Serbia

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Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe.
- Neighbours: Croatia, Bosnia and Herzegovina, Montenegro, Albania, Macedonia, Bulgaria, Romania.

Climate:
- in the north, continental climate (cold winters and hot, humid summers with well distributed rainfall);
- in other parts, continental and Mediterranean climate (relatively cold winters with heavy snowfall and hot, dry summers and autumns).

Natural hazards:
- destructive earthquakes.

Macro indicators
* 2018 estimates
Surface:88,361km2
Population*:7.0million
Pop. density*:79.1people/km2
GDP*:42.9EUR billion
GDP/capita*:6,139.1EUR

European Union:
Official candidate

Currency: Dinar
Code: RSD
Since: 2006


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:24%
TOTAL NON-LIFE*:76%
Overall Property*:20%
Overall Motor*:43%


Sources:



 


Statistics

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Serbia 1H2020 Market Portfolio

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Serbia 1H2020 Insurance Companies Rankings


See all statistics

Latest news

Europe RE begins operations in SERBIA

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).

STATISTICS: SERBIA 1H2014: Life insurance and MTPL carried the market

First half of 2014 ended for the Serbian insurance market with a 2.74% growth in GWP, to EUR 306.5 million, a result slightly affected by the currency evolution (4.19% growth rate in local currency). The absolute driver of the market's growth was the life insurance segment which recorded a 17.6% increase in premiums.

SERBIA seeks expressions of interest for TAKOVO Osiguranje portfolio

Serbia's Deposit Insurance Agency (DIA) invited on Thursday expressions of interest from insurance companies for taking over the insurance portfolio of local insurer Takovo Osiguranje which is undergoing liquidation proceedings. In late July, the National Bank of Serbia (NBS) delicensed Takovo Osiguranje and petitioned a local court to initiate liquidation proceedings.


SERBIA: NBS revokes the license of TAKOVO Osiguranje

The Executive Board of National Bank of Serbia (NBS) has taken the decision to revoke the TAKOVO insurance company's license and prohibit the disposal of its assets until the opening of liquidation proceedings. At the same time, NBS filed a proposal for a bankruptcy proceeding to the Commercial Court of Kragujevac (where TAKOVO Osiguranje is headquartered) concerning institution of liquidation proceedings and informed the Deposit Insurance Agency for the purpose of appointing the liquidation receiver.


Serbia: 45% increase of the MTPL price starting July 1st

The price of MTPL insurance in Serbia will rise by 45% as of July 1st. By approving this measure, the National bank of Serbia has accepted a long lasting requirement of insurers that have been asking for the price to increase because the tariff was not high enough to cover all the liabilities arising from claims and other expenses that insurance companies had to pay in accordance with the law.

SERBIA: The Slovenian TRIGLAV Group close to buying DDOR Novi Sad

The Slovenian insurance Group TRIGLAV is very close to buying Serbia's third insurer - DDOR Novi Sad, currently owned by the Italian group UNIPOL-SAI, recently said dnevnik.si. According to the source, the Serbian insurer is worth about EUR 40 million - 80 million.

SERBIA: Waiting for the new Insurance Law

Until the end of summer Serbia could get a new Insurance Law. The National Bank of Serbia created a new Draft law to undergo a public debate by the end of June, which is also the deadline for insurance companies to provide their suggestions and comments.

SERBIA 1Q2014: Life insurance kept the market on the positive trend

After ending 2013 on a positive trend, with a 4.2% growth rate of the GWP, the Serbian insurance market's evolution slowed down in 1Q2014 - 0.11% y-o-y (calculated in European currency) against a 3.2% growth in GWP for the calculations made in local currency, the 3% y-o-y devaluation of the Serbian Dinar paying its part in the apparently stagnating status of the market.


SERBIA: One million dinars for the vulnerable citizens in flooded areas

The Board of Directors of the Association of Serbian Insurers has decided to grant financial aid in the amount of RSD 1,000,000.00 to the vulnerable citizens in flooded areas in the territory of the Republic of Serbia. These funds will be directed to the dedicated budget account of the Republic of Serbia, and the entire stated amount will be provided from the budget reserves of the Association of Serbian Insurers.


SERBIA: NBS draws up the Draft Law on Insurance

Within an all-encompassing and thorough reform of our economic and legal framework, pursuant to its mandate, the National Bank of Serbia has drawn up the Draft Law on Insurance, Draft Law on Payment Services, Draft Law Amending and Supplementing the Law on Foreign Exchange Operations and Draft Law Amending and Supplementing the Law on the Protection of Financial Services Consumers. 

VIG sees small Balkans floods hit

Vienna Insurance Group faces a net hit of just "a few million euros" from widespread flooding in the Balkans, Chief Executive Peter Hagen told Reuters on Tuesday.

SERBIA FY2013: Life insurance gains weight

Serbian insurance market ended 2013 on a positive trend, recording a 4.2% growth rate in GWP terms, to RSD 64 billion (~ EUR 559 million). Due to an impressive increase, of over 18%, life insurance gained a larger share of the market portfolio, reaching a share of almost 22% of the GWP. On the other hand, although still strongly dominating the market, non-life insurance lines' evolution in 2013 may be defined at best as stagnant.

SERBIA: WIENER Staedtische osiguranje a.d.o. Beograd has acquired the endowment insurance portfolio of MetLife

The NBS Administration for Supervision of Financial Institutions has approved the transfer of a part of the life insurance portfolio from MetLife to WIENER Staedtische osiguranje. "Our current business operations, results and position on the market guarantee high quality services, adequate profit and prompt benefit payments to clients of MetLife who hereby have become customers of WIENER Staedtische osiguranje," commented Branko KRSTONOSIC, General Manager of WIENER Staedtische osiguranje on this occasion.

UNIQA SERBIA continues to grow

Market share increases to 7.3 per cent in third quarter of 2013. Premium volume for life insurance up 18.5 per cent.

DELTA GENERALI Osiguranje, the best insurance company in Serbia in 2013

A few days before the year-end, DELTA GENERALI Osiguranje was designated "The Best Insurance Company in Serbia in 2013" by the British financial magazine "World Finance".
High professional standards, strong ethical principles, innovation, commitment to client needs, speed in claims settling, a wide range of products, as well as customer satisfaction, developed sales network, achieved results and CSR are some of the parameters which individualized DELTA GENERALI Osiguranje both on the life and non-life business segments.

SERBIA: New insurance law in first half of 2014 (Krstic)

Serbian Finance Minister Lazar Krstic said on Monday that amendments to the Insurance Law would extend the deadline by which insurance companies have to separate operations relating to life and non-life insurance and liberalize the natural disaster insurance market.