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'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. 

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.

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.

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.

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.

The floods have made the most damage in the mines near Lazarevac. Nine excavators are underwater and the biggest among them worth as much as 30 MEUR.

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's Deputy Prime Minister Zorana Mihajlovic said damage to telecommunications, energy, railway and road infrastructures from the recent floods totals about €260 million ($354.4 million), InSerbia reported.

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. 

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.

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.

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.

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

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.

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.

In 3Q2013, the Serbian insurance market totaled RSD 48.8 billion (EUR 425 million), which is a modest increase of 2.9% on a year earlier, according to the data published by the National Bank of Serbia.

Serbian insurers ended 1H2013 with GWP amounting to RSD 34.07 billion, 4.86% up y-o-y in nominal terms. The slight appreciation of the Serbian currency as against the Euro made the market results denominated in European currency show a better dynamic. Thus, GWP amounted to EUR 298.4 million, 6.4% up y-o-y.

Gross premium written by the four Serbian reinsurance companies amounted to a total of RSD 8 billion (EUR 77 million) in 2012, almost 11% up as compared with the previous year. "Dunav Re, which is owned by the state-owned direct insurer DUNAV, is the leading reinsurer with a market share of 38,21% in 2012. WIENER Re, owned by Prague based VIG Re, is holding a market share of 36.78%," told xprimm, Vidan SLANA, CEO WIENER Re a.d.o. Beograd, member of the Vienna Insurance Group.

Serbia's First Deputy Prime Minister Aleksandar Vucic said that the government's objective is to create a healthy and sustainable economy, and confirmed that the reform of the pension system will be completed by the end of winter.