Bosnian insurance company Dunav Osiguranje said on Thursday its net loss
narrowed to 1.3 million marka (664,700 euro) in the first nine months
of 2015 from 2.5 million marka a year earlier.
The Insurance Agency of Bosnia's Serb Republic said on Thursday that
Naveen Aggarwal, the director of the Belgrade-based S&A Capital
Investments, and another Indian national have submitted a request to
acquire a stake in currently majority state-owned insurer Krajina
The Insurance Agency of Bosnia's Serb Republic confirmed on Monday that
Bijeljina-based company Standard Group is seeking a nod to become a
majority shareholder in local insurer Bobar Osiguranje. A
spokesperson for the Agency told SeeNews in an email that the request
submitted by Standard Group is currently being processed.
Bijeljina-based Standard Group is interested in recapitalising Bosnian
insurer Bobar Osiguranje with some 4 million marka (2.04 million euro),
becoming a 76% shareholder in the company, local media reported.
Bosnian insurance company Dunav Osiguranje said on Monday it plans to
hike capital by 3.3 million marka (1.7 million euro) through a new share
issue in a placement to a qualified investor. Dunav Osiguranje
plans to issue 33,149 ordinary shares with a par value of 100 marka
each, the company said in a filing with the Banja Luka Stock Exchange.
The 24 insurers operating in the two administrative entities of Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported GWP of BAM 293.8 million (EUR 150.23 million), up 3.7% y-o-y, according to the aggregate figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS).
Bosnian insurer Bobar Osiguranje said on Tuesday it has extended until
October 29 the validity of a public offer for the sale of 70,000 new
ordinary shares via the Banja Luka Stock Exchange. Bobar
Osiguranje said in a bourse filing that Maltese company Argentarius ETI
Management LTD has expressed interest in purchasing over 50% of
company's capital and added that it has decided to extend the deadline
for the share issue by a period of 30 days so that the foreign investor
can meet the relevant legal and company procedures for the acquisition.
The net profit of Bosnian insurer Sarajevo Osiguranje dropped 32.2% to
105,000 marka in the first half of 2015, the company said on Wednesday. Sarajevo
Osiguranje's gross written premiums fell 11.8% to 31.8 million marka
through June, while its net operating costs decreased to 9.5 million
marka from 11.4 million marka, the insurance company said in a filing
with the Sarajevo Stock Exchange.
The gross written premiums of Bosnian insurer ASA Osiguranje surged 34%
to 8.5 million marka in the first six months of 2015, the insurer said
on Monday. In the first half of the year, ASA Osiguranje saw a
31% increase in written premiums from mandatory insurance and a 40%
growth in premiums from voluntary insurance products, the company said
in a press release made available to SeeNews.
Bosnia's Wiener Osiguranje, part of the Vienna Insurance Group, said on Wednesday it is cutting its capital by 4.3 million marka to 11.2 million marka to partially cover accumulated losses and to establish legal reserves.
Bosnian insurer Mikrofin Osiguranje Banja Luka said on Monday its net profit edged down 2.3% to 419,000 marka in the first half of 2015.
The Bosnian unit of Austrian insurer Merkur Versicherung said on Monday its net profit dropped 11.5% to 1.7 million marka in the first six months of 2015.
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.