The aggregate GWP of the 27 insurers operating in Bosnia & Herzegovina increased by 6.4% y-o-y to BAM 634.1 million (EUR 324.2 million), as data from the local insurance agency - AZOBIH show.
The net profit of Bosnian insurer Sarajevo Osiguranje dropped to 55,000
marka (28,100 euro) in 2016 from 451,600 marka a year earlier, the
FBiH Government's green light for the sale of its 45.5% stake in SARAJEVO Insurance has caused an avalanche of criticism, mostly related to the target price set for the transaction.
Bosnia's Muslim-Croat Federation said it has decided to dispose of its 45.5% stake in local insurer Sarajevo Osiguranje via direct negotiations, following five failed sales attempts.
BOSNA Reinsurance dd Sarajevo gave up its stake in TRIGLAV Osiguranje dd Sarajevo, the Bosnian subsidiary of the Slovene TRIGLAV Group, reads osiguranje.hr. BOSNA Reinsurance Company sold the package of 20.28% of the shares on the Sarajevo Stock Exchange on 18 January.
Based on the figures released by AZOBIH - Insurance Agency of Bosnia and Herzegovina, at the end of September 2016 the aggregate value of GWP by the 27 insurers active in Republika Srpska and Federation of Bosnia and Herzegovina - the two administrative entities of the country, was of EUR 245.2 million, or 7.9% more y-o-y, while the value of claims paid was down by 5.2% y-o-y, to EUR 90.9 million.
The aggregate GWP value generated by the Bosnian insurers was up by 7.86% y-o-y to BAM 316.90 million (EUR 162.03 million) in the first half of 2016, according to the figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS). About 71% of total GWP were made by the 12 insurance companies which are registered in the FBiH (or EUR 115 million) the remaining 29% (EUR 47 million) being reported by the 13 RS insurers.
Bosnian insurer Sarajevo Osiguranje said on Tuesday it has completed a three month restructuring process, ordered by the insurance agency of the Muslim-Croat Federation, under which it reduced the number of branch offices and employees, and cut costs.
Bosnian insurance company Krajina Osiguranje said on Tuesday it turned
to a net loss of 7.8 million marka (4 million euro) in the
first half of 2016 from a slim profit of 2,400 marka a year earlier.
The net profit of Bosnian insurer Sarajevo Osiguranje halved to 50,300 marka (25,700 euro) in the first half of 2016 from 105,000 marka a year earlier, the company said on Monday.
According to the 1Q 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 totalled almost EUR 75 million, at the end of March 2016, representing an increase of 7% y-o-y.
The Agram concern has offered 20 million marka ($11.4 million/10.2 million euro) for 2,108,469 state-held shares in Bosnian insurer Sarajevo Osiguranje, local media reported on Thursday.
The Insurance Agency of Bosnia's Serb Republic said on Wednesday that it
has instated an interim administrator at local insurer Krajina
Osiguranje for a period of three months. All insurance contracts signed
with Krajina Osiguranje, remain valid, the agency said in a statement on
Total number of road motor vehicles registered in Bosnia and Herzegovina last year amounts to 952.590. Of
the total number of registered vehicles in 2015, 87 percent are
passenger vehicles, eight percent are freight vehicles, three percent
are trailers, while the remaining two percent are other categories of
The Bosnian unit of Austrian insurance group UNIQA said on Thursday its
net profit doubled to 1.8 million marka (920,300 euro) in 2015.
The privatization plan of FBiH in this year includes the following
economy societies: Energopetrol JSC Sarajevo, Energoinvest JSC Sarajevo,
Aluminij JSC Mostar, Tobacco Factory Sarajevo JSC Sarajevo, and the
Sarajevo osiguranje JSC Sarajevo, it was stated from the Cabinet of the
Prime Minister of FBiH Fadil Novalic.
The Bosnian insurance market saw a 4.7% y-o-y growth, to GWP of EUR 301 million, while paid claims remained fairly stable at the previous year's level, of EUR 128 million. It is however interesting to observe that the strongest contribution to the market growth belonged to insurers from smallest administrative entity of the country, the Republica Srpska. Thus, RS's share in the overall premium production increased by about 1.5 pp, to 29%.
Bosnian insurer Bobar Osiguranje said on Friday it has completed a
public offering of ordinary shares ahead of planned after the shares
were sold out.
Bosnia's Standard Group has decided not to go through with the
acquisition of a majority interest in local insurer Bobar Osiguranje,
local media reported on Thursday. Standard Group has abandoned
earlier plans to recapitalise Bobar Osiguranje with 3.8 million marka
(1.9 million euro), news portal Capital.ba reported.
Bosnian insurer Bobar Osiguranje said on Friday it will launch a public
offering on December 14 to sell 38,000 ordinary shares via the Banja
Luka Stock Exchange. The par value of one share is set at 100 marka, the insurer said in a bourse filing.