Serbia
STATISTICS: SERBIA, FY 2014: Driven by the life insurance growth and slightly affected by the May floods' losses
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
operations."
16 April 2015SERBIAN parliament adopts set of laws on banks and insurers
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.
4 February 2015SERBIA's gov't agrees draft-law on bankruptcy of banks, insurance companies
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.
30 January 2015Serbia: New Insurance Law adopted
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.
8 January 2015French companies AXA and COFACE offer joint export insurance policies in SERBIA
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.
11 December 2014STATISTICS: Over EUR 430 million in GWP for SERBIAN insurers due the double digit growth rate in life segment
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).
11 December 2014SERBIA seeks adviser for Komercijalna Banka stake sale
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.
3 December 2014UNIQA 9-mo pre-tax earnings in SERBIA drop
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.
27 November 2014VIG 9-mo pre-tax profit in SERBIA drops 55%
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
2014.
19 November 2014GENERALI Osiguranje Srbija: the new corporate name of SERBIAN company
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.
29 October 2014EUR 200 million stand-by credit line to SERBIA's Deposit Insurance Agency
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.
27 October 2014Europe RE: Flood damage to SERBIA from EUR 1.5 to 2 billion
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.
6 October 2014Europe 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).
6 October 2014STATISTICS: 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.
4 September 2014SERBIA 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.
26 August 2014SERBIA: COFACE enters the insurance market through a partnership with AXA
French credit insurer COFACE announced it is expanding to the Serbian
market through a partnership agreement with local insurer AXA Nezivotno
Osiguranje. COFACE is present in Serbia since 2007 in both the debt
collection and business information markets.
7 August 2014SERBIA: 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.
7 August 2014SERBIA: Damage from May 2014 floods total EUR 1.5 billion
Serbia's Deputy Prime Minister Zorana Mihajlovic said damage caused by the catastrophic floods in May 2014 has amounted to EUR 1.5 billion (USD 2.03 billion), InSerbia reported.
8 July 2014Serbia: 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.
26 June 2014SERBIA: 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.
26 June 2014
