The IMF Directors commended the improvements in banking and insurance oversight since the 2006 Financial System Stability Assessment (FSSA), but noted that important shortcomings remain, stated a recent IMF press release after the IMF's Executive Board session on June 29th, where the Financial System Stability Assessment of Bosnia and Herzegovina (BiH) was discussed.
Sarajevo Insurance was declared the best insurance company in Bosnia and
Herzegovina in 2014 by the expert jury of BiH financial magazine
"Prizma" and consulting company "Revicon".
In the first three months of 2015, BiH's insurance market totaled almost EUR 70 million (BAM 136.8 million), 0.4% more y-o-y as a result of an increase of over 5.5% (to EUR 19.8 million) of insurance companies based in the Republic of Srpska (RS), according to the figures published by the two market authorities - Insurance Agency of Republika Srpska (AZORS) and the Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (NADOS). The volume of FBiH insurers' GWP decreased by 1.5% y-o-y, totaling EUR 50.1 million.
Vienna Insurance Group (VIG) said on Tuesday its pre-tax loss from
operations in Bosnia and Herzegovina narrowed to 500,000 euro in 2014
from 5.6 million euro a year earlier. VIG's total gross written
premiums in Bosnia rose 5.5% to 11.5 million euro in 2014, with property
and casualty insurance accounting for 10.8 million euro, up 3.8% on the
year, VIG said in a financial report.
At the end of 2014, the 24 insurers activating in the two administrative entities that formed Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported gross written premiums of BAM 562 million (EUR 287.4 million), up 6.6% y-o-y, according to the aggregate figures from the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS). At the same time, the aggregate value of paid claims increased by 24.2% to BAM 250 million (EUR 127.6 million).
Bosnian insurer JAHORINA Osiguranje (owned by VIG since October 2011) said it has changed its name to WIENER Osiguranje VIENNA Insurance Group to better reflect its ownership, the insurer announced in a press release. "All contracts issued under the name of JAHORINA will remain in force until their expiration", declared Miroslav MISKIC, General Manager of WIENER Osiguranje VIG.
Bosnia and Herzegovina, Croatia and Serbia are now better prepared and
have greater capacity to cope with flooding following the response to
the devastating floods that affected the countries in May 2014.
Based on the figures released by the insurance agencies in the Federation of Bosnia and Herzegovina and the Srpska Republic (RS), in 3Q2014 the added-up value of gross written premiums by the 24 insurers active in the two administrative entities that formed Bosnia and Herzegovina increased to EUR 218 million, or 7.8% more y-o-y. The insurers from the Federation accounted for EUR 158 million (72.6% of total), while the RS insurance market accounted for the remaining rest of EUR 60 million.
Turkey's state-controlled Ziraat Bank provided a 50 million euro (USD 65
million) loan to Bosnia and announced plans for its local unit to enter
the country's insurance and leasing market, Bosnian media said on
Ziraat Bank oks 50 mln euro loan to Bosnia, to expand operations - See
The Bosnian insurance market remained on track during the first half of 2014 and reported GWP of EUR 144.8 million, 9.2% up y-o-y. On the other hand, insurers' balance was significantly affected by the damage caused by catastrophic flooding during this spring as the paid claims volume rose by about 27%, up to EUR 61 million.
According to the 1Q2014 financial figures published by the two market authorities which supervise the Bosnian insurance market (Insurance Supervisory Agency of Federation of Bosnia and Herzegovina - NADOS, and Insurance Agency of Republika Srpska - AZORS) - the local insurance industry totaled at the end of March 2014 almost EUR 70 million, or 12.5% more y-o-y.
The recent severe flooding in the Balkans has cost Bosnia an estimated EUR 2 billion (USD 2.7 billion) in damage, an international expert group said.
The Vienna Insurance Group (VIG) said on Tuesday pretax profit from its operations in Bosnia and Herzegovina totaled 100,000 euro in the first quarter of 2014, unchanged from a year earlier.
The worst thing that happened to us during these floods is that the
people who have lost their homes loved ones, lost their jobs as well.
Through their personal earnings, they will not be able to repair the
material damage, said the Bosnia Herzegovina Chairman of Foreign trade
Chamber, Ahmet Egrlic.
At the end of 2013 the total value of gross written premiums by insurance companies active in the two administrative entities that formed Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) increased 4.4% y-o-y to EUR 270 million. The upward trend was due the double-digit increasing performance in the life insurance segment, while the value of GWP in the non-life insurance segment was up by 2% y-o-y and accounted for 81% of the overall market.
At the end of September 2013, the total value of gross written premiums by insurance companies active in the two administrative entities that formed Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) increased to EUR 202 million, up by 3.5% y-o-y.
Uniqa on Successful Growth Path in Bosnia and Herzegovina. Provisions
increased by 15.2 percent in the first three quarters of the year and
generated the second-highest growth rate. Moreover, the market share was
extended to 12.2 percent.
The Bosnian insurance market went up by 4.23%, to almost EUR 132.65 million, in the first half of 2013, primarily as a result of an increase of over 6.36% recorded by its smaller segment, namely the insurers domiciled in the Republika Srpska (RS), according to data published by the Insurance Agency in the Republika Srpska (AZORS). At the same time, the GWP volume reported by the FBiH insurers increased slightly by 3.5% y-o-y, the Insurance Supervisory Agency of the Federation of Bosnia and Herzegovina (NADOS) reported. In absolute terms, it is worth mentioning that half of the additional non-life premium production recorded by the entire Bosnian market in 1H2013 was provided by the RS market, while in the structure of the total premiums, the share of the 12 companies domiciled in FBiH amounted to 74.2% (EUR 98.41 million), while the 11 RS-based companies accounted for the remaining 25.8% (EUR 34.25 million).
BiH's insurance market went up 3.6% to almost EUR 62 million in the first three months of 2013, primarily as a result of an increase of over 7% of insurance companies based in the Republic of Srpska (RS), the Insurance Agency of Republika Srpska (AZORS) informed. At the same time, the volume of GWP of FBiH insurers increased slightly by 2.4% y-o-y, the Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (NADOS) reported. In the structure of the total premium, the share of the 12 companies domiciled in FBiH amounted to 74.7% (EUR 46 million), while the 11 RS - based companies accounted for 25.3% (almost EUR 16 million).
In FY 2012, the total GWP of BiH insurers totaled EUR 258 million, which is 3.5% more than in FY2011. By insurance classes, "on the life segment, the premiums growth was of about 8%, while on the general insurance segment it was of nearly 2.7%," pointed out Samir OMERHODZIC, Director, Insurance Agency of Bosnia and Herzegovina (AZOBIH) at the International Insurance Forum 2013. "Analyzing the figures, we can conclude that the upward trend continued. In Bosnia, the insurance industry has not felt the impact of the recession," underlined Mr. OMERHODZIC.