceremony held in the NBS on 26 October, NBS Governor
Jorgovanka Tabakovic and the president of the Council of experts of the
Insurance Supervision Agency, Klime Poposki, signed a cooperation
agreement between these two institutions. The agreement regulates
cooperation and exchange of information between insurance supervisors of
the two countries.
Serbian diversified conglomerate Delta Holding said on Friday its
earnings before interest, taxes, depreciation and amortisation (EBITDA)
reached 4.5 billion dinars (37.5 million euro) in the first nine months
Serbian insurers ended 1H2015 with GWP amounting to almost EUR 341 million, 11.23% up y-o-y. In local currency, GWP amounted to RSD 41.1 billion, 15.85% more y-o-y. Paid claims increased by about 14%, to RSD 14.75 billion (EUR 111.8 million). In relative terms, the life insurance segment showed the best dynamic, with a 21.3% GWP growth, while indemnities paid for life insurance diminished by some 2.3%. Yet the life insurance business remains little, with an overall GWP volume of EUR 72.7 million.
According to the Central Bank figures, in 1Q2015 the total premiums collected by 21 insurance companies operating in Serbia increased by 27.15% in nominal terms to RSD 19.99 billion (EUR 166 million). Non-life GWP generated 78.39% of the total premiums, while the share of life segment went down to 21.61%.
The privatization process for Serbian insurer Dunav Osiguranje should
start by the end of this year, local media reported on Wednesday,
quoting a central bank official. Selecting a privatization
adviser for Dunav Osiguranje by the end of 2015 will mark the beginning
of the sell-off process of the insurer, news agency Tanjug reported,
quoting the head of the directorate for supervision of financial
institutions within the National Bank of Serbia, Djordje Jevtic.
Serbia has climbed out of recession and this year is expected to record
an increase in economic activity, Andrea Simoncelli, president and CEO
of insurance company Generali Serbia, said on Wednesday.
The sale of Komercijalna banka, where the government is the biggest
shareholder, is in sight and should be completed by 2017, head of the
National Bank of Serbia department for financial institution monitoring
Djordje Jevtic has said.
The Serbian insurance market ended 2014 with a 8.4% increase in GWP, to
RDS 69.4 billion. In European currency, given the about 6% depreciation
of the Serbian Dinar, the market growth was of only 2.7%, to EUR 573.8
million. "Serbian insurance market continued exhibiting similar trends
identified in the previous period," said Nikola RODIC, Head of Actuarial
and Statistic Division, Insurance Supervision Department, National Bank
of Serbia. "Overall stability of the insurance market was preserved,
while insurance companies continue to face cost pressures in their
The Serbian parliament adopted on Tuesday the set of six laws to
strengthen bank control and introduce mechanisms of the previously
conducted intervention of the National Bank of Serbia (NBS) in the case
when banks face problems in their conduct of business, and MPs also
passed the amendments to the law on public procurements.
The government of Serbia adopted yesterday a draft-law on bankruptcy and liquidation of banks and insurance companies, which clarifies and gives new powers to the country's institutions.
Nearing the end of 2014, the Serbian parliament adopted the new Insurance Law that will take effect upon expiry of six months - at the end of June 2015. This finally put an end to the dilemma about the status of composite companies that will not be obliged to separate, strengthened the protection of rights and interests of the insured, and regulated sales channels more flexibly.
French companies AXA and Coface have started offering joint export
insurance policies in Serbia, helping domestic exporters cushion the
risk of non-payment by foreign buyers, according to Belgrade-based AXA
Osiguranje. The two companies presented their joint product to
Serbian export firms in Belgrade on December 5, AXA Osiguranje said in a
statement on its website.
In 3Q2014, the Serbian insurance market totaled RSD 51.4 billion (EUR 432 million), representing a increase of 5.2% on a year earlier, according to the statistics published by the National Bank of Serbia (NBS). The value of paid claims on non-life segment increased 2.2% y-o-y to RSD 16.5 billion (EUR 139 million) due the 14.4% growth rate reported on properly insurance - a segment affected by catastrophic floods in May 2014, while the value of life indemnities increased 33% to RSD 3.5 billion (EUR 29 million).
Serbia invited applications on Friday for a financial adviser to help
manage the sale of a majority stake in Komercijalna Banka, the country's
second largest lender. The Deposit Insurance Agency set a deadline of Dec. 26 for international firms to submit their expressions of interest.
Austrian insurance group UNIQA said on Wednesday its earnings before
taxes from operations in Serbia dropped to 2,000 euro in the first nine
months of 2014 from 193,000 euro a year earlier. Total gross
written premiums from operations in Serbia rose by 9.1% to 34.6 million
euro through September, UNIQA said in a financial report.
Vienna Insurance Group (VIG) said on Tuesday the pre-tax profit of its
Serbian unit plummeted 55% to 900,000 euro in the first nine months of
As of September 22nd 2014 the new corporate name of Delta Generali
Osiguranje a.d.o. Beograd, reads: Generali Osiguranje Srbija a.d.o. Generali's
activities in Serbia are facing a rebranding procedure according to
Generali's new corporate identity. Change of the company name and the
corporate identity have also been implemented at the Reinsurance company
and the Voluntary Pension Fund management company, which changed their
company names in to: Generali Reosiguranje Srbija a.d.o. and Generali
Drustvo za upravljanje dobrovoljnim penzijskim fondom a.d.
The European Bank for Reconstruction and Development (EBRD) is providing a EUR 200 million stand-by credit line to Serbia's Deposit Insurance Agency (DIA), an independent, public institution designed to protect insured depositors and manage the Deposit Insurance Fund (DIF), a special fund set up to pay-out insured depositors.
Serbia's has joined a unique system for insurance against natural
disasters as cofounder of the regional reinsurance company "Europe RE",
which began its operations in Serbia on Thursday including Albania and
Macedonia among its shareholders. Serbia invested a total USD 5 million
in establishing of the "Europe RE" with headquarters in Switzerland.
Switzerland-headquartered specialty property catastrophe reinsurer
Europa Reinsurance Facility Ltd. has started its operations in Serbia,
B92.net reported. Europe RE's chairman of board, Hansjurg
Appenzeller, said the May floods that hit parts of the Balkan region
caused damage worth around EUR 1.5 billion (USD 1.9 billion) to EUR 2
billion (USD 2.53 billion).