STATISTICS: SERBIA 1H2021: claims paid for property insurance decreased by two thirds improving market profitability

14 October 2021 — Daniela GHETU
Serbian insurers ended the first half of 2021 with GWP worth EUR 514 million, up by 8.2% y-o-y, while paid claims went down by about 2.3%, to EUR 203.3 million, totally owed to the decreasing claims expenses for the property insurance lines which saw paid claims diminishing to about a third of the 1H2020 sum.

At the same time, property insurance lines - especially the damages to property one, together with the motor insurance classes provided for the main GWP growth sources, contributing with about EUR 10.5 million to the higher volume of premiums written in 1H2021 versus 1H2020. Health insurance added approx. EUR 5 million in premiums, but also about EUR 3 million to the claims expenses.

In profitability terms, Serbian non-life insurers managed to accomplish an improving combined ratio in self-retention, the indicator's value changing from 77.5% in Q2 2020 to 84.7% in Q2 2021. The movement of this ratio was influenced by the weaker growth of the relevant premium in self-retention than the growth of relevant claims and costs of conducting insurance in self-retention, said the latest report of the Serbian National Bank (SNB).

Serbia's Top 3 largest insurers in GWP terms were DUNAV Osiguranje (26.47% market share), GENERALI Osiguranje (20.33%) and WIENER (11.95%), their market weight almost unchanged as compared with 1H 2020.

Access and download the 1H2021 Serbian insurance market statistics.

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