Serbian insurers ended 1Q2024 with total GWP worth RSD 41.69 billion (EUR 355.96 million), which is 16% more y-o-y, according to the end-quarter statistics published by the National Bank of Serbia (NBS).

The market is dominated by non-life insurance, which generates 82% of all premiums. The largest non-life classes with double-digit market shares – MTPL, damages to property, health insurance, Motor Hull all recorded y-o-y growth. Life insurance saw a very slight annual increase of 2% and its share in the market portfolio dropped to 17.70%.

Total paid claims increased by 18.42% to RSD 18.82 billion (EUR 160.70 million), driven by increases reported on almost all non-life insurance subclasses. Motor insurance paid claims rose by almost 24%, while in property insurance companies paid 28.44% more than in the same period a year ago.

In terms of GWP, DUNAV Osiguranje remains the market leader, with a 27.50% market share, followed by GENERALI Osiguranje with a 17.44% market share, while Wiener moved one position down, yielding third place to DDOR.

At the beginning of this year, “SorS Academy” was founded with the aim of providing education for insurance professionals in an innovative and unique way, affordable for the insurance companies. The fast-track training it provides might be a solution to the obvious problem of a lack of employees in the insurance and reinsurance industry in the area. SorS Academy is headquartered in Belgrade, Serbia.

The founder of the Academy is SORS - Association of insurance and reinsurance companies headquartered in ex-Yugoslav countries, which was established more than 40 years ago.

Access www.xprimm.com and download the Serbian insurance market statistics.